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Insurgent capitalism: Island, bricolage and the re-making of finance

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  • MacKenzie, Donald
  • Pardo-Guerra, Juan Pablo

Abstract

Drawing on recent discussions of the material cultures of markets and of financial innovation as bricolage, this paper explores the development of Island, a new share-trading venue set up in 1995. We examine Island's roots in a very specific conflict in the US financial markets and in the information libertarianism of 'hacker culture', and examine the material bricolage involved in Island's construction. The paper also outlines the processes that led to a dramatic 'Latourian' change of scale: Island was originally a 'micro' development on the fringes of US markets, but within little more than a decade key features of Island became close to compulsory, as the nature of North American and Western European share trading changed utterly.

Suggested Citation

  • MacKenzie, Donald & Pardo-Guerra, Juan Pablo, 2014. "Insurgent capitalism: Island, bricolage and the re-making of finance," LSE Research Online Documents on Economics 57549, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:57549
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    File URL: http://eprints.lse.ac.uk/57549/
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    Citations

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    Cited by:

    1. Haeringer, Guillaume & Melton, Hayden, 2020. "High Frequency Fairness," MPRA Paper 103907, University Library of Munich, Germany.
    2. Pitluck, Aaron Z., 2023. "The interpretive and relational work of financial innovation: A resemblance of assurance in Islamic finance," SocArXiv ce7kf, Center for Open Science.
    3. Mahiro Hoshino & Takanobu Mizuta & Yasuhiro Sudo & Isao Yagi, 2022. "Impact of maker-taker fees on stock exchange competition from an agent-based simulation," Journal of Computational Social Science, Springer, vol. 5(2), pages 1323-1342, November.
    4. Castelle, Michael, 2016. "Marketplace platforms or exchanges? Financial metaphors for regulating the collaborative economy," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(3), pages 14-26.
    5. French, Shaun & Kneale, James, 2015. "Insuring biofinance: Alcohol, risk and the limits of life," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(1), pages 16-24.
    6. Spears, Taylor C., 2018. "The Price of an Uncertain Promise: Fair Value Accounting and the Shaping of Bank Counterparty Risk Valuation Practices," SocArXiv kcja3, Center for Open Science.
    7. Beunza, Daniel & Millo, Yuval, 2015. "Blended automation: integrating algorithms on the floor of the New York Stock Exchange," LSE Research Online Documents on Economics 118995, London School of Economics and Political Science, LSE Library.
    8. Beunza, Daniel & Millo, Yuval, 2015. "Blended automation: integrating algorithms on the floor of the New York Stock Exchange," LSE Research Online Documents on Economics 65090, London School of Economics and Political Science, LSE Library.
    9. Castelle, Michael & Millo, Yuval & Beunza, Daniel & Lubin, David C., 2016. "Where do electronic markets come from? Regulation and the transformation of financial exchanges," LSE Research Online Documents on Economics 68650, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    bricolage; high-frequency trading; Island; matching engine; materiality; social studies of finance;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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