Screen-based trading replaced phone communication that had kept markets fragmented by territory

Evidence

Before the market went on screen worldwide, dealers spent most of their time determining where the market was—that is, determining who was willing to deal and at what price, a task accomplished via phone and telex. The market stayed in territorial space, hidden in transnational banking networks of institutions that neither shared the same news and dealing prices nor knew about all interests in dealing. Any coordination of consciousness that did obtain was limited to those moments and parties involved in particular connections. Today, the level of intersubjectivity discussed would obtain even in the absence of any such connections—for example, if deals were made exclusively via the EBS mentioned before and did not involve any of the conversational dealing and information relationships that we will discuss in the next section. — Karin Knorr Cetina & Urs Bruegger, Global Microstructures, 99

Categorization

• XREF: The pre-screen dealer task of discovering ‘where the market is’ connects to Knorr Cetina & Preda and to Zaloom’s work on screen trading vs pit trading in Derivatives in Action.
• ADDENDUM: flagged by the selector, no supporting note recorded

Related

• Screen signals give absent traders a mediated presence that colleagues observe, read, and retransmit (similarity 0.82)
• Trading screens transform distant markets into interactionally present scenes. (similarity 0.81)
• Screen markets invert networks from being the basis to a reinforcement of trading coordination (similarity 0.81)
• Trading screens function as observatories permitting remote participation in market constitution (similarity 0.81)
• A market’s trading screen functions as a shared witnessable situation across continents. (similarity 0.81)
• Screen-mediated markets relax the need to directly observe traders watching (similarity 0.79)
• Global markets form communities of time bound by a common observed screen object. (similarity 0.79)
• Screen content assembles a globally shared object traders can watch together (similarity 0.78)
• Screen-based trading recreated rather than abolished trader sociality and mutual anticipation. (similarity 0.78)