Where are the market devices? Exploring the links among regulation, markets, and technology at the securities and exchange commission, 1935-2010
Where are the market devices? Exploring the links among regulation, markets, and technology at the securities and exchange commission, 1935-2010
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市场设备在哪里？
DOI：
10.1007/s11186-020-09383-4
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发表时间：
2020
影响因子：
2.9
通讯作者：
Pardo-Guerra J
中科院分区：
文献类型：
--
作者：
Pardo-Guerra J
本文考察了监管对美国金融市场技术的理解，作为重新思考金融化时代治理的轮廓和制度限制的手段。本文确定了证券交易委员会如何看待市场和他们的概念关系，以技术在整个漫长的世纪的大部分时间里，通过提炼的“本体论”所表达的机构的领导。尽管SEC的委员们认识到技术在市场当前和未来的运作中发挥着核心作用，但这些技术从未受到有效的监管审查，即使此类行动属于SEC的管辖范围。对金融的物质手段的治理，不是将技术作为市场的组成部分加以监管，而是通过将其作为金融创新之外的棘手对象，而与之保持距离。本文通过对几种计算文本分析技术的三角分析，展示了这种对技术的解释如何反映了监管机构对市场理解的明显转变，从需要审查和认证的代理人组成的实体交易网站到通过透明度和披露进行监督的分布式多站点系统。在这些本体论的转变中，技术的不可测性仍然存在，限制了国家及其监管机构塑造金融及其基础设施演变的能力。
This article examines regulation’s understanding of technology in American financial markets as means for rethinking the contours and institutional limits of governance in the age of financialization. The article identifies how the Securities and Exchange Commission perceived markets and their conceptual relation to technology throughout much of the long twentieth century by distilling the “ontologies” expressed by the agency’s leadership. Despite the fact that SEC’s commissioners recognized technologies as playing a central role in the market’s current and future operations, these were never effectively brought under regulatory scrutiny even when such action fell under the commission's jurisdictional remit. Rather than regulating technologies as constitutive of markets, the governance of the material devices of finance was discursively kept at arm's-length by presenting them as intractable objects that were external to financial innovation. Triangulating across several techniques of computational text analysis, this article shows how this interpretation of technology mirrored distinct shifts in how regulators understood markets, from being physical trading sites populated by agents that required vetting and certification to a distributed, multi-sited system surveilled through transparency and disclosure. Throughout these ontological transitions, technology’s inscrutability remained, limiting the capacity of the state and its regulatory agencies to shape the evolution of finance and its underlying infrastructures.