Chapter 6  What is a financial market? 

                  Global markets as microinstitutional and post-traditional social forms作為微觀制度和後傳統社會形態的全球市場

-Karin  Knorr  Cetina  

Few concepts today are as widely used as the concept of a market, few are accorded more importance, and few slip away more easily when closely examined. Financial markets in particular have a stunning and ever more ambivalent presence in our world.)  The financial crisis of 2008–9 surely made it apparent that financial markets have become a measure of well-being in countries where individuals depend on them for pensions, credit, and income, and governments and corporations depend on them for growth and investments. Yet, when we search for a market concept that captures what we observe in a financial market, we will not readily find it in sociology or even economics. 

今天很少有概念被廣泛使用作為市場的概念，很少有人給予更為重視，而更容易被更容易地被仔細檢查。特別是在金融市場有一個驚人的，越來越多的矛盾在我們的世界的存在。）2008–9肯定金融危機使它明顯，金融市場已經成為人們依靠他們的養老金，國家衡量幸福的信用，和收入，以及政府和企業依賴於它們的增長和投資。然而，當我們尋找一個市場的概念，捕捉到我們在金融市場觀察到的，我們將不容易發現它在社會學，甚至經濟學。從行為的角度來看，

What is a financial market from a behavioral rather than a functional perspective? Is there a special “ finance motive” that characterizes financial markets but not other kinds? Is a financial market in some sense a coordinated collective form?  Think of the common contrast between markets, hierarchies, and networks. Markets feature in such distinctions as the least structured entity; in fact, the mechanism of supply-and-demand that guarantees a balanced, working market in economics is not a principle of social coordination at all, but an invisible hand that works through self-interested, dispersed participants who adjust their choices to price signals.

什麼是金融市場？金融市場的特徵是否存在特殊的“金融動機”，而不是其他類型？金融市場在某種意義上是一種協調的集體形式嗎？認為市場，層次結構和網路之間的共同對比。市場特徵以這樣的區分為主體，事實上，供應與需求的機制，保證了平衡的，在經濟上的工作市場是不是一個社會協調的原則，但一個無形的手，通過自我感興趣的，分散的參與者調整自己的選擇，價格信號。

This chapter looks at the ways in which a financial market is not an empty configuration at all but rather a densely structured and coordinated cultural form. Empirical research has long suggested various action-level components of financial markets (e.g., Abolafia 1996; Baker 1984 ; Knorr Cetina forthcoming; Knorr Cetina and Bruegger 2002;  Preda 2009a , 2009b ; Smith 1999 , 2007 , this volume; Zaloom  2006 ).  

本章著眼於金融市場不是一個空洞的結構，而是一個密集的組織和協調的文化形態。實證研究一直認為金融市場的各個動作成分（例如，貝克Abolafia 1996；1984；諾爾-塞蒂納動靜；諾爾-塞蒂納和Bruegger的2002；而2009A，2009B；史密斯1999，2007，這卷；紮魯姆2006）。

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This chapter builds on this research; it specifically tries to capture key characteristics of those financial markets that are now global in nature and based entirely on electronic trading.

Before outlining these features, I first look at existing market concepts, which are based on how we view markets in the primary economy. I argue that financial markets are not like the primary markets of a production economy; if production, consumption, and their interface, exchange, are the three pillars of the economy, finance is a fourth pillar.

本章是本研究的基礎上，它具體地嘗試捕捉到的主要特徵是目前全球的金融市場，在本質上完全基於電子交易。在概述這些功能之前，我先看看現有的市場概念，這是基於我們如何看待市場的主要經濟。我認為，金融市場是不一樣的生產經濟的主要市場，如果生產，消費，和他們的介面，交換，是經濟的三大支柱，金融是四分之一支柱。

The next two sections clarify this, and the following two look at the architecture of global financial markets. In contrast to what the idea of an atomistic market suggests, financial markets appear to be coordinated by a central media mechanism which is “scopic” and functions like a mirror -  coordination is based on a projected, augmented, and continually updated electronic rendering and image of the market. 

接下來的兩節明確了這一點，下面看看全球金融市場的架構。相反，一個原子的市場理念表明，金融市場似乎由中央媒體機構，“鏡”的鏡子作用協調是基於投影，增強，和不斷更新的電子繪製和圖像的市場。

On participants’ side, this corresponds to the coercive demand for continuous observation and responsiveness; financial markets have a microsociological “build,” which is highlighted in the regime of attention by which they are governed. The next section explores how such markets, which are systems outside organizations, intersect with firms.

對參與者的一面，這對應於連續觀察和反應性的強制要求；金融市場有一個微觀社會學”的建立，“這是在關注政權所統治的突出。第二部分探討了如何在外部組織，与公司相交的市场。

The last section illustrates the temporal vectors of financial markets: I discuss analytic time as a feature of a market that runs forward at its own speed and schedules; the market flow across time zones; and the global communities of time the regime of attention creates. 

最後一節說明瞭時間向量的金融市場：我讨论分析的时间，作为一个市场的特点，以自己的速度和时间表运行；整个时区的市场流通；以及全球关注的社会团体，创造了时间的制度。

All of these characteristics identify financial markets as nontraditional in terms of the mechanisms involved, which are nonhierarchical, mediative-scopic, and extended from the very intimate face-to-face situation. They also identify financial markets as a collective social form — a forerunner, perhaps, of an organizational design that is both genuinely global and postindustrial in nature. 

所有這些特徵識別在機制方面的非傳統金融市場，這是公平的，調解下，從非常親密的面對面的情況擴展。他們還確定金融市場作為一個集體的社會形式的先行者，也許，一個組織的設計，是真正的全球性和後工業時代的本質。

   

    Market concepts  市場理念 p.116

 Conclusion  

It is plain that the emergence of such attentionally integrated communities is premised on the presence of scopic media—on the screen as a device that continually rolls out the market, “ flowing ” it to viewers as a reality of its own. 

結論顯而易見，這種attentionally綜合社區的出現是以視覺媒體在螢幕上存在的一種裝置，不斷推出市場，“flowing”給觀眾一個自己的現實。

Markets are transactional worlds connected not only via traditional organizational media, such as networks or rules of trading practice, but via reflexive mirroring systems that gather up transactions, augmenting and embodying them as “market” for an audience of observers. 

市場是通過傳統的組織媒體，如網路或交易規則的規則連接的交易世界，但通過反射鏡系統收集交易，增強和體現為“市場”的觀眾的觀察員。

While human-to-human trading remains a possibility in these markets, human-to-screen/ market trading appears dominant, and trading by algorithms (market-to-market trading) is an increasingly important component. 

雖然人對人的交易仍然是一種可能性，在這些市場中，人的螢幕/市場交易的出現占主導地位，和交易的演算法（市場交易市場）是一個日益重要的組成部分。

The concept of a coercive response system intends to capture the micro-institutional foundation of these markets, while also seeing them as scopic environments in which media and media feeds have become embedded in human interaction. 

一個強制回應系統的概念試圖捕捉這些市場的微觀制度基礎，同時也看到他們的視覺環境中，媒體和媒體已經成為嵌入式人機交互。

The scopic mode of life raises research questions not addressed in this chapter, for example the question of how the attentional resources located not only on an organizational, technological, and interactional  level, but also on a cognitive (information processing) and neural level, supplement and interact with one another. 

生命的視覺模式，提出研究的問題在本章不加以解決，例如如何注意資源位於不僅在組織，技術，和互動的水準，而且在認知（資訊處理）和神經水準，補充和相互作用。

Another vector in the scopic realm which I cannot discuss here concerns the emotional and libidinal underpinning of trading—and how it relates to the sociology of greed as a relevant phenomenon in the trading ecologies of finance.   

另一個向量在視覺的領域，我不能在這裡討論的是情感和性欲的基礎交易以及它與貪婪的社會學在金融交易系統的相關現象。