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Daniel Beunza - Taking the Floor: Models, Morals, and Management in a Wall Street Trading Room

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An insidelook at a Wall Street trading room and what this reveals about todays financial system
Debates about financial reform have led to the recognition that a healthy financial system doesnt depend solely on how it is structuredorganizational culture matters as well. Based on extensive research in a Wall Street derivatives-trading room, Taking the Floor considers how the culture of financial organizations might change in order for them to remain healthy, even in times of crises. In particular, Daniel Beunza explores how the extensive use of financial models and trading technologies over the recent decades has exerted a far-ranging and troubling influence on Wall Street. How have models reshaped financial markets? How have models altered moral behavior in organizations?
Beunza takes readers behind the scenes in a bank unit that, within its firm, is widely perceived to be a class act, and he considers how this trading room unit might serve as a blueprint solution for the ills of Wall Streets unsustainable culture. Beunza demonstrates that the integration of traders across desks reduces the danger of blind spots created by models. Warning against the risk of moral disengagement posed by the use of models, he also contends that such disengagement could be avoided by instituting moral norms and social relations.
Providing a unique perspective on a complex subject, Taking the Floor profiles what an effective, responsible trading room can and should look like.

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TAKING THE FLOOR Taking the Floor Models Morals and Management in a Wall - photo 1
TAKING THE FLOOR
Taking the Floor
Models, Morals, and Management in a Wall Street Trading Room
Daniel Beunza
PRINCETON UNIVERSITY PRESS
PRINCETON AND OXFORD
Copyright 2019 by Princeton University Press
Requests for permission to reproduce material from this work should be sent to
Published by Princeton University Press
41 William Street, Princeton, New Jersey 08540
6 Oxford Street, Woodstock, Oxfordshire OX20 1TR
press.princeton.edu
All Rights Reserved
Library of Congress Cataloging-in-Publication Data
Names: Beunza, Daniel, author.
Title: Taking the floor : models, morals, and management in a Wall Street trading room / Daniel Beunza.
Description: Princeton : Princeton University Press, [2019] | Includes bibliographical references and index.
Identifiers: LCCN 2019019273 | ISBN 9780691162812 (hardcover)
Subjects: LCSH: Investment banking--Moral and ethical aspects--United States--Case studies. | Investment bankers--United States--Case studies. | Corporate culture--United States--Case studies. | Organizational behavior--United States--Case studies.
Classification: LCC HG4930.5 .B48 2019 | DDC 332.640973--dc23 LC record available at https://lccn.loc.gov/2019019273
ISBN (e-book) 978-0-691-18599-6
Version 1.0
British Library Cataloging-in-Publication Data is available
Editorial: Meagan Levinson and Jacqueline Delaney
Production Editorial: Leslie Grundfest
Jacket/Cover Design: Layla Mac Rory
Production: Erin Suydam
Publicity: Nathalie Levine (U.S.) and Kathryn Stevens (U.K.)
Copyeditor: Karen Verde
Jacket Image: Photo by Stphane Brgger
To my parents, Joaqun and Maria Dolores
CONTENTS
  1. ix
  2. 1
  3. 20
  4. 38
  5. 55
  6. 73
  7. 98
  8. 120
  9. 146
  10. 172
  11. 190
  12. 215
  13. 243
  14. 275
  15. 295
  16. 301
  17. 309
  18. 319
ACKNOWLEDGMENTS
Over the almost two decades that elapsed from the beginning of my fieldwork until the submission of this final book manuscript, I have built up a long list of mentors, colleagues, relatives, and friends to whom I am indebted.
I owe a great debt of gratitude to David Stark, who over the years played a succession of roles, as supportive teacher, generous coauthor, helpful mentor, and close friend. Back in 1999, Davids enthusiasm for my term paper in his doctoral seminar, Economic SociologySociology 8200, marked the beginning of an exceptionally fruitful collaboration. Together, we wrote five articles based on the initial fieldwork that informs this book project, and our regular meetings in his grand professorial office in Fayerwhether Hall at Columbias Department of Sociology make for some of my best memories of the doctoral years. Beyond our collaboration, David also must be credited with organizing, together with Monique Girard, the inspiring and thought-provoking dinner seminars (the CODES series) at their New York residence.
Donald MacKenzie has been a major source of intellectual support. In many ways, this book is a conversation with the prodigious body of work that Donald has produced between the years 2000 and 2017 on topics ranging from the performativity of Black-Scholes to the political economy of high-frequency trading. Donald was kind enough to read through the entire book manuscript, and his insightful comments have elevated the rigor of my study.
I owe a special mention to Karin Knorr Cetina, who expressed genuine interest in my book project at a meeting we had in Madrid 2011 following the SASE academic conference.
Eric Schwartz, now at Columbia University Press, deserves to be credited for putting the first contract on the table, back when he was sociology and cognitive science editor at Princeton University Press. From our very first meeting at a caf in Grand Central Station, Eric provided valuable advice about the craft of academic book writing. Since 2014, Meagan Levinson took over the editorship of the book with very effective results. I am very grateful to both, as well as to the rest of the team at Princeton University Press.
This book has benefited greatly from proofreading by Megan Peppel and Hannah Weisman, whose command of English prose, constructive criticisms, and enthusiastic reactions were a source of improvement and encouragement.
I would like to thank the traders at International Securities, including Todd, Max, and numerous others, for granting me access to their workplace, and in some cases their private homes. I am grateful to Quinn for his generosity in introducing me to Bob, back in 1999. I owe a heartfelt thank you to Bob, the undoubted protagonist of this book. Only a very special kind of Wall Street manager would welcome an ethnographer to his trading floor. Had it not been for Bobs extraordinary intellectual curiosity, this book would not exist.
A number of friends and colleagues have commented, read through, or provided crucial ideas for different parts of the book. These are, in alphabetical order, the following: David Barber, Charles Baden-Fuller, Katherine Chen, Vicente Cunat, Will Davies, Joe Deville, Gary Dushnitsky, Fabrizio Ferraro, Roger Friedland, Santi Furnari, Raghu Garud, Joel Gehman, Matthew Gill, Martin Giradeau, Paul Ingram, Bruce Kogut, Monika Krause, Vincent Lpinay, Jan Lepoutre, Michael Lounsbury, Anette Mikes, Yuval Millo, Mary Morgan, Gina Neff, Woody Powell, Michael Power, Joel Shapiro, and Balazs Vedres. The conversations I had with them turned this book project into a source of friendship and intellectual stimulation.
Closer to home, I would like to thank my sister Helena, whose complicity and appreciation for my research always reminded me of the value of my work beyond academic circles. Having both a cousin, Enrique, and a brother-in-law, Jose, with successful careers in the City of London proved of invaluable help in steering clear of stereotypes of finance professionals. I was also lucky to have yet another cousin, Carmen, whose research in theology contributed to my book thanks to memorable conversations on religion and society in New York, Madrid, and London.
This book was part of my very first conversations with my wife, Itziar Castell, as we began our acquaintance in the summer of 2011 in Jvea, Spain. Itziars reactions, suggestions, and even objections, proved a crucial stimulus for my project. Years later, and once we were engaged, Itziar provided valuable comments on the entire draft, and her love and affection kept me going through multiple drafts of the manuscript. In particular, I will not forget our early-morning breakfast outings in Valencia ahead of long days of writing during Christmas 2016early enough that it was difficult to find an open bar that would serve us.
Finally, this book is dedicated to my parents, Joaqun and Maria Dolores. Their regular visits to New York City were a vital source of emotional support as I completed the various stages of my doctoral studies. We shared the joy of my early discoveries in endless after-dinner conversations in the lounge of their hotels in Midtown Manhattan. Their love, support, and ability to overcome the geographical distance that separates New York from their home in Valencia made my doctoral studiesand, by extension, this book projectpossible.
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