How do arbitrageurs find profit opportunities?
In “Tools of the Trade: The Socio-Technology of Arbitrage in a Wall Street Trading Room,” David Stark and I examine the organization of quantitative trading. To do so, we conduct an ethnographic study of equity derivatives arbitrage at the trading room of a large bank on Wall Street. We find that, in contrast to value or momentum investing, arbitrage involves an art of association — the construction of equivalence of properties across different assets. Arbitrage makes something the measure of something else. The process of recognizing opportunities and the practices of making novel associations are shaped by the specific socio-spacial and socio-technical configurations of a trading room …
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