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Financial Analysis and Risk Management pp 155–185Cite as

Coping with Messiness and Fogginess in Financial Information Management: Material and Social Aspects of Representations in Proprietary Trading and Custodial Services

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Abstract

The aim of this chapter is to connect the representational theory of financial records with concepts related to the interplay between sociality and materiality in the techno-organizational settings of financial operations. At a second stage the aim is to apply this conceptual framework to the analysis of two critical operational domains: proprietary trading and custodial services. Proprietary trading is driven by fogginess of information resulting from blackboxing as a way to cope with capital market and operational complexities, as well as with time pressures. On the contrary, custodians struggle to restore the visibility of financial records. Furthermore, the awareness of messiness and fogginess, as central components of information management in finance, is related to the informational consequences of financial bubbles originating especially from high-leverage and derivative-driven operations. Cognitive framing, adopted by professional groups and communities of practice in financial organizations, often results in foggy representations that obstruct the view of the primary sources of information stored on financial records. Institutionalized and formalized expertise can under certain circumstances cause fogginess and hinder reflexive approaches regarding the way recorded information is shaped and used. Fogginess implies also messiness of entries and of data organization as a consequence of reduced visibility of the features of the records and of the subsequent inscriptional requirements. This analytic perspective can be applied beyond proprietary trading and custodial services, to other communities of practice in finance facing problems of information management and thus exposed to high operational risks.

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Notes

  1. 1.

    This banking crisis and all related ones were to a great extent the result of valuation and liquidation impasses due to breakdowns of information management and the subsequent breakdown of trust. Risk perception was then, because of these informational problems, not easily traceable back to data and the exposure of assets to risks. Finding out where the underlying assets are at the crucial moment when information on this is sorely needed is the quintessential aspect of trust in the financial markets, and thus a decisive aspect of financial stability. In the case of the recent crisis, this has created a sense of risk which has paralyzed the interbank market which was dependent on high-leverage derivatives operations. One root of the 2007–2009 crisis, triggered by subprime lending, is the transformation of revenue-generation strategies of many dominant banks from holding to distributing risks, a practice which involved separating loan-making from risk-taking (King 2009; Dymski 2009).

  2. 2.

    Lépinay (2007) has studied the relationships between front and back offices and the messiness and fogginess arising from this relationship. According to Lépinay (2007), understanding trading is impossible without understanding back offices, and the related conflicts or differences in working styles between front and back offices. Traders go in for an impressively messy way of dealing with data entry and paperwork-like procedures. They for the most part underestimate, and thus disregard, the importance of middle and back offices. Furthermore, trading operators have to cope with contractual complexities and systems of obligations which go beyond front-office transactional complexities.

  3. 3.

    On operational risk see Breden (2006); Power (2005a, b, 2007).

  4. 4.

    On the economic aspects of financial technologies, see Battilossi 2010. It is also relevant to stress here, following Searle’s (1995) remarks on the performative limits of technologies, that financial technologies can only partly be traced back to speech acts. The constraining artefactual and material aspects are equally important. In finance, and especially concerning financial technologies, this means that you can be performative as long as leverage works, i.e. as long as solvency is intact, but you cannot be performative when the greatest pressure comes from liquidity and thus from the need to trace everything back to brute facts. In cases where liquidating assets is the priority, there are limits to institutional facts and thus to the social construction of realities.

  5. 5.

    This has to do with the role of computer-based technologies, which, in spite of the word used, are not computational; they are not only calculating, but they actively metamorphose information. As Gugerli (2012) observes, the computer has mutated from a powerful and fast-calculating machine into a tool which allows vast restructuring processes. Information cannot only be created but also reshaped with very low transaction cost compared to the pre-computer and pre-database era. Relational databases had an immense contribution in this respect, especially with user-friendly terminals for corporate use, because they result in data structures that are detached from end-user interfaces and the structure of GUI (graphical user interfaces). This creates also a diagrammatic mismatch: the geometry or topology of records cannot be made visible through the geometry or topology of the screens used for data retrieval and for the structure of information. As Gugerli (2012) further notes, this creates an independence or an autonomy of interpretation. This veil between the interpreter and the author, when it appears in contexts of operational action, can be a genuine source of fogginess.

  6. 6.

    As Yeo (2010) stresses, speech act theory can help us to comprehend relations between records, actions, and events. The relationship between perlocutionary and illocutionary acts is crucial in this respect. Illocutionary speech acts are the ones through which we urge, require, or command, as well as prescribe the qualities of acts to be undertaken. Perlocutionary speech acts are the ones which cause somebody to act in a specified way or direction, often as a result of persuasion (Austin 1962). Both illocution and perlocution are associated with the performative effects of speech acts. Equally important to performativity, is the way materiality of information management sets limits on the performative effects of speech acts. On performativity, see Searle 1969.

  7. 7.

    On cognitive framing: see Kahneman and Tversky 1984; Goffman 1974.

  8. 8.

    This aspect of materiality is apparent in the case of accounting. Meaningful strategic conduct and explicit managerial coordination and control are not the only factors shaping record or accounting representations. Unintended consequences of action and spatio-temporal processes of institutionalization of practices, as well as the sedimentation of processes of inscription, transmission, and contextualization can play a role which complements the role of politics (Lemieux 2001; Vollmer et al. 2009). If records are representations of objects, accounting consists of representations of the structure of records as the result of organizational relations of power (and of political relations of power as expressed in regulatory frameworks and legally imposed standards) which shape organizational realities (Lemieux 2001). This differentiation concerning the structural role of the results of politics can be viewed from an alternative angle: The framing effect of accounting objects and their impact on the shaping of calculative devices are highly situational and depend to a great extent on the contexts and modalities of their use. Users tend to reframe operational modalities of devices according to context with both strategic and unintended consequences (Skærbæk and Tryggestad 2010). In this sense, accounting is a discursive framework which imposes modes of thought, representation, and subsequent operational styles and thus influences the way users understand the instrumental value of cognitive resources that can be exploited in specific situational and institutional contexts (Gill 2008). As Miller et al. (2008) have stressed, a reason for this discursive role of accounting can be traced back to interorganizational communication, an argument that can also be applied to intraorganizational communication among segregated operational units with distinct functional roles (see also Birnberg et al. 1983).

  9. 9.

    For Peirce (1978) an object is anything that can be thought and a sign is anything which can denote an object through a mental effect. Signs can be icons (pictures, images, models, or diagrams), indexes (something which indicates something else, such as a measuring device, or such as an external symptom indicating something which is not directly visible), or symbols (something that depicts the worth or the meaning of a person or action, e.g. a prize or a verbal characterization). The meaning of a sign can be the outcome of its relations with other signs. From this point of view, if we apply Peirce’s conceptual armoury we can view records as representations through signalling that refer to varying configurations of icons, indexes, and symbols (Peirce 1978).

  10. 10.

    In the case of financial bubbles, it is the external appearance of black boxes or of techno-organizational gestalts that define the context of discursivity. The use of records can create institutional facts, which can then crystallize black boxes and gestalts, and thus produce fogginess. This can be the result of records as persistent representations, i.e. representations enduring beyond the immediate circumstances that led to their creation, and which can then be perceived as prototypical by archivists, records managers, and software designers (Yeo 2008a; b).

  11. 11.

    According to Granovetter (1983), weak ties are social bonds resulting from indirect relations, i.e. through acquaintances or through ‘middlepersons’, whereas strong ties are direct social bonds, like the ones between close colleagues, friends, and relatives (Granovetter 1983).

  12. 12.

    Institutional facts are for Searle (1995) “facts dependent on human agreement” and so called “because they require human institutions for their existence”. They are in contrast to noninstitutional or brute facts.

  13. 13.

    Diagrammatic rhetoric in this context is rhetoric of recontextualisation through geometrical or topological abstractions. We can compare this with Peirce’s theory of icons as instruments of signalling (Peirce 1978). The rhetorical element of signalling very often requires expression devices, which are something different from inscription devices (Latour et al. 1986). Contrary to inscription devices, “expression devices” are designed not to persuade us of any correspondence between existing worlds and inscriptions, but the correspondence of the intrinsic ideas presented with diagrams to controllable communities of practice. In other words, they are devices of perlocution (Kyrtsis 2008). However these perlocutions can cause fogginess, as they can obstruct vision to the places of the origination of action. The network topologies and the ‘abstract machines’ they use remain for the most part blind to the places of the emergence of action. They create the illusion of maps. Seeing a map without seeing what agents are doing in the places on the map creates limited visibility and the fog remains (Kyrtsis 2010).

  14. 14.

    As Cooren (2004) points out, in organizations there is a connection between textuality and signalling. The textuality of records protects them from the situational fluidity caused by the actions and expressions of identifiable and embodied subjects. In this sense the agential effects of texts reaffirm the authority and the identity of organizational instances by excluding unnecessary reflexivity and direct human interference.

  15. 15.

    As Hrasky (2008) points out: “Written documents inherently reflect a range of decisions that have been taken about inter-textual structure. Inter-textual structure refers to effects such as the vertical and horizontal spacing between text elements, the use of headings, and the inclusion of graphic cues such as the use of bullets and arrows. Inter-textual structure has rhetorical consequences, surfacing certain aspects of the message while embedding others. Opening up a text with spatial and graphic coding is the equivalent to persuading visually, impelling readers to value selected pieces of information and acquiesce to logical and hierarchical connections that make them cohere visually.”

  16. 16.

    Delta One desks generate revenue through the trading of various “Delta One Products”. Delta One products are derivatives belonging to categories such as equity swaps, forwards, futures, and various exchange-traded funds. The characteristic of these instruments is that even slight changes in their underlying assets after a trade result in nearly the same proportion of value change of the derivative. These desks are famous for being highly profitable areas, but they are also infamous for rogue-trading opportunities, often eagerly taken by reckless traders.

  17. 17.

    For mathematical information theorists, noise is a statistical and unpredictable perturbation of signals (Raisbeck 1963). Such unpredictable perturbations of signals among actors participating in social networks can alter the conditions of communications and even shift the content of signaling with significant consequences for the structure and dynamics of social networks.

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    Alexandros-Andreas Kyrtsis

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    Victoria Lemieux

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Kyrtsis, AA. (2013). Coping with Messiness and Fogginess in Financial Information Management: Material and Social Aspects of Representations in Proprietary Trading and Custodial Services. In: Lemieux, V. (eds) Financial Analysis and Risk Management. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-32232-7_7

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