Inhalt des Dokuments
Dissertation
"Knowledge Spaces of Financial Markets:
The Architecture of Trading Rooms"
The
trading room represents a new building type in the age of electronic
markets. For many centuries, trading activities took only place at
centralized trading floors inside the exchange building where traders
assembled physically on the trading floor and traded face-to-face with
each other. Orders were shouted and hand signalled across the trading
floor creating an acoustic, visual and haptic buzz of the overall
market situation. In this vibrant environment, traders searched for
trading opportunities, continuously exchanging and processing market
information. The ‘knowledge space’ which was created in this
process had economic, social - and furthermore, spatial dimensions;
trading decisions did not only follow rational calculations and social
networks but also depended on spatial conditions. The nature of the
interaction on the trading floor required a unique organization and
architecture which aimed for fastest and most effective communication
possible. Over the course of the 20th century, however, trading
activities gradually moved away from centralized trading floors to
remote trading rooms. Political and technological changes in the
financial market led to an exodus from the trading floors, as firms
were able to set up their trading operations at locations outside the
exchange building.
This dissertation seeks to explore
the specifics of this architecture and discusses design approaches for
future trading rooms. The key objective of this study is to unveil the
spatial design and organization of trading rooms in relation to their
work and communication processes, focusing on trading rooms in
Germany, the US and Britain. The thesis proposes an interdisciplinary
approach analyzing trading rooms in the context of spatial
configuration and knowledge communication. It is divided into five
parts. Chapter 1 provides a theoretical framework for the analysis of
workplace design. It argues that architecture must be described in
relation to dynamic organizational structures and discusses the
trading room as place for innovation production. Based on the concept
of knowledge spaces, it defines four key dimensions for exploring the
architecture of trading room. Chapter 2 gives a brief historical
overview about the architecture of traditional exchanges, focusing on
the knowledge communication process on the trading floor. Using the
spatial design and organization of trading pits and trading posts as
example, the chapter highlights the interdependence of architecture,
communication and technology. Chapter 3 forms the main part of the
dissertation analyzing the architecture of trading rooms. The
empirical study consists of case studies, using trading rooms of
investment banks, proprietary trading firms and alternative investment
firms as example. These institutions are the major professional
players of the financial trading industry and represent fundamentally
different business models and organizational processes. The chapter
discusses the spatial design and organization of these trading rooms
in relation to their business objectives and communication structures.
For these different kinds of trading firms, a knowledge space typology
is developed. Chapter 4 is a discourse about best practices for design
approaches of trading rooms. It discusses four design aspects which
are considered important for the planning process including a
technical view, an analysis of work processes, a socio-organizational
perspective and some thoughts on future trends. The concluding chapter
reflects on location factors, implications for practice and further
research.
Empirical data for this study was collected
between August 2005 and October 2006, and consists of interviews with
traders and business managers, site visits of trading rooms, visual
documentation and a survey including questions on spatial
requirements, location factors and business focus.
The online survey necessary for this project is supported by
www.qualtrics.com.
Lebenslauf / Curriculum Vitae
EDUCATION
2005 - present
DFG -
Fellow, Transatlantic Graduate Research Program Berlin - New York
Center for Metropolitan Studies, Berlin
2004 -
present
Doctoral Student, School of Architecture, Dresden
University of Technology, Dresden
2005
Visiting
Scholar, Center for Organizational Innovation, Columbia University,
New York
2001
Diploma in Architecture, Dresden
University of Technology, Dresden
1998 - 1999
Visiting Student, School of Architecture, University of Westminster,
London
1996 - 2001
Scholarship Studienstiftung
des deutschen Volkes
WORK EXPERIENCE
2001
-
2004
Cordogan & Clark Architects, Chicago
2000-2001
Student Assistant, Dresden University of Technology,
Dresden
2000
Internship Cordogan
1999 -
2000
Internship, Penoyre & Prasad Architects, London
1998 -
2000
Student Assistant, Royal Institute of British Architects
(RIBA), London
1995
Internship, Urbach Building Contractors,
Hamburg
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