Strategic risk positioning as sensemaking in crisis: The adoption of electronic trading at the London international financial futures and options exchange

Journal of Strategic Information Systems

Volumn 14, Issue 1, 2005, Pages 45-68

  Scott, Susan V ^a   Barrett, Michael I ^b  

^a LONDON SCHOOL OF ECONOMICS   (United Kingdom)

^b UNIVERSITY OF CAMBRIDGE   (United Kingdom)

Author keywords

Crisis; Derivatives; Disruptive technologies; Electronic trading; Financial markets; Interpretive research; Risk positioning; Sensemaking; Strategy

Indexed keywords

COMPETITION; ECONOMIC AND SOCIAL EFFECTS; FINANCE; INFORMATION TECHNOLOGY; MARKETING; SOCIETIES AND INSTITUTIONS; STRATEGIC PLANNING;

CRISIS; DISRUPTIVE TECHNOLOGIES; ELECTRONIC TRADING; FINANCIAL MARKETS; INTERPRETIVE RESEARCH; LONDON INTERNATIONAL FINANCIAL FUTURES AND OPTIONS EXCHANGE (LIFFE); RISK POSITIONING; SENSEMAKING; STRATEGY;

RISK MANAGEMENT;

EID: 15844425022     PISSN: 09638687     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jsis.2005.01.001     Document Type: Article

References (56)

1. M.Y. Abolafia Making Markets: Opportunism and Restraint on Wall Street 1996 Harvard University Press Cambridge, MA
2. F. Allen, J. McAndrews, and P. Strahan Electronic trading in wholesale financial markets: its wider impact and policy issues Bank of England Quarterly Bulletin 42 1 2002 50 58
3. H. Allen, and J. Hawkins Electronic trading and its implications for financial systems M. Balling F. Lierman A. Mullineux Technology and Finance: Challenges for Financial Markets, Business Strategies and Policy Makers 2003 Routledge London
4. Anon Large as Liffe Building Design. London 1997 p. 8
5. Anon Eyeballing at Liffe denies commercial reality The Independent. July 19th. London 1997 p. 25
6. Anon In futures arena establishing electronic trading dominance crowds out other technology issues Securities Week vol. 25 1998 p. 5
7. E. Banks E-Finance - The Electronic Revolution 2001 Wiley Chichester
8. U. Beck The Risk Society: Towards a New Modernity 1992 Sage London
9. U. Beck A. Giddens Reflexive Modernization: Politics, Tradition and Aesthetics in the Modern Social Order 1994 Polity Cambridge
10. M. Bien German and Swiss take aim at Liffe The European 1998 50
11. J.L. Bower, and C.M. Christensen Disruptive technologies: catching the wave Harvard Business Review Jan-Feb 1995 43 53
12. J.L. Bower, and C.M. Christensen Response to letter published in March-April issue of HBR Harvard Business Review May-June 1995 172
13. D. Callaway Battle of the borses The Independent. London 1998 p. 3
14. N.G. Carr IT doesn't matter Harvard Business Review 81 5 2003 41 49
15. C. Cavaletti Futures trading: after-hours systems see sunlight Futures 27 1998 70
16. S. Cummings D. Willson Images of Strategy 2003 Blackwell Oxford
17. Dixon, 1998. The final bell tolls for the national stock exchanges. The Times. London.
18. I. Domowitz, and B. Steil Automation, trading costs, and the structure of the securities trading industry E. Davis B. Steil Institutional Investors 2001 MIT Press London (Chapter 7)
19. M. Douglas E.J. Burger Risk as a Forensic Resource 1990 University of Michigan Ann Arbor 1 16
20. R.D. Galliers Reflections on information systems strategizing C. Avergou C. Ciborra F. Land The Social Study of Information and Communication Technology: Innovation, Actors, and Contexts 2004 Oxford University Press Oxford 231 262
21. R.D. Galliers, and S. Newell Strategy as data + Sense making S. Cummings D.C. Wilson Images of Strategy 2003 Blackwell Oxford pp. 164-196
22. R.D. Galliers, and A.R. Sutherland Information systems management and strategies formulation: the 'stages of growth' model re-visited Journal of Information Systems 1 2 1991 89 114
23. Giovannini Group, 2001. Cross-border clearing and settlement arrangements in the European Union. Economic papers, No. 163. Commission of the European and Directorate-General for Economic and Financial. Brussels.
24. Hamilton, K., 1998. Fighting for Liffe. The Sunday Times. London.
25. Hasell, N., Kennedy, S., 1998. Poll shows members are losing faith in Liffe. Financial News. London.
26. I. Hosein A research note on capturing technology: toward moments of interest E.H. Wynn E.A. Whitley M.D. Myers J.I. DeGross Global and Organizational Discourse about Information Technology 2003 Kluwer Norwell, Massachusetts 133 154
27. T. Hulse The end of Liffe as we know it The Independent. London 1998 p. 1
28. J. Kharouf German engineering goes a long way; developments at the Deutsche Terminborse Futures 27 1998 78
29. G.A. Klein A recognition-primed decision (RPD) model of rapid decision making G.A. Klein J. Orasanu R. Calderwood C.E. Zambok Decision-making in Action: Models and Methods 1993 Ablex Norwood, NJ pp. 138-147
30. J. Kuljis, and R.D. Macredie Information gathering problems in multinational banking Journal of Information Systems 7 1998 233 245
31. Luce, E., 1999. Liffe's brightly-jacketed derivatives traders are losing their jobs as the exchange goes electronic. Edward Luce meets a dying breed. World Reporter. London.
32. Luce, E., Guha, K., 1997. DTB plans challenge to Liffe. The Financial Times. London, p. 31.
33. Luce, E., Iskandar, S., 1998. Denial and dismay as pendulum swings for Liffe's pit traders. The Financial Times. London. p. 21.
34. F. Maguire Liffe's problems...and solutions Futures 27 1998 82
35. T.W. Malone, J. Yates, and R.I. Benjamin The logic of electronic markets Harvard Business Review May-June 1989 166 169
36. H. Mintzberg, and B. Ahlstrand Strategy Safari 1998 Financial Times/Prentice-Hall London
37. F. Mishkin, and P. Strahan What will technology do to financial structure? R. Litan A. Santomero Brookings-Wharton Papers on Financial Services 1999 Brookings Institution Press Washington DC
38. Paterson, L., 1998. Liffe cuts fees as battle with Frankfurt escalates. The Independent. London, p. 27.
39. M. Porter Competitive Strategy 1980 Free Press New York
40. M. Porter Competitive Advantage 1985 Free Press New York
41. M. Porter What is strategy? Harvard Business Review Nov-Dec 1996 61 78
42. M. Porter Strategy and the Internet Harvard Business Review March 2001 63 78
43. R. Sales Two trading roads diverge Wall Street & Technology 16 1998 32
44. Sato, S., Hawkins, J., 2001. Electronic finance: an overview of the issues, BIS papers, no. 7, pp. 1-12.
45. S.V. Scott IT-enabled credit risk modernisation: a revolution under the cloak of normality Accounting, Management and Information Technologies 10 3 2000 221 255
46. Searjeant, G., 1998. A mid-life crisis at Liffe. The Times. London.
47. Tait, N., 1998. Uncertain futures ahead; Nikki Tait on futures exchanges' tactics for weathering the storms of change that are presaging mergers, consolidation, standardisation and automation. The Financial Times. London. p. 23.
48. G. Walsham Interpreting Information Systems in Organizations 1993 Wiley Chichester
49. G. Walsham Interpretive case studies in IS research: nature and method European Journal of Information Systems 4 1995 74 81
50. K.E. Weick Enacted sensemaking in crisis situations Journal of Management Studies 25 4 1988 305 317
51. K.E. Weick The collapse of sensemaking in organizations: the Mann Gulch disaster Administrative Science Quarterly 38 1993 628 652
52. K.E. Weick Sensemaking in Organizations 1995 Sage Thousand Oaks
53. K.E. Weick Making Sense of the Organization 2001 Blackwell Oxford
54. S.K. White The Recent Work of Jurgen Habermas: Reason, Justice, and Modernity 1988 Cambridge University Press Cambridge
55. Wolman, S., 1998. World cup? Nothing is further from our minds. Financial News.
56. P. Young, and T. Theys Capital Market Revolution 1999 Prentice-Hall/Financial Times London