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Derivatives, Market Liquidity, and Infrastructural Finance

Christopher Muellerleile Orcid Logo

Cambridge Global Companion to Financial Infrastructures

Swansea University Author: Christopher Muellerleile Orcid Logo

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Abstract

Since the 1970s global finance has developed a progressively systemic character, which became exceptionally legible following the collapse of Lehman Brothers in September of 2008. 15 years after the financial turned capitalist crisis that followed that system collapse, how are we to make sense of th...

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Published in: Cambridge Global Companion to Financial Infrastructures
Published: Cambridge Cambridge University Press 2024
URI: https://cronfa.swan.ac.uk/Record/cronfa65737
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spelling v2 65737 2024-03-05 Derivatives, Market Liquidity, and Infrastructural Finance 62c8e47d6145081a464eadba0ff5c942 0000-0001-9685-6345 Christopher Muellerleile Christopher Muellerleile true false 2024-03-05 SGE Since the 1970s global finance has developed a progressively systemic character, which became exceptionally legible following the collapse of Lehman Brothers in September of 2008. 15 years after the financial turned capitalist crisis that followed that system collapse, how are we to make sense of the ongoing dependence of society and economy on this network of financial markets? Reflecting mainly on the Anglo-American context, but with an eye on the global scale, this chapter argues that infrastructure is an important way to theorize the inability and unwillingness of capitalist states and civil societies to meaningfully reduce the influence of the financial sector. Focused on financial derivatives, the chapter argues that particularly in their liquid, marketized form, derivatives enable new connections across space and time, Despite considerable political resistance, the maintenance of this liquid form, has become an infrastructural or technical matter, but this technicity obscures derivatives’ political economic contradictions, especially as they relate to socio-economic inequality. Capitalist states have begun to treat derivative markets, and the broader financial market system, as something that must be protected from breakdown, or illiquidity, and immediately repaired in a crisis. Extending the argument on (il)liquidity and building upon the classic argument for infrastructural inversion, I suggest that financial markets are in a constant state of breakdown and thus in need of perpetual maintenance and repair. This perspective offers possibilities for politicizing finance, by exposing the overdetermination of socio-economic inequality in the original design of financial market infrastructure as well as providing analytical opportunities for rethinking the de-financialization of the basic commodities necessary for everyday life. Book chapter Cambridge Global Companion to Financial Infrastructures Cambridge University Press Cambridge Derivatives, Liquidity, De-financialization, Risk Management, Marketization, Infrastructure 1 9 2024 2024-09-01 COLLEGE NANME Geography COLLEGE CODE SGE Swansea University 2024-03-25T19:02:49.8129368 2024-03-05T10:05:08.0970708 Faculty of Science and Engineering School of Biosciences, Geography and Physics - Geography Christopher Muellerleile 0000-0001-9685-6345 1 65737__29629__d422409eb7024ac1b8000a17e57d201d.pdf Muellerleile 2024 Market liquidity and financial infrastructure.pdf 2024-03-05T10:12:12.8665164 Output 224584 application/pdf Accepted Manuscript true Author accepted manuscript document released under the terms of a Creative Commons CC-BY Attribution 4.0 licence using the Swansea University Research Publications Policy (rights retention). false eng https://creativecommons.org/licenses/by/4.0/
title Derivatives, Market Liquidity, and Infrastructural Finance
spellingShingle Derivatives, Market Liquidity, and Infrastructural Finance
Christopher Muellerleile
title_short Derivatives, Market Liquidity, and Infrastructural Finance
title_full Derivatives, Market Liquidity, and Infrastructural Finance
title_fullStr Derivatives, Market Liquidity, and Infrastructural Finance
title_full_unstemmed Derivatives, Market Liquidity, and Infrastructural Finance
title_sort Derivatives, Market Liquidity, and Infrastructural Finance
author_id_str_mv 62c8e47d6145081a464eadba0ff5c942
author_id_fullname_str_mv 62c8e47d6145081a464eadba0ff5c942_***_Christopher Muellerleile
author Christopher Muellerleile
author2 Christopher Muellerleile
format Book chapter
container_title Cambridge Global Companion to Financial Infrastructures
publishDate 2024
institution Swansea University
publisher Cambridge University Press
college_str Faculty of Science and Engineering
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hierarchy_top_id facultyofscienceandengineering
hierarchy_top_title Faculty of Science and Engineering
hierarchy_parent_id facultyofscienceandengineering
hierarchy_parent_title Faculty of Science and Engineering
department_str School of Biosciences, Geography and Physics - Geography{{{_:::_}}}Faculty of Science and Engineering{{{_:::_}}}School of Biosciences, Geography and Physics - Geography
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description Since the 1970s global finance has developed a progressively systemic character, which became exceptionally legible following the collapse of Lehman Brothers in September of 2008. 15 years after the financial turned capitalist crisis that followed that system collapse, how are we to make sense of the ongoing dependence of society and economy on this network of financial markets? Reflecting mainly on the Anglo-American context, but with an eye on the global scale, this chapter argues that infrastructure is an important way to theorize the inability and unwillingness of capitalist states and civil societies to meaningfully reduce the influence of the financial sector. Focused on financial derivatives, the chapter argues that particularly in their liquid, marketized form, derivatives enable new connections across space and time, Despite considerable political resistance, the maintenance of this liquid form, has become an infrastructural or technical matter, but this technicity obscures derivatives’ political economic contradictions, especially as they relate to socio-economic inequality. Capitalist states have begun to treat derivative markets, and the broader financial market system, as something that must be protected from breakdown, or illiquidity, and immediately repaired in a crisis. Extending the argument on (il)liquidity and building upon the classic argument for infrastructural inversion, I suggest that financial markets are in a constant state of breakdown and thus in need of perpetual maintenance and repair. This perspective offers possibilities for politicizing finance, by exposing the overdetermination of socio-economic inequality in the original design of financial market infrastructure as well as providing analytical opportunities for rethinking the de-financialization of the basic commodities necessary for everyday life.
published_date 2024-09-01T19:02:45Z
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