About the Book

This work examines how financial markets govern themselves through two distinct rule systems. Official regulations exist alongside informal "floor rules"—unwritten codes of conduct that actually determine market behavior. Violations of official rules may result in fines or imprisonment, while breaching floor rules causes ostracization among market participants.

The book explores the historical foundations of financial market culture, focusing on core insiders who exert disproportionate influence over financial systems. It presents case studies and network analysis from the Chicago Board of Trade, revealing how this insular, specialized community operates according to norms differing significantly from mainstream business practices.

Key Themes

• The enclosed world of money specialists with minimal outside contact
• Historical roots of insider culture in financial markets
• How informal norms govern behavior more effectively than regulations
• Role of insider groups in contemporary high finance

Purchase

Available through Yale University Press and major booksellers.