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Organisation et gestion des risques en salle des marches financiers : appareil, marche, réseau.

Abstract : How do organizations working in a simultaneously complex, competitive and turbulent environment manage risk? Most traders buy and sell over a hundred million dollars daily, and there are often more than one hundred operators on a dealing floor.
This empirical study draws over three years of participant observation in a trading room and forty interviews in Paris, London and Hong Kong.
There are three main contributions to this research:
1. The development of concepts guiding the understanding of the unique phenomenon of dealing rooms: the position, the correlation of financial instruments and the desk as a combination of a trading strategy and a product.
2. The building of a model guiding the understanding of organizations. This model is based on three fundamental forms: the Hierarchy, the Market and the Network. We redefine them as ideal types through regulation, coordination and adaptation.
3. These ideal types allow for analytical charting encompassing risk-management strategies. This makes it possible to draw up a falsifiable hypothesis: are trading rooms plural organizations?
We show the relevance of our ideal types and of their complex interactions. Chinese Walls and Product Lines are explained as an application of this approach. Some distinctive features of dealing rooms are also explained: their perpetual state of transformation and their distinctiveness from other forms of organization.
Facing a "crisis of the understanding of organizations", we suggest a new approach to risk-management and bring a contribution to the question of the "nature of the firm". Parallels with other organizations - in Simultaneous Engineering, Control Towers and News Agencies - are suggested. Our research also highlights the inadequacy of risk-control strategies in use and suggests ways of improvement.
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Contributor : Rémi Bachelet Connect in order to contact the contributor
Submitted on : Wednesday, November 15, 2006 - 5:51:42 PM
Last modification on : Tuesday, March 1, 2022 - 11:30:02 AM
Long-term archiving on: : Tuesday, April 6, 2010 - 10:47:46 PM


  • HAL Id : tel-00114177, version 1



Rémi Bachelet. Organisation et gestion des risques en salle des marches financiers : appareil, marche, réseau.. Gestion et management. Université Paris Dauphine - Paris IX, 1997. Français. ⟨tel-00114177⟩



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