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THE UNIVERSITY OF CHICAGO TRANSACTION AND MESSAGE: FROM DATABASE TO MARKETPLACE, 1970-2000 A DISSERTATION SUBMITTED TO THE FACULTY OF THE DIVISION OF THE SOCIAL SCIENCES IN CANDIDACY FOR THE DEGREE OF DOCTOR OF PHILOSOPHY DEPARTMENT OF SOCIOLOGY BY MICHAEL C. CASTELLE CHICAGO, ILLINOIS DECEMBER 2017 TABLE OF CONTENTS List of Figures iii List of Tables v List of Abbreviations vi Acknowledgements ix Abstract xi Chapter 1. Theoretical Foundations for Social Studies of Computing 1 Chapter 2. Computing in Organizations: Electronic Data Processing 32 and the Relational Model Chapter 3. The Transaction Abstraction: From the Paperwork Crisis 69 to Black Monday Chapter 4. Brokers, Queues, and Flows: Techniques of 127 Financialization and Consolidation Chapter 5. Where Do Electronic Markets Come From? 186 Chapter 6. The Platform as Exchange 219 References 240 ii LIST OF FIGURES Figure 1. Peirce’s sign-systems. 22 Figure 2. Date and Codd’s diagrammatic comparison of the logical 51 views of a relational database and of a network database Figure 3. Date’s depiction of the Codasyl DBTG network model. 53 Figure 4. From “Generalization: Key to Successful Electronic Data 57 Processing”. Figure 5. A B-tree index for a relation using an integer primary key, 58 as used in the System R relational database. Figure 6. Diagram depicting the dynamic re-balancing of a B-tree upon 59 inserting the value ’9’ into a full leaf. Figure 7. Charles T. Davies’ early transaction abstraction. 66 Figure 8. Jim Gray’s transactions. 66 Figure 9. New York Stock Exchange trading volume, 1970-2005. 68 Figure 10. ‘Lazy Susan’-centered reservations desk at American Airlines. 96 Figure 11. “CICS in 1968”. 101 Figure 12. Diagrams from Davies (1973)’s “spheres of control”. 106 Figure 13. From Bjork (1973): an early representation of a transaction 107 dependency graph. Figure 14. A transaction as a sequence of protected actions. 112 Figure 15. A diagram of a remote procedure call (RPC). 159 Figure 16. Illustration of the V kernel. 163 Figure 17. Illustration of group communication. 165 Figure 18. Lamport’s adoption of two-dimensional Minkowski diagrams. 169 Figure 19. Illustration of the “information bus” architecture. 177 Figure 20. The ‘inverted pyramid’ of d’Agapeyeff. 181 iii Figure 21. a) A fixed-role market. b) A switch-role market. 189 Figure 22. Producers of trading services in the 1980s for IBM stock. 190 Figure 23. Instinet disrupts the market for financial markets. 203 Figure 24. ECN disruption via direct access to NASDAQ quote montage. 214 Figure 25. Fixed-role and switch-role markets in the production of ride 230 services. iv LIST OF TABLES Table 1. List of prominent papers in the history of development of 112 the transaction concept. Table 2. Transactions per second, after Gray et. al.’s 120 “A Measure of Transaction Processing Power”. Table 3. Tandem system outages. 121 Table 4. NYSE Trading Statistics for week of 10/5/1987 123 and week of 10/19/1987. Table 5. Typology of telecommunications modes across 135 various distinctive features. Table 6. Distinctive features of four prominent communication 162 paradigms and/or systems for distributed computing. Table 7. Abbreviated timeline for Teknekron Software Systems / Tibco 179 after the acquisition by Reuters in 1994. Table 8. Comparison of studies on fixed-role markets and switch-role 197 financial markets. Table 9. Arguments regarding fragmentation, payment for order flow, 211 and regulatory burden in 1993 “National Market System” Hearings. Table 10. Outcomes for ECNs in the 2000s. 215 Table 11. Comparison of stock exchanges ca. the 1990s 231 (NYSE and competitor ECNs) with various marketplace platform firms. v LIST OF ABBREVIATIONS ACID Atomicity, Consistency, Isolation, and Durability API Application Programming Interface ARPA Advanced Research Projects Agency AMEX American Stock Exchange ATS Alternative Trading System BBN Bolt, Beranek, and Newman CAL TSS Cal Time-Sharing System CATS Computer Assisted Trading System CCITT International Telegraph and Telephone Consultative Committee CICS Customer Information Control System CLOB Centralized Limit Order Book CMS Common Message Switch CORBA Common Object Request Broker Architecture CQ Consolidated Quote CT Consolidated Tape/Trade CTS Consolidated Tape/Trade System DEC Digital Equipment Corporation DOT Designated Order Turnaround DTC Depository Trust Corporation DTCC Depository Trust & Clearing Corporation ECN Electronic Communication Network EDP Electronic Data Processing HTML HyperText Markup System IMS Information Management System INGRES INteractive Graphics REtrieval System vi IPO Initial Public Offering IRIA Institut de recherche en informatique et en automatique ITS Intermarket Trading System MDS Market Data System MOM Message-Oriented Middleware MQ Message Queue MTTF Mean Time to Failure MTTR Mean Time to Recovery MVS Multiple Virtual Storage NASD National Association of Securities Dealers NASDAQ National Association of Securities Dealers Automated Quotations NMS National Market System NSCC National Securities Clearing Corporation NYSE New York Stock Exchange OARS Opening Automated Report Service OLTP On-Line Transaction Processing OSF Open Software Foundation OS/MFT Operating System / Multiprogramming with a Fixed number of Tasks OTC Over-the-Counter PAMS Process Activation and Message Support PARC Palo Alto Research Center POSIT Portfolio System for Institutional Traders RAND Research ANd Development RPC Remote Procedure Call SAGE Semi-Automatic Ground Environment SDC System Development Corporation SEC Securities and Exchange Commission vii SECURE System to Eliminate and Correct Recurring Errors SIAC Securities Industry Automation Corporation SNA Systems Network Architecture SQL Structured Query Language SRO Self-Regulatory Organization TIB The Information Bus TCP/IP Transmission Control Protocol / Internet Protocol TMF Transaction Management Facility UDP User Datagram Protocol USENIX Unix Users Group VAX Virtual Address Extension VMS Virtual Memory System viii ACKNOWLEDGEMENTS In the course of this research I received financial support from the University of Chicago Social Sciences Division and the University of Chicago Press Graduate Student Fund. I also received two British Studies Fellowships from the University of Chicago Nicholson Center. In addition, I received the Arthur L. Norberg Travel Grant from the Charles Babbage Institute at the University of Minnesota. I am also grateful to the University of Chicago Department of Sociology for the Robert E. Park Lectureship, which allowed me to test the coherence of my perspectives on unsuspecting and talented undergraduates. In the Department of Sociology, Ben Merriman always seemed to believe in me even when I didn’t, and was a persistent supporter of my work and ideas; I also thank fellow Chicago graduate students Chad Borkenhagen, Jessica Feldman, Peter McMahan, Forest Gregg, Paola Castaño, Monica Lee, and Maude Pugliese for debates and discussion. Outside of Chicago I would also like to thank Etienne Ollion; and I thank Jared Rosoff for being, at the outset of my explorations, particularly open-minded and willing to entertain my questions. I would like to thank Jeanne Fitzsimmons and the Nicholson Center for British Studies for helping facilitate my two trips to the United Kingdom, where I developed the material for Chapters 4 and 5 of this work alongside Yuval Millo, Emma Uprichard, and other members of both the University of Leicester School of Business and the University of Warwick’s Centre for Interdisciplinary Methodologies. My advisor, Andrew Abbott, has been an invaluable assistance to the direction of my work, both directly and indirectly; his vast and always-extending breadth of interests will always be an inspiration. I am also grateful to the other members of my committee, Andreas Glaeser and ix Adrian Johns, for their comments, insights, and encouragement. In addition, I would like to thank Karin Knorr Cetina for her skilled critiques, and to James Evans for his enthusiasm and support after my arrival to his (and Adrian Johns’) “Introduction to Science Studies” course as an auditor then in the employ of the Department of Neurology. Parts of Chapter 2, “Computing in Organizations: Electronic Data Processing and the Relational Model”, previously appeared in the online journal Computational Culture. Parts of Chapter 5, “Where do Electronic Markets Come From?”, previously appeared in Economy and Society. And parts of Chapter 6, “The Platform as Exchange”, previously appeared in Economic Sociology: the European Electronic Newsletter. x ABSTRACT The term ‘transaction’ is frequently used in discussions of economic activity, but is rarely the direct subject of examination, despite its apparent centrality. This is true whether its role is ascribed to the material mediation of money, to financial capital more generally, or to the rationalized technical activity at the core of large formal organizations. The modern representation of a transaction, however, began as a practical solution to a very specific technical question: how can a computer system successfully handle simultaneous requests contending to rapidly read and write from the same large data resource? This dissertation makes the case for the sociotechnical formalization of the transaction, along with that of message-oriented data communications, as fundamental prerequisites and facilitators for significant transformations in finance, including the development of electronic securities exchanges. However, these transformations were
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