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210 Caitlin Zaloom“reprogrammable labor” that require agile manipulation of complex informationand an ability to learn new systems of analysis and research (Reich,1991; Castells, 1996). Profitability in electronic markets lies in rapid identificationof simple patterns in bid and offer numbers, the basic representationof the market on the screen. The type of trader who entered the financialfutures markets at the time of their founding in the late 1970s and early1980s is being replaced by more educated workers as screen-based tradingreplaces face-to-face exchange. Banks are now placing financial tradingwithin a career trajectory. Dealing is no longer the domain of the savvytrader whose life in finance is tied only to his trading skills. Yet these newtraders are not the same as their financial analyst counterparts. In the newelectronic dealing rooms, they are training in the new forms of time andspace that both separate and tie together competitors around the globe.In financial networks, the ethical imperative for efficient markets drivestechnological and social innovations. Time and space are key areas ofcontestation in the elusive search for market efficiency. The transition fromnexus to network remakes the material infrastructure of exchange to createthe representation of a unified, liquid market. This market confronts tradersas individuals with disregard for their spatial and temporal location. In thecontest between technological and social configurations of time and space,the shape of financial networks emerges.NOTES1. Miyazaki (2003) has observed that the position of social theorists as analysts in a rapidlychanging world has generated a sense of “being behind” that is mirrored in Tokyo financialmarkets. Also, by connecting the temporal assumptions of arbitrage to the life strategiesof Japanese securities traders, he shows us how the time dimensions of finance extendfar beyond the market domain.2. Claude Fischer (1992) has warned against confusing the properties of technology with theproperties of society and also shown how users can change the trajectory of technologicaldesign. The potentials of the technology should not blind us to the ways in which actorsappropriate devices. In the case of financial markets, this means considering how tradersshape the time and space of the network in using it. This chapter adds to the growing bodyof work that examines how information technologies and daily practices shape newtemporal and spatial dimensions in everyday life and labor (see Laurier, 2001; Green,2002).3. When examined from inside market organizations, managers and designers of networktechnologies emerge as key to establishing particular configurations of “power geometry”(Massey, 1995). These managers and designers are the “specific intellectuals” of thenetwork (Rabinow, 1989). As this chapter will show, they shape financial networksaccording to the ethics of market efficiency, a practice that sets patterns of inclusion andexclusion from the profits of the market.4. Arguments about the spatial arrangements of financial networks have focused on the problemof physical centralization of command and control functions (Sassen, 1999, 2001).The infrastructure of these locations is also used as evidence of the centralization ofhighly skilled labor and global management functions (Graham, 2002). These analyses,