{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,4]],"date-time":"2026-05-04T00:24:40Z","timestamp":1777854280269,"version":"3.51.4"},"reference-count":119,"publisher":"SAGE Publications","issue":"3","license":[{"start":{"date-parts":[[2017,9,1]],"date-time":"2017-09-01T00:00:00Z","timestamp":1504224000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Journal of Information Technology"],"published-print":{"date-parts":[[2017,9]]},"abstract":"<jats:p>In recent years, financial markets have been fundamentally transformed by innovations in information technology, in particular with regard to the web, social networks, high-speed computer networks and mobile technologies. We borrow the concept of Social Machines from Web Science as a single concept that captures the essence of all these recent technological changes to argue that the emergence of these Social Machines has aided the transformation of financial markets and society. This study explores the formation of these Social Machines with three sample disruptive technologies \u2013 automated\/high-frequency trading, social network analytics and smart mobile technology. Through critical reflective analysis of these three case studies, we assess the impact of information technology innovation on financialisation. We adopt three case studies \u2013 automated trading; market information extraction using social media technologies; and information diffusion and trader decision-making with mobile technology on financial and real sector changes \u2013 which demonstrate the increasing trend of transaction velocity, speculative trading, increased complex information network, accelerated inequality and leverage. Our findings demonstrate that technologically enabled financial Social Machines harness crowd wisdom, engage disparate individual traders to produce more accurate price estimations, and have enhanced decision-making capability. However, these same changes can also have a simultaneously detrimental effect on financial and real sectors, in some situations exacerbating underlying distortions, such as misinformation due to complex information networks, speculative trading behaviour, and higher volatility with transaction velocity. Overall, we conclude that these innovations have transformed the fundamental nature of key aspects of the finance industry and society as a whole.<\/jats:p>","DOI":"10.1057\/s41265-017-0037-7","type":"journal-article","created":{"date-parts":[[2017,3,6]],"date-time":"2017-03-06T05:16:16Z","timestamp":1488777376000},"page":"234-250","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":30,"title":["Social Machines: How Recent Technological Advances have Aided Financialisation"],"prefix":"10.1177","volume":"32","author":[{"given":"Tiejun","family":"Ma","sequence":"first","affiliation":[{"name":"Centre for Risk Research, Southampton Business School, University of Southampton, Southampton, UK;"}]},{"given":"Frank","family":"McGroarty","sequence":"additional","affiliation":[{"name":"Centre for Computational Finance and Business Analytics, Southampton Business School, University of Southampton, Southampton, UK"}]}],"member":"179","published-online":{"date-parts":[[2017,9,1]]},"reference":[{"key":"bibr1-s41265-017-0037-7","volume-title":"The International Encyclopedia of Geography: People, the Earth, Environment, and Technology.","author":"Aalbers M.B.","year":"2015"},{"key":"bibr2-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1057\/jit.2013.10"},{"key":"bibr3-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.intfin.2012.07.002"},{"key":"bibr4-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1287\/isre.1120.0470"},{"key":"bibr5-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1177\/0037549706075250"},{"key":"bibr6-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1177\/026839620001500305"},{"key":"bibr7-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00226"},{"key":"bibr8-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1162\/003355301556400"},{"key":"bibr9-s41265-017-0037-7","volume-title":"Weaving the Web: The Original Design and Ultimate Destiny of the World Wide Web.","author":"Berners-Lee T.","year":"1999"},{"key":"bibr10-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jocs.2010.12.007"},{"key":"bibr11-s41265-017-0037-7","volume-title":"Finance at Work.","author":"Boussard V.","year":"2016"},{"key":"bibr12-s41265-017-0037-7","author":"Brady C.","year":"2006","journal-title":"Cass Business School."},{"key":"bibr13-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1080\/07421222.2014.1001258"},{"key":"bibr14-s41265-017-0037-7","author":"Brogaard J.A.","year":"2010","journal-title":"Northwestern University Kellogg School of Management Working Paper."},{"key":"bibr15-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhu032"},{"key":"bibr16-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1136\/eb-2012-100885"},{"key":"bibr17-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/ele.12107"},{"key":"bibr18-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.finmar.2013.06.005"},{"key":"bibr19-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1365-2575.1996.tb00015.x"},{"key":"bibr20-s41265-017-0037-7","unstructured":"CFTC (2010). Findings regarding the market events of May 6, 2010,\u201d Commodities and Futures Trading Commission (CFTC), 2010. Findings Regarding the Market Events of May 5, 2010. September 30, Securities and Exchange Commission. Joint publisher, Washington, DC (Available at www.cftc.gov\/ucm\/groups\/public\/@otherif\/documents\/."},{"key":"bibr21-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12186"},{"key":"bibr22-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.dss.2013.08.008"},{"key":"bibr23-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhu001"},{"key":"bibr24-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1002\/ijfe.252"},{"key":"bibr25-s41265-017-0037-7","volume-title":"Cisco visual networking index: Global mobile data traffic forecast update, 2014-2019.","author":"Cisco T.","year":"2015"},{"key":"bibr26-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.25300\/MISQ\/2013\/37.2.03"},{"key":"bibr27-s41265-017-0037-7","first-page":"1","volume-title":"After the Crisis: Rethinking Finance","author":"Cloke J.","year":"2010"},{"key":"bibr28-s41265-017-0037-7","volume-title":"Actor-Network Capitalism and the Evolution of Ultra-Capital.","author":"Cloke J.","year":"2013"},{"key":"bibr29-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1057\/jit.2014.17"},{"key":"bibr30-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1057\/ejis.2014.12"},{"key":"bibr31-s41265-017-0037-7","volume-title":"In the Service of the Machine?","author":"Cooper S.","year":"2002"},{"key":"bibr32-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1046\/j.1365-2575.1998.00040.x"},{"key":"bibr33-s41265-017-0037-7","volume-title":"Sociological Methods.","author":"Denzin N.K.","year":"1978"},{"key":"bibr34-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1040.0473"},{"key":"bibr35-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.25300\/MISQ\/2013\/37.2.08"},{"key":"bibr36-s41265-017-0037-7","unstructured":"DuhiggC. (2009). Stock traders find speed pays, in milliseconds. New York Times. http:\/\/www.nytimes.com\/2009\/07\/24\/business\/24trading.html."},{"key":"bibr37-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.2307\/258557"},{"key":"bibr38-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1002\/asi.23294"},{"key":"bibr39-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.eswa.2012.02.093"},{"key":"bibr40-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.2469\/cp.v2001.n7.3156"},{"issue":"1","key":"bibr41-s41265-017-0037-7","first-page":"47","volume":"1","author":"Feenberg A.","year":"2005","journal-title":"Tailoring Biotechnologies"},{"key":"bibr42-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1007\/s10679-005-2262-0"},{"key":"bibr43-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1040.0343"},{"key":"bibr44-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12302"},{"key":"bibr45-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.finmar.2010.07.001"},{"key":"bibr46-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1002\/for.2365"},{"key":"bibr47-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1287\/isre.1090.0252"},{"issue":"1","key":"bibr48-s41265-017-0037-7","doi-asserted-by":"crossref","first-page":"44","DOI":"10.1057\/jit.2013.16","volume":"29","author":"Gozman D.","year":"2015","journal-title":"Journal of Information Technology"},{"key":"bibr49-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.17705\/1jais.00083"},{"key":"bibr50-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2008.08.004"},{"key":"bibr51-s41265-017-0037-7","author":"Gro\u00df-Klu\u00dfmann A.","year":"2009","journal-title":"Quantifying high-frequency market reactions to real-time news sentiment announcements (No. 2009, 063)."},{"key":"bibr52-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jempfin.2010.11.009"},{"key":"bibr53-s41265-017-0037-7","first-page":"393","volume":"70","author":"Grossman S.","year":"1980","journal-title":"American Economic Review"},{"key":"bibr54-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.finmar.2008.06.002"},{"key":"bibr55-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.finmar.2013.05.003"},{"key":"bibr56-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2010.01624.x"},{"key":"bibr57-s41265-017-0037-7","first-page":"568","volume-title":"Journal of Financial Markets","author":"Hendershott T.","year":"2011"},{"key":"bibr58-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.artint.2009.11.010"},{"key":"bibr59-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1017\/CBO9781139166850"},{"key":"bibr60-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1287\/isre.2015.0580"},{"key":"bibr61-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2005.00822.x"},{"key":"bibr62-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.3.879"},{"key":"bibr63-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1038\/srep02627"},{"key":"bibr64-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1177\/0263276415583139"},{"key":"bibr65-s41265-017-0037-7","doi-asserted-by":"crossref","unstructured":"KirilenkoA., KyleA., and SamadiM. (2010). The Flash Crash: The Impact of High Frequency Trading on an Electronic Market. (Available at SSRN 1686004).","DOI":"10.2139\/ssrn.1686004"},{"key":"bibr66-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12498"},{"key":"bibr67-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1108\/02652321011064917"},{"key":"bibr68-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.2753\/JEC1086-4415160401"},{"key":"bibr69-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2015.01.004"},{"key":"bibr70-s41265-017-0037-7","author":"Lagoarde-Segot T.","year":"2016","journal-title":"International Review of Financial Analysis."},{"key":"bibr71-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2016.03.002"},{"key":"bibr72-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.2307\/41703506"},{"key":"bibr73-s41265-017-0037-7","volume-title":"The Handbook of News Analytics in Finance.","author":"Leinweber D.","year":"2011"},{"key":"bibr74-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1177\/0263276411417444"},{"key":"bibr75-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1086\/669499"},{"key":"bibr76-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhr009"},{"issue":"2","key":"bibr77-s41265-017-0037-7","first-page":"21","volume":"7","author":"Lo A.","year":"2005","journal-title":"The Journal of Investment Consulting"},{"key":"bibr78-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v68.n2.6"},{"key":"bibr79-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1002\/asi.22969"},{"key":"bibr80-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1108\/JFRC-02-2014-0009"},{"key":"bibr81-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.2753\/MIS0742-1222300105"},{"key":"bibr82-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1080\/17530350.2012.674963"},{"key":"bibr83-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.intfin.2008.04.001"},{"key":"bibr84-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1038\/srep01801"},{"key":"bibr85-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-6486.1995.tb00777.x"},{"key":"bibr86-s41265-017-0037-7","author":"Moreno Paredes J.C.","year":"2014","journal-title":"14th International Conference of Management and Behavioural Sciences"},{"key":"bibr87-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.4324\/9780203798959"},{"key":"bibr88-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1145\/2378104.2378118"},{"key":"bibr89-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1287\/isre.2.1.1"},{"key":"bibr90-s41265-017-0037-7","volume-title":"The Financial Spread Betting Handbook: a Guide to Making Money Trading Spread Bets.","author":"Pryor M.","year":"2011"},{"key":"bibr91-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.finmar.2012.05.003"},{"key":"bibr92-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2012.11.008"},{"key":"bibr93-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1002\/asi.20739"},{"key":"bibr94-s41265-017-0037-7","first-page":"1","author":"Shadbolt N.","year":"2013","journal-title":"Proceedings of the SOCM2013: The Theory and Practice of Social Machines, Rio de Janeiro"},{"key":"bibr95-s41265-017-0037-7","unstructured":"SherstovA.A., and StoneP. (2010). Three Automated Stock-Trading Agents: A Comparative Study. Available At: http:\/\/www.cs.utexas.edu\/\u2243ai-lab\/pubs\/AMEC04-plat.pdf [Accessed 07\/03\/2016]."},{"key":"bibr96-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v58.n3.2535"},{"key":"bibr97-s41265-017-0037-7","unstructured":"SmartP., SimperlE., and ShadboltN. (2014). A Taxonomic Framework for Social Machines. Social Collective Intelligece. ISBN 978-3-319-08681-1. http:\/\/link.springer.com\/chapter\/10.1007%2F978-3-319-08681-1_3."},{"key":"bibr98-s41265-017-0037-7","unstructured":"SOCIAM. (2015). Available At: http:\/\/www.sociam.org\/ [Accessed 05\/03\/2016]."},{"key":"bibr99-s41265-017-0037-7","volume-title":"The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means.","author":"Soros G.","year":"2008"},{"key":"bibr100-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/jbfa.12086"},{"key":"bibr101-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-036X.2013.12007.x"},{"issue":"2","key":"bibr102-s41265-017-0037-7","first-page":"8","volume":"117","author":"Sraeel H.","year":"2006","journal-title":"Bank Technology News"},{"key":"bibr103-s41265-017-0037-7","unstructured":"StermanJ.D. (2000). Business Dynamics: Systems Thinking and Modeling for a Complex World. (No. HD30. 2 S7835 2000)."},{"key":"bibr104-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1257\/089533006776526067"},{"key":"bibr105-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1126\/science.185.4157.1124"},{"key":"bibr106-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1080\/15427560.2014.967852"},{"key":"bibr107-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1093\/ser\/mwt020"},{"key":"bibr108-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.2307\/30036540"},{"key":"bibr109-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.2307\/41410412"},{"key":"bibr110-s41265-017-0037-7","doi-asserted-by":"crossref","unstructured":"VuorenmaaT.A. (2012). The Good, the Bad, and the Ugly of Automated High-Frequency Trading. Available At: http:\/\/www.smallake.kr\/wp-content\/uploads\/h\/11\/The-Good-the-Bad-and-the-Ugly-of-Automated-High-Frequency-Trading.pdf [Accessed 06\/03\/2016].","DOI":"10.2139\/ssrn.2088099"},{"key":"bibr111-s41265-017-0037-7","unstructured":"World Economic Forum (2015). Outlook on the Global Agenda 2015. http:\/\/reports.weforum.org\/outlook-global-agenda-2015\/top-10-trends-of-2015\/1-deepeningincome-inequality\/."},{"key":"bibr112-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1145\/2068816.2068847"},{"key":"bibr113-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.25300\/MISQ\/2013\/37.4.03"},{"issue":"10","key":"bibr114-s41265-017-0037-7","first-page":"1637","volume":"15","author":"Yamaguchi T.","year":"2006","journal-title":"Quantitative Finance"},{"key":"bibr115-s41265-017-0037-7","volume-title":"Second and Third Edition Applied Social Research Methods Series","volume":"5","author":"Yin R.","year":"2003"},{"key":"bibr116-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.1016\/j.sbspro.2011.10.562"},{"key":"bibr117-s41265-017-0037-7","doi-asserted-by":"publisher","DOI":"10.25300\/MISQ\/2015\/39.1.02"},{"key":"bibr118-s41265-017-0037-7","author":"Zheludev I.","year":"2014","journal-title":"Scientific Reports."},{"key":"bibr119-s41265-017-0037-7","unstructured":"ZigrandJ.P., and CliffD. (2011). Financial Stability and Computer Based Trading. Available At: http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1569067 [Accessed 07\/03\/2016]."}],"container-title":["Journal of Information Technology"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/article\/10.1057\/s41265-017-0037-7\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1057\/s41265-017-0037-7","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1057\/s41265-017-0037-7","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1057\/s41265-017-0037-7.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,4,29]],"date-time":"2026-04-29T23:04:38Z","timestamp":1777503878000},"score":1,"resource":{"primary":{"URL":"https:\/\/journals.sagepub.com\/doi\/10.1057\/s41265-017-0037-7"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2017,9]]},"references-count":119,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2017,9]]}},"alternative-id":["10.1057\/s41265-017-0037-7"],"URL":"https:\/\/doi.org\/10.1057\/s41265-017-0037-7","relation":{},"ISSN":["0268-3962","1466-4437"],"issn-type":[{"value":"0268-3962","type":"print"},{"value":"1466-4437","type":"electronic"}],"subject":[],"published":{"date-parts":[[2017,9]]}}}