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Podcast: New Books in Economic and Business History
Episode: Mark W. Geiger, "Floor Rules: Insider Culture in Financial Markets" (Yale UP, 2024)
Description: Are financial markets lawless and irrational? It may seem that way from the outside, but for market insiders there are multiples sets of rules that they break at their peril. Official rules set by law or by the exchanges exist alongside unofficial rules, or floor rules. Between these, it is the floor rules -- the norms followed by other insiders -- that matter most. Breaking an official rule might lead to a fine or even jail. Breaking floor rules can lead to being ostracized from markets as well as social and financial ruin.In Floor Rules: I...