UvA-DARE is a service provided by the library of the University of Amsterdam (http://dare.uva.nl) UvA-DARE (Digital Academic Repository)Stock exchange virtualisation and the decline of second tier financial centres: the cases of Amsterdam and Frankfurt Engelen, E.R.; Grote, M.H. Disclaimer/Complaints regulationsIf you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. AbstractInternational financial centres used to be stable economic clusters held together by the centripetal forces emanating from physical exchanges. However, given near complete 'virtualisation', these 'anchors' have gradually disappeared. As this article demonstrates, this has had telling consequences for second-tier financial centres

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This paper uses a value chain approach to identify possible patterns of spatial (re)organisation resulting from the implementation of information and communication technologies (ICT) in wholesale financial services. Although ICT can be used to split up production processes and thus increase mobility, proximity -not only spatial but also cultural, organisational and professional -remains essential for the financial industry. Thus, while ICT may induce a 're-bundling' of functions among financial centres, location continues to be a relevant factor. An analysis of the value chains of three financial products is presented with a focus on implications for the financial centre in Frankfurt. Frankfurt is a particularly interesting case study of this phenomenon as it is one of the centres for the development of 'financial technology', such as computerbased trading systems with remote access.

This paper elaborates on the interactions between digital technologies and financial practices and how they contribute to the ongoing process of financialization. We focus on the circumstances of blockchain-based token offerings and their contribution to reshaping existing systems of investment in startups. We show how future clients become investors via the initial coin offering (ICO) process. The paper is based on interviews with blockchain and industry practitioners during 2018 and 2019 and focuses on an in-depth case study of a specific ICO in early 2018. We suggest a framework consisting of catalysts, cracks and voids to analyze the financialization process and to inform theories of how financialization advances through the new spaces afforded by socially constructed technologies upon which entrepreneurs capitalize. With this framework we provide a better understanding of the mechanics behind financialization, particularly the ways in which business processes, and larger social relations such as the role of investors and clients, are reimagined and reworked.