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Safety Culture in Financial Trading: An Analysis of Trading Misconduct Investigations.

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Title: Safety Culture in Financial Trading: An Analysis of Trading Misconduct Investigations.
Authors: Leaver, Meghan P.1 m.p.leaver@lse.ac.uk, Reader, Tom W.1 t.w.reader@lse.ac.uk
Source: Journal of Business Ethics. Jan2019, Vol. 154 Issue 2, p461-481. 21p. 5 Charts.
Subject Terms: *Corporate culture, Securities trading, Risk-taking behavior, Brokering malpractice, Financial risk management
Abstract: High-profile failures in financial trading have led to interest in how the culture of the industry produces risky and unethical behaviours among traders. Yet, there is no established theoretical framework for studying this: we apply safety culture theory to examine ten recent high-profile trading mishaps investigated by the UK financial regulator. The results show that the dimensions of safety culture (e.g. Management Commitment to Safety, Systems and procedures) used to understand organisational accidents in domains such as aviation also explain failures in Risk Management within financial trading organisations. This counters narratives focusing on traders who are unethical 'rule breakers', and emphasises the value of a systemic approach, whereby safety culture theory is used to explain why risky behaviours in financial trading occur. Safety culture therefore provides a conceptual basis for further research on risky and unethical behaviours in financial trading, alongside providing insights for possible intervention. [ABSTRACT FROM AUTHOR]
Copyright of Journal of Business Ethics is the property of Springer Nature and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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  Data: Safety Culture in Financial Trading: An Analysis of Trading Misconduct Investigations.
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  Data: <searchLink fieldCode="AR" term="%22Leaver%2C+Meghan+P%2E%22">Leaver, Meghan P.</searchLink><relatesTo>1</relatesTo><i> m.p.leaver@lse.ac.uk</i><br /><searchLink fieldCode="AR" term="%22Reader%2C+Tom+W%2E%22">Reader, Tom W.</searchLink><relatesTo>1</relatesTo><i> t.w.reader@lse.ac.uk</i>
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  Data: <searchLink fieldCode="JN" term="%22Journal+of+Business+Ethics%22">Journal of Business Ethics</searchLink>. Jan2019, Vol. 154 Issue 2, p461-481. 21p. 5 Charts.
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  Data: *<searchLink fieldCode="DE" term="%22Corporate+culture%22">Corporate culture</searchLink><br /><searchLink fieldCode="DE" term="%22Securities+trading%22">Securities trading</searchLink><br /><searchLink fieldCode="DE" term="%22Risk-taking+behavior%22">Risk-taking behavior</searchLink><br /><searchLink fieldCode="DE" term="%22Brokering+malpractice%22">Brokering malpractice</searchLink><br /><searchLink fieldCode="DE" term="%22Financial+risk+management%22">Financial risk management</searchLink>
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  Label: Abstract
  Group: Ab
  Data: High-profile failures in financial trading have led to interest in how the culture of the industry produces risky and unethical behaviours among traders. Yet, there is no established theoretical framework for studying this: we apply safety culture theory to examine ten recent high-profile trading mishaps investigated by the UK financial regulator. The results show that the dimensions of safety culture (e.g. Management Commitment to Safety, Systems and procedures) used to understand organisational accidents in domains such as aviation also explain failures in Risk Management within financial trading organisations. This counters narratives focusing on traders who are unethical 'rule breakers', and emphasises the value of a systemic approach, whereby safety culture theory is used to explain why risky behaviours in financial trading occur. Safety culture therefore provides a conceptual basis for further research on risky and unethical behaviours in financial trading, alongside providing insights for possible intervention. [ABSTRACT FROM AUTHOR]
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  Data: <i>Copyright of Journal of Business Ethics is the property of Springer Nature and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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      – SubjectFull: Securities trading
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      – SubjectFull: Risk-taking behavior
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      – SubjectFull: Brokering malpractice
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