This article examines the financial technology of derivatives. Derivatives are financial products whose values are based on possible fluctuations in the values of underlying assets. Hence derivatives markets are markets that trade in the risks of other markets. In order for derivatives markets to function, forms of prognostication that can assess the possible future fluctuations of the underlying markets are necessary. What such prognostications do, the article argues, is to create information out of future possibilities. Building upon a notion of (...) virtuality derived from Gilles Deleuze, Ulrich Beck and Niklas Luhmann, the article shows how market risks and uncertainties, by means of prognostications, cease to be mere possibilities and instead come to have virtual existence. Through the technology of derivatives, uncertainty and risk can be rendered virtual and be traded. The article suggests that this technology is an example of a new way in which capitalism is now expanding self-referentially as it creates markets out of markets; and of how it is colonizing the future by developing new technologies for ‘hyper-speculation’, that is, speculation not in the possible developments of a given asset but simply in the risk of such speculation. (shrink)

In a quiet London office, a software designer muses on the algorithms that will make possible the risk flags to be visualized on the screens of border guards from Heathrow to St Pancras International. There is, he says, ‘real time decision making’ – to detain, to deport, to secondarily question or search – but there is also the ‘offline team who run the analytics and work out the best set of rules’. Writing the code that will decide the association rules (...) between items of data, prosaic and mundane – flight route, payment type, passport – the analysts derive a novel preemptive security measure. This paper proposes the analytic of the data derivative – a visualized risk flag or score drawn from an amalgam of disaggregated fragments of data, inferred from across the gaps between data and projected onto an array of uncertain futures. In contrast to disciplinary and enclosed techniques of collecting data to govern population, the data derivative functions via ‘differential curves of normality’, imagining a range of potential futures through the association rule, thus ‘opening up to let things happen’. In some senses akin to the risk orientation of the financial derivative, itself indifferent to actual underlying people, places or events by virtue of modulated norms, the contemporary security derivative is not centred on who we are, nor even on what our data say about us, but on what can be imagined and inferred about who we might be – on our very proclivities and potentialities. (shrink)

The aim of the article is to intervene in debates about the digital and, in particular, framings that imagine the digital in terms of epochal shifts or as redefining life. Instead, drawing on recent developments in digital methods, we explore the lively, productive and performative qualities of the digital by attending to the specificities of digital devices and how they interact, and sometimes compete, with older devices and their capacity to mobilize and materialize social and other relations. In doing so, (...) our aim is to explore the implications of digital devices and data for reassembling social science methods or what we call the social science apparatuses that assemble digital devices and data to ‘know’ the social and other relations. Building on recent work at CRESC on the social life of methods, we recommend a genealogical approach that is alive to the ways in which digital devices are simultaneously shaped by social worlds, and can in turn become agents that shape those worlds. This calls for attending to the specificities of digital devices themselves, how they are varied and composed of diverse socio-technical arrangements, and are enrolled in the creation of new knowledge spaces, institutions and actors. Rather than exploring what large-scale changes can be revealed and understood through the digital, we argue for explorations of how digital devices themselves are materially implicated in the production and performance of contemporary sociality. To that end we offer the following nine propositions about the implications of digital data and devices and argue that these demand rethinking the theoretical assumptions of social science methods: transactional actors; heterogeneity; visualization; continuous time; whole populations; granularity; expertise; mobile and mobilizing; and non-coherence. (shrink)

In social and cultural theory, topology has been used to articulate changes in structures and spaces of power. In this introduction, we argue that culture itself is becoming topological. In particular, this ‘becoming topological’ can be identified in the significance of a new order of spatio-temporal continuity for forms of economic, political and cultural life today. This ordering emerges, sometimes without explicit coordination, in practices of sorting, naming, numbering, comparing, listing, and calculating. We show that the effect of these practices (...) is both to introduce new continuities into a discontinuous world by establishing equivalences or similitudes, and to make and mark discontinuities through repeated contrasts. In this multiplication of relations, topological change is established as being constant, normal and immanent, rather than being an exceptional form, which is externally produced; that is, forms of economic, political and cultural life are identified and made legible in terms of their capacities for continuous change. Outlining the contributions to this Special Issue, the introduction discusses the meaning of topological culture and provides an analytic framework through which to understand its implications. (shrink)