Financial playthings: Interrogating gamification in retail trading interfaces | Intellect Skip to content
1981
  1. Home
  2. A-Z Publications
  3. Journal of Gaming & Virtual Worlds
  4. Volume 14, Issue 3
  5. Article
Volume 14, Issue 3
  • ISSN: 1757-191X
  • E-ISSN: 1757-1928

Abstract

This paper critically interrogates the claims of game-like elements in online brokerages through an interface analysis of three platforms, eToro, Plus500 and DeGiro. The 2021 GameStop Short Squeeze, where coordinated Redditors influenced financial markets through the mass purchase by individuals of ‘meme stock’, was made possible through the availability of retail trading platforms. One popular reading of the events saw it as ‘gamification’ of trading, without necessarily defining how the term is applicable. While we do not find evidence of direct gamification, we offer an explanation of why the gamification discourse persists. The platforms subtly deploying affective grammars linked to playfulness, thus creating a feeling of play without explicit game-like elements. In so doing, they are not just encouraging users to trade extensively, but are calling into question the epistemic distinction between investment and play, which has underpinned the development of finance since the eighteenth century.

© 2022 Intellect Ltd
Loading

Article metrics loading...

/content/journals/10.1386/jgvw_00062_1
2023-02-22
2024-04-20
Loading full text...

Full text loading...

References

  1. Aharon, D. Y., and Qadan, M.. ( 2020;), ‘ When do retail investors pay attention to their trading platforms?. ’, The North American Journal of Economics and Finance, 53, n.pag.
     [Google Scholar]
  2. Anable, A.. ( 2018), Playing with Feelings: Video Games and Affect, London:: University of Minnesota Press;.
     [Google Scholar]
  3. Ash, J.. ( 2015), The Interface Envelope: Gaming, Technology, Power, London:: Bloomsbury Academic;.
     [Google Scholar]
  4. Ash, J.,, Anderson, B.,, Gordon, R., and Langley, P.. ( 2017;), ‘ Digital interface design and power: Friction, threshold, transition. ’, Environment and Planning D: Society and Space, 36:6, pp. 1136–53.
     [Google Scholar]
  5. Autorité des Marchés Financiers ( 2022;), ‘ More than one million new retail investors have entered equity markets in France over the last 3 years, according to the AMF’s dashboard. ’, AMF, 14 January, https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/more-one-million-new-retail-investors-have-entered-equity-markets-france-over-last-3-years-according. Accessed 20 November 2022.
     [Google Scholar]
  6. Barber, B. M.,, Huang, X.,, Odean, T., and Schwarz, C.. ( 2022;), ‘ Attention induced trading and returns: Evidence from Robinhood users. ’, Journal of Finance, 77:6, pp. 3141–90.
     [Google Scholar]
  7. Barber, B. M.,, Lee, Y.-T.,, Liu, Y.-J., and Odean, T.. ( 2009;), ‘ Just how much do individual investors lose by trading?. ’, Review of Financial Studies, 22:2, pp. 609–32.
     [Google Scholar]
  8. Barber, B. M.,, Lee, Y.-T.,, Liu, Y.-J., and Odean, T.. ( 2014;), ‘ The cross-section of speculator skill: Evidence from day trading. ’, Journal of Financial Markets, 18, pp. 1–24.
     [Google Scholar]
  9. Barber, B. M., and Odean, T.. ( 2013;), ‘ The behavior of individual investors: In constantinides. ’, G. M. Harris, and R. M. Stulz. (, eds.), Handbook of the Economics of Finance, vol. 2, Amsterdam:: Elsevier;, pp. 1533–70.
     [Google Scholar]
  10. Black, F.. ( 1986;), ‘ Noise. ’, The Journal of Finance, 41, pp. 529–43.
     [Google Scholar]
  11. Blackstad, S., and Allen, R.. ( 2018), FinTech Revolution: Universal Inclusion in the New Financial Ecosystem, London:: Palgrave Macmillan;.
     [Google Scholar]
  12. Bloomberg Intelligence ( 2021;), ‘ Stock-market gamification unlikely to end soon or draw new rules. ’, Bloomberg, 19 February, https://www.bloomberg.com/professional/blog/stock-market-gamification-unlikely-to-end-soon-or-draw-new-rules/. Accessed 20 November 2022.
     [Google Scholar]
  13. Brown, A.. ( 2020;), ‘ Robinhood is not gamifying markets: It’s democratizing them. ’, Bloomberg, 18 December, https://www.bloomberg.com/opinion/articles/2020-12-17/robinhood-is-democratizing-markets-not-making-them-a-game. Accessed 20 November 2022.
     [Google Scholar]
  14. Bucher, T., and Helmond, A.. ( 2018;), ‘ The affordances of social media platforms. ’, in J. Burgess,, A. Marwick, and T. Poell. (eds), The SAGE Handbook of Social Media, London:: Sage;, pp. 233–53.
     [Google Scholar]
  15. Chung, J.. ( 2022;), ‘ Hedge fund Melvin lost $6.8 billion in a month: Winning it back is taking a lot longer. ’, Wall Street Journal, 28 January, https://www.wsj.com/articles/melvin-plotkin-gamestop-losses-memestock-11643381321#:~:text=Melvin%20had%20been%20betting%20against,larger%20loss%20the%20prior%20year. Accessed 20 November 2022.
     [Google Scholar]
  16. Clough, P. T.. ( 2008;), ‘ The affective turn: Political economy, biomedia and bodies. ’, Theory, Culture & Society, 25:1, pp. 1–22.
     [Google Scholar]
  17. DeGiro ( 2021a;), ‘ About DeGiro. ’, DeGiro, https://www.degiro.co.uk/about-degiro. Accessed 20 November 2022.
     [Google Scholar]
  18. DeGiro ( 2021b;), ‘ Press and figures. ’, DeGiro, https://www.degiro.co.uk/about-degiro/news-and-press. Accessed 20 November 2022.
     [Google Scholar]
  19. Dorn, D., and Sengmueller, P.. ( 2009;), ‘ Trading as entertainment?. ’, Management Science, 55:4, pp. 591–603.
     [Google Scholar]
  20. eToro ( 2021;), ‘ Here’s to 20 million eToro users!. ’, 8 March, https://www.etoro.com/news-and-analysis/etoro-updates/20m-users/. Accessed 20 November 2022.
  21. European Banking Federation ( 2020;), ‘ Financial literacy, playbook for Europe. ’, European Banking Federation, https://www.ebf.eu/wp-content/uploads/2020/11/EBF-Financial-Literacy-Playbook-for-Europe.pdf. Accessed 20 November 2022.
     [Google Scholar]
  22. European Commission ( 2021;), ‘ Capital markets union: Commission proposes new measures to boost Europe’s capital markets. ’, European Commission, 25 November, https://ec.europa.eu/commission/presscorner/detail/en/ip_21_6251. Accessed 20 November 2022.
     [Google Scholar]
  23. European Securities and Markets Authority ( 2021;), ‘ Introductory statement, ECON exchange of views in relation to GameStop share trading and related phenomena. ’, ESMA, 23 February, https://www.esma.europa.eu/sites/default/files/library/esma22-105-1307_introductory_statement_on_gamestop_share_trading_-_steven_maijoor.pdf. Accessed 20 November 2022.
     [Google Scholar]
  24. Feher, M.. ( 2021;), ‘ Another speculation is possible: The political lesson of R/WallStreetBets. ’, Progress in Political Economy, 5 February, https://www.ppesydney.net/another-speculation-is-possible-the-political-lesson-of-r-wallstreetbets/. Accessed 20 November 2022.
     [Google Scholar]
  25. Financail Industry Regulatory Authority ( 2021;), ‘ 2021 report on FINRA’s examination and risk monitoring program. ’, FINRA, February, https://www.finra.org/sites/default/files/2021-02/2021-report-finras-examination-risk-monitoring-programme.pdf. Accessed 20 November 2022.
     [Google Scholar]
  26. Foucault, M.. ( 2008), The Birth of Biopolitics: Lectures at the Collège de France, 1978–79, London:: Palgrave Macmillan;.
     [Google Scholar]
  27. Geertz, C.. ( 1972;), ‘ Deep play: Notes on the Balinese cockfight. ’, Daedalus, 101:1, pp. 1–37.
     [Google Scholar]
  28. de Goede, M.. ( 2005), Virtue, Fortune and Faith: A Genealogy of Finance, London:: University of Minnesota Press;.
     [Google Scholar]
  29. Hayes, A.. ( 2021;), ‘ Retail investor. ’, Investopedia, https://www.investopedia.com/terms/r/retailinvestor.asp. Accessed 20 November 2022.
     [Google Scholar]
  30. Ho, K.. ( 2009), Liquidated: An Ethnography of Wall Street, London:: Duke University Press;.
     [Google Scholar]
  31. Huizinga, J.. ( 1971), Homo-Ludens: A Study of Play-Element in Culture, London:: Beacon Press;.
     [Google Scholar]
  32. Jones, H.. ( 2021;), ‘ EU targets online platforms after Wall Street short squeeze. ’, Reuters, 23 February, https://www.reuters.com/article/us-eu-markets/eu-targets-online-platforms-after-wall-street-short-squeeze-idUSKBN2AN1UI. Accessed 20 November 2022.
     [Google Scholar]
  33. Jones, S.. ( 2018;), ‘ Persistent precarity: The making of a generation. ’, The Nation, 10 January, https://www.thenation.com/article/archive/persistent-precarity/. Accessed 20 November 2022.
     [Google Scholar]
  34. Langley, P., and Leyshon, A.. ( 2020;), ‘ The platform political economy of FinTech: Reintermediation, consolidation and capitalisation. ’, New Political Economy, 26:3, pp. 1–13.
     [Google Scholar]
  35. Langvardt, K., and Tierney, J. F.. ( 2022;), ‘ On “confetti regulation”: The wrong way to regulate gamified investing. ’, The Yale Law Journal Forum, 131, pp. 717–41.
     [Google Scholar]
  36. Lerer, L., and Herdon, A. W.. ( 2021;), ‘ When Ted Cruz and A. O. C. agree: Yes, the politics of GameStop are confusing. ’, New York Times, 31 January, https://www.nytimes.com/2021/01/31/us/politics/gamestop-robinhood-democrats-republicans.html. Accessed 20 November 2022.
     [Google Scholar]
  37. Levintova, H.. ( 2021;), ‘ Robinhood promises free trades: Did Alex Kearns pay with his life?. ’, Mother Jones, 29 April, https://www.motherjones.com/politics/2021/04/robinhood-gamestop-free-trades-alex-kearns/. Accessed 20 November 2022.
     [Google Scholar]
  38. Li, Y.. ( 2021;), ‘ GameStop mania explained: How the Reddit retail trading crowd ran over Wall Street pros. ’, CNBC, 27 January, https://www.cnbc.com/2021/01/27/gamestop-mania-explained-how-the-reddit-retail-trading-crowd-ran-over-wall-street-pros.html. Accessed 20 November 2022.
     [Google Scholar]
  39. Martin, R.. ( 2002), Financialization of Daily Life, Philadelphia, PA:: Temple University Press;.
     [Google Scholar]
  40. Morozov, E.. ( 2021;), ‘ Why the GameStop affair is a perfect example of “platform populism”. ’, The Guardian, 3 February, https://www.theguardian.com/commentisfree/2021/feb/03/gamestop-platform-populism-uber-airbnb-wework-robinhood-democracy. Accessed 20 November 2022.
     [Google Scholar]
  41. Muniesa, F.,, Millo, Y., and Callon, M.. ( 2007;), ‘ An introduction to market devices. ’, The Sociological Review, 55:2, pp. 1–12.
     [Google Scholar]
  42. Nicoll, F.. ( 2013;), ‘ Finopower: Governing intersections between gambling and finance. ’, Communication and Critical/Cultural Studies, 10:4, pp. 385–405.
     [Google Scholar]
  43. Oliver, J.. ( 2021;), ‘ Inside the battle to be Europe’s Robinhood. ’, Financial Times, 1 October, https://www.ft.com/content/d3cbfa1f-d712-46b6-8595-ebe36b6c7162. Accessed 20 November 2022.
     [Google Scholar]
  44. Oliver, J., and Darbyshire, M.. ( 2021;), ‘ Is the army of lockdown traders here to stay?. ’, Financial Times, 18 October, https://www.ft.com/content/f9d546a3-cd7c-419b-844d-7039a1eb5294. Accessed 20 November 2022.
     [Google Scholar]
  45. Ortiz, H.. ( 2014;), ‘ The limits of financial imagination: Free investors, efficient markets, and crisis. ’, American Anthropologist, 116:1, pp. 38–50.
     [Google Scholar]
  46. Otani, A.. ( 2021;), ‘ GameStop stock’s possible return to S&P 500 in hands of anonymous committee. ’, Wall Street Journal, 1 September, https://www.wsj.com/articles/gamestop-stocks-possible-return-to-s-p-500-in-hands-of-anonymous-committee-11630494001. Accessed 20 November 2022.
     [Google Scholar]
  47. Plus500 ( 2020), ‘Annual report’, Plus500, https://cdn.plus500.com/media/Investors/Reports/Plus500_Annual_Report_20.pdf. Accessed 20 November 2022.
     [Google Scholar]
  48. Plus500 ( 2021;), ‘ Preliminary unaudited results for the year ended 31 December 2020. ’, Plus500, https://cdn.plus500.com/media/Investors/Reports/Plus500_Preliminary_Results_2020.pdf. Accessed 20 November 2022.
     [Google Scholar]
  49. Poell, T.,, Nieborg, D., and van Dijck, J.. ( 2019;), ‘ Platformisation. ’, Internet Policy Review, 8:4, https://policyreview.info/concepts/platformisation. Accessed 20 November 2022.
     [Google Scholar]
  50. Preda, A.. ( 2017), Noise: Living and Trading in Electronic Finance, Chicago, IL:: University of Chicago Press;.
     [Google Scholar]
  51. Prentice, C., and Schroeder, P.. ( 2021;), ‘ Famed GameStop bull “roaring kitty” is a Massachusetts financial advisor. ’, Reuters, 29 January, https://www.reuters.com/article/us-retail-trading-roaringkitty-idUSKBN29Y0AF. Accessed 20 November 2022.
     [Google Scholar]
  52. Reith, R.,, Fisher, M., and Lis, B.. ( 2019;), ‘ Explaining the intention to use social trading platforms: An empirical investigation. ’, Journal of Business Economics, 90, pp. 427–60.
     [Google Scholar]
  53. Rieder, B., and Sire, G.. ( 2014;), ‘ Conflicts of interest and incentives to bias: A microeconomic critique of Google’s tangled position on the web. ’, New Media and Society, 16:2, pp. 195–211.
     [Google Scholar]
  54. Securities and Exchange Commission ( 2021;), ‘ Testimony before the House Committee on Financial Services. ’, SEC, 6 May, https://www.sec.gov/news/testimony/gensler-testimony-20210505. Accessed 20 November 2022.
     [Google Scholar]
  55. Segal, T.. ( 2022;), ‘ Spread definition. ’, Investopedia, March, https://www.investopedia.com/terms/s/spread.asp. Accessed 20 November 2022.
     [Google Scholar]
  56. Shapiro, A.. ( 2019;), ‘ Dynamic exploits: The science of worker control in the on-demand economy. ’, Media, Inequality and Change Center, March, https://www.asc.upenn.edu/sites/default/files/2020-11/DynamicExploits_Final1.pdf. Accessed 20 November 2022.
     [Google Scholar]
  57. Sicart, M.. ( 2021;), ‘ Playthings. ’, Games and Culture, 17:1, pp. 140–55.
     [Google Scholar]
  58. Takahashi, D.. ( 2020;), ‘ TradeOff gamifies fantasy stock market trading to teach financial skills. ’, VentureBeat, 1 January, https://venturebeat.com/2020/01/01/tradeoff-gamifies-fantasy-stock-market-trading-to-teach-financial-skills/?fbclid=IwAR2r7o1Pxh3o1jUpbCm7mynrtqipRBGb67Ni5Ye1NIYXVTFP_NInj_69l7E. Accessed 20 November 2022.
     [Google Scholar]
  59. Tan, G. K. S.. ( 2021;), ‘ Democratizing finance with Robinhood: Financial infrastructure, interface design and platform capitalism. ’, Environment and Planning A: Economy and Space, 53:8, pp. 1862–78.
     [Google Scholar]
  60. Tierney, J. F.. (forthcoming 2022–23;), ‘ Investment games. ’, Duke Law Journal, 72, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3916407. Accessed 19 November 2022.
     [Google Scholar]
  61. US House Committee on Financial Services ( 2021;), ‘ Virtual hearing: Game Stopped? Who wins and loses when short sellers, social media, and retail investors collide, Part III. ’, US House Committee on Financial Services, 6 May, https://financialservices.house.gov/events/eventsingle.aspx?EventID=407748. Accessed 20 November 2022.
     [Google Scholar]
  62. Van Dam, A.. ( 2020;), ‘ The unluckiest generation in US history. ’, Washington Post, 5 June, https://www.washingtonpost.com/business/2020/05/27/millennial-recession-covid/. Accessed 20 November 2022.
     [Google Scholar]
  63. van der Heide, A., and Želinský, D.. ( 2021;), ‘ “Level up your money game”: An analysis of gamification discourse in financial services. ’, Journal of Cultural Economy, 14:6, pp. 1–21.
     [Google Scholar]
  64. Warren, E.. ( 2021;), ‘ Letter to Kenneth C. Griffin. ’, 16 February, https://www.warren.senate.gov/imo/media/doc/02.16.2021%20Letter%20from%20Senator%20Warren%20to%20Mr.%20Griffin%20(Updated).pdf. Accessed 20 November 2022.
  65. Williams, R.. ( 1977), Marxism and Literature, Oxford:: Oxford University Press;.
     [Google Scholar]
  66. Ferrari Braun, Agustin, and Gekker, Alex. ( 2022;), ‘ Financial playthings: Interrogating gamification in retail trading interfaces. ’, Journal of Gaming & Virtual Worlds, 14:3, pp. 267–84, https://doi.org/10.1386/jgvw_00062_1
     [Google Scholar]
http://instance.metastore.ingenta.com/content/journals/10.1386/jgvw_00062_1
Loading
Financial playthings: Interrogating gamification in retail trading interfaces
Journal of Gaming & Virtual Worlds 14, 267 (2022); https://doi.org/10.1386/jgvw_00062_1
/content/journals/10.1386/jgvw_00062_1
/content/journals/10.1386/jgvw_00062_1
Loading

Data & Media loading...

  • Article Type: Article
Keyword(s): amateur investment; brokerage platforms; DeGiro; eToro; financial democratization; financial platforms; FinTech; Plus500

Most Cited Most Cited RSS feed

This is a required field
Please enter a valid email address
Approval was a success
Invalid data
An error occurred
Approval was partially successful, following selected items could not be processed due to error