Gaming the system

This paper explores whether financial markets are games, using exchange traded derivatives, those quintessential speculative instruments, as the primary vehicle. The phrase ‘gaming the system’ usually means taking advantage of the system; that is to say, specifically turning something performing a productive social function to one’s own enjoyable ends. But ‘gaming the system’ can also mean generally transforming a system with productive purposes into one whose purpose is enjoyment. Some might say that this is just what has occurred in recent years to financial markets with the explosion in derivatives.