The conclusion comes back to the question of noise trading as a key ingredient of markets. Why do financial markets need noise? Is it all about creating pools of liquidity? The liquidity produced by noise trading (understood as retail traders) is not necessarily indispensable to markets. Noise trading is far from random; it is socially organized, institutionally maintained, and reproduced in ways that do not fit the carefully promoted view of a competitive and meritocratic spirit. Its puzzle is cultural rather than simply a matter of attracting capital, especially since noise traders make sense of what they do in non-utilitarian terms. The conclusion examines again the double puzzle of why markets need noise trading and why people willingly and continuously engage in this not-very-usual activity. Noise trading provides financial institutions with pools of traders, in which potential professionality can be searched for and identified. At the same time, noise trading provides former professional traders with avenues for remaining involved in market activities after their professional career has ended. Engagement with trading is undertaken by ordinary people as a search for solutions to the moral issues they are confronted with in their social lives.
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