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Our task in this paper is to analyze the organization of trading in the era of quantitative finance. To do so, we conduct an ethnography of arbitrage, the trading strategy that best exemplifies finance in the wa ke of the quantitative revolution. In contrast to value and momentum investing, we argue, arbitrage involves an art of association -the construction of equivalence (comparability) of properties across different assets. In place of essential or relationa l characteristics, the peculiardoi:10.2139/ssrn.563317 fatcat:jyh2auqeu5dmbootl4agzgvchi