How the transition from physical trading floors to automated ones changed central business districts and urban policy.

Wall Street is defined by the New York Stock Exchange’s headquarters, while the Chicago Board of Trade’s iconic building anchors LaSalle Street in the city’s Loop. These buildings have not moved in a century, but their trading floors have experienced dramatic changes over the past sixty years. While thousands of commuters still work in and around Wall Street, most stocks are traded via computer. Not even the NYSE’s servers are onsite.

The Capitals of Capital charts the rise and dematerialization of stock-exchange trading floors in New York and Chicago, demonstrating how the finance industry has long been entwined with urban planning and development. Aaron Shkuda shows in detail how the industry came to dominate cities both economically and spatially, tracing the demands of firms like Chase Manhattan Bank and the Chicago Mercantile Exchange for larger central facilities, better tax breaks, and other accommodations—until technological developments shifted their priorities from spaces for people to capacity for machines. Shkuda’s history of trading floors reveals financial institutions as change agents in urbanism; through their evolving construction proposals, they forced elected officials, urban planners, architects, and voters to consider the value of trading floors, their significance to a city and its people, and what kind of resources they deserved. Today, as Wall Street towers are converted to apartments and server farms, The Capitals of Capital sheds light on the ever-shifting relationship between the finance industry and urban spaces.