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Exploring technological instantiation of regulatory practices in entangled financial markets

Abstract : The literature on the sociology of financial markets and institutional theory promotes concepts of field, networks, performativity, agencement and financial entropy. This study builds a conceptual model of technological instantiation of regulatory practices in financial markets. We observe how asset management firms instantiate technology as a material and social artefact to regulate the actions and behaviour of human agents. The structural-agency divide reveals the coercive role of regulators who impose stringent compliance practices on financial organizations by embedding formal rules and regulations in the software. Socio-technical conditions show how human agents interpret and apply these rules to circumvent formal regulatory policies and practices. Context-specific analysis shows technological performativity and agencement co-exist in financial fields that are becoming more entangled and fragmented. Regulators respond with more complex mandates to reduce entropy in financial markets characterized by extreme volatility and instability.
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https://hal-audencia.archives-ouvertes.fr/hal-03599145
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Submitted on : Sunday, June 5, 2022 - 2:00:15 PM
Last modification on : Wednesday, June 8, 2022 - 3:26:40 AM
Long-term archiving on: : Tuesday, September 6, 2022 - 6:21:54 PM

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Wendy Currie, Jonathan Jm Seddon. Exploring technological instantiation of regulatory practices in entangled financial markets. Journal of Information Technology, Palgrave Macmillan, 2022, 37 (1), pp.31-50. ⟨10.1177/02683962211027308⟩. ⟨hal-03599145⟩

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