Exploring technological instantiation of regulatory practices in entangled financial markets
研究了资产管理公司如何通过技术实例化来规范人类行为，并分析了监管者与市场参与者在复杂金融场域中的互动，适合关注金融市场监管与技术关系的学者。
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.