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.

关于金融市场社会学和制度理论的文献促进了场域、网络、表演性、代理和金融熵的概念。本研究构建了金融市场监管实践技术实例化的概念模型。我们观察资产管理公司如何将技术实例化为一种物质和社会人工制品，以规范人类代理的行为和行为。结构性机构的分歧揭示了监管者的强制作用，他们通过在软件中嵌入正式的规则和法规来对金融组织实施严格的合规性做法。社会技术条件显示了人类代理如何解释和应用这些规则来规避正式的监管政策和实践。上下文特定的分析表明，技术执行性和代理在金融领域并存，这些领域变得更加纠缠不清和碎片化。监管机构以更复杂的任务作为回应，以减少以极端波动和不稳定为特征的金融市场中的熵。