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Dialectic tensions in the financial markets: a longitudinal study of pre- and post-crisis regulatory technology
Journal of Information Technology ( IF 5.6 ) Pub Date : 2018-12-01 , DOI: 10.1057/s41265-017-0047-5
Wendy L. Currie 1 , Daniel P. Gozman 2, 3 , Jonathan J. M. Seddon 1
Affiliation  

This article presents the findings from a longitudinal research study on regulatory technology in the UK financial services industry. The financial crisis with serious corporate and mutual fund scandals raised the profile of compliance as governmental bodies, institutional and private investors introduced a ‘tsunami’ of financial regulations. Adopting a multi-level analysis, this study examines how regulatory technology was used by financial firms to meet their compliance obligations, pre- and post-crisis. Empirical data collected over 12 years examine the deployment of an investment management system in eight financial firms. Interviews with public regulatory bodies, financial institutions and technology providers reveal a culture of compliance with increased transparency, surveillance and accountability. Findings show that dialectic tensions arise as the pursuit of transparency, surveillance and accountability in compliance mandates is simultaneously rationalized, facilitated and obscured by regulatory technology. Responding to these challenges, regulatory bodies continue to impose revised compliance mandates on financial firms to force them to adapt their financial technologies in an ever-changing multi-jurisdictional regulatory landscape.

中文翻译:

金融市场的辩证张力:危机前后监管技术的纵向研究

本文介绍了对英国金融服务业监管技术的纵向研究的结果。伴随着严重的公司和共同基金丑闻的金融危机提高了合规性,因为政府机构、机构和私人投资者引入了金融监管的“海啸”。本研究采用多层次分析,研究金融公司在危机前后如何使用监管技术来履行其合规义务。超过 12 年收集的经验数据检验了投资管理系统在八家金融公司的部署。对公共监管机构、金融机构和技术提供商的采访揭示了一种合规文化,提高了透明度、监督和问责制。调查结果表明,随着监管技术对合规性要求中对透明度、监督和问责制的追求同时合理化、促进和模糊化,辩证关系就会出现。为应对这些挑战,监管机构继续对金融公司实施修订后的合规要求,迫使它们在不断变化的多司法管辖区监管环境中调整其金融技术。
更新日期:2018-12-01
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