Table of Contents

List of Tables and Figures vii

Notes on Contributors ix

Foreword Michael Power xii

Acknowledgements xv

Introduction: The Discreet Regulator Isabelle Huault Emmanuel Lazega Chrystelle Richard 1

Part I Polymorphic Actors as Networks of Influence

1 Financialization through Hybridization: The Subtle Power of Financial Controlling Jérémy Morales Anne Pezet 19

2 How Big Four Audit Firms Control Standard-Setting in Accounting and Auditing Carlos Ramirez 40

3 Ambivalence and Ambiguity: The Interpretive Role of Compliance Officers Marc Lenglet 59

4 Perpetuating the Regulatory Order in the Credit Rating Industry Benjamin Taupin 85

Part II Markets and States: Forms of Joint Regulation

5 Banks as Masters of Debt, Cost Calculators and Risk-Sharing Mediators: A Discreet Regulatory Role Observed in French Public-Private Partnerships Elise Penalva-Icher Chrystelle Richard Anne Jeny-Cazavan Emmanuel Lazega 113

6 Market Information as a Public Good: The Political Economy of the Revision of the Markets in Financial Instruments Directive (MiFID) Paul Lagneau-Ymonet Angelo Riva 134

7 Finance in Public Service: Discreet Joint Regulation as Institutional Capture at the Paris Commercial Court Emmanuel Lazega Use Mourner 164

Part III The Process of Rule Production

8 How Finance Regulates Trade Union Involvement in French SRI Elise Penalva-Icher 193

9 Legitimizing an Ambiguous Financial Innovation: The Case of Exchange-Traded Funds in France Laurent Deville Mohamed Oubenal 212

10 Constructing the Market for Credit Derivatives: How Major Investment Banks Handle Ambiguities Isabella Huault Hélène Rainelli-Weiss 233

Index 261