Performance, competition and the dynamics of rules: the case of a financial market

This article explores the issue of the failure of the French New Market, a French Financial market, in the light of the dynamics of organisational rules between 1996 and 2005. The French New Market (FNM) was created in 1996 in order to finance European growing firms. After its creation, this market successively expanded, declined and finally disappeared in 2005. The dynamics testifies a lack of consistency and relevance in the rules during this period, given the identity and of the FNM. More generally, we show that rules changes shed light on how such a market functions, and also attest as to whether it flourishes or encounters difficulties.