“…Commentators often observe that, while the globalisation of the market economy has for instance entailed the development of new roles for financial markets and a new distribution of production and labour, international law remains structured around the sovereignty of states and their voluntarism to adopt, ratify and abide to international legal instruments. In the absence of a global ruling power, global regulatory dynamics are straying away from state-centred positive law towards new forms of regulations that include, among others, informal rules (Pauwelyn, 2012; Pejovich and Colombatto, 2008), co-regulatory models (Kadelbach and Günther, 2011; Calliess and Zumbansen, 2010; Berns et al , 2007), unidentified normative objects (Frydman, 2014b, p. 183) and administrative-alike regulatory devices (Kingsbury et al , 2005). Indicators are often described as part of these new forms of regulation (Frydman and Twining, 2015, p. 4; Davis et al , 2015, p. 2).…”