“…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). The co-existence and interrelation of the above regulatory tools is shifting the centre of gravity of governance from a ‘bureaucratic focus to a market-cum-clan focus’ (Paquet, 2001, pp.…”