It was even proposed that if the limit on the extension of credit to purchase stocks laid down by the Federal Reserve were to be removed for hedging by market makers on options exchanges, the Black-Scholes model would be used, performatively, to determine the quantity of stock purchases that constituted a bona fide hedge and that were therefore eligible for unrestricted credit. Had this proposal been accepted, it would have been another delightfully direct loop of performativity the Black-Scholes model deployed to make one of its assumptions a reality but the Federal Reserve rejected the idea. The Federal Reserve nevertheless permitted options market makers unrestricted use of credit for their options positions and, at least in some cases, 75 percent credit for stock bought as a hedge.

Donald MacKenzie, An Engine, Not a Camera, loc. 742