In the aftermath of the global financial crisis, transparency became a rhetorical token used to provide a solution to the financial problems. This study examines how transparency was materialised in the context of the European securitization industry, which was largely blamed for the credit crunch. We show that although transparency was broadly associated with a political call for financial system reform, in the European securitization industry it provided the basis on which to repurpose its market infrastructure. We introduce the concept of transparency work to show that transparency is a market achievement organised as a standardization network of heterogeneous actors aiming at establishing a new calculative infrastructure for managing credit risk. Combining insights from information infrastructure research and Economic Sociology, we contribute to a distributed and networked understanding of information infrastructure development.