Resource title

Competition in the post-trade markets : A network economic analysis of the securities business

Resource image

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Resource description

In order to analyse the role of competition in the post-trade markets a normative network economic analysis of securities business is provided. The theory of monopolistic bottlenecks constitutes the theoretical reference point for this analysis in order to identify stable network specific market power. It is shown that clearing and settlement are competitive value-added telecommunications services and therefore do not justify ex ante market power regulation. Precondition for competition on the markets for clearing and settlement is non-discriminatory access to the complementary technical regulatory function – the notary function (authenticity, registry, links between competing end custodians).

Resource author

Günter Knieps

Resource publisher

Resource publish date

Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/23015

Resource license

Adapt according to the presented license agreement and reference the original author.