Horizontal and Vertical Integration in Securities Trading and Settlement
This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that in our model, full technical horizontal integration of settlement systems is better than vertical integration of exchanges and settlement systems, but vertical integration is still better than no consolidation. These findings have clear policy implications with regards to the highly fragmented European securities infrastructure.
Year of publication: |
2006
|
---|---|
Authors: | Tapking, Jens ; Yang, Jing |
Published in: |
Journal of Money, Credit and Banking. - Blackwell Publishing. - Vol. 38.2006, 7, p. 1765-1795
|
Publisher: |
Blackwell Publishing |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
Horizontal and vertical integration and securities trading and settlement
Tapking, Jens, (2004)
-
Horizontal and vertical integration and securities trading and settlement
Tapking, Jens, (2004)
-
Horizontal and vertical integration in securities trading and settlement
Tapking, Jens, (2004)
- More ...