With RegNMS in the US and MiFID in the EU, regulators respond to recent years’ changes in trading concepts and infrastructures. Both try to catch up with technological advances and intend to create a level playing field between the different types of trading venues and a harmonisation in...

This paper discusses and confirms Prof. Giandomenico Majone’s argument that there is a European regulatory model emerging. It crystallizes the underlying forces which head to this model and describes its main defining features, which are structured around sector-specific regulation....

The 1998 Energy Act liberalised the German Electricity Supply Industry. Unlike all other EU Member states, Germany opted for negotiated network access, which was manifested in the so called Verbändevereinbarungen. According to these rules, German network charges should be cost plus calculated...

In the past two decades, Alternative Trading Systems (ATSs) started to compete with traditional exchanges. Our paper focuses on one such system: a Crossing Network (CN). First, we discuss the distinct institutional aspects a CN offers compared to traditional markets. Next, we present an overview...

This article describes the fundamental changes in the securities trading landscape in Europe and the U.S. Three trends during the last decade change the business model of securities trading profoundly, being demutualisation, consolidation and technological evolution. The emergence of Alternative...

This article discusses how the Community may promote interconnector investments necessary for the establishment of a rational European electricity network. Community control with such investments may be exercised by applying a number of different instruments under EC Law, such as Community and...

Recent technological and regulatory changes have brought about dramatic changes in the structure, conduct and performance of the securities industry in the USA and elsewhere. Trading venues such as ECNs, CNs and other ATSs compete head to head with the traditional exchanges. The SEC has recently...

This paper applies insights from the economic literature to evaluate costs and benefits of the policy decision recently taken by the Dutch government to introduce ownership separation between energy distribution on the one hand, and production and retail on the other. The major benefit of this...

In 2005, Ofcom accepted undertakings from BT, the vertically integrated provider of fixed telecoms services in the UK. These constitute the latest attempt to address discriminatory concerns in fixed telecoms. This paper examines the incentives of vertically integrated operators with market power...

The German authorities have been considering legislation guaranteeing that “new markets†in the Telecommunications sector would not be regulated. T e aim is to encourage investment in infrastructure by ensuring that companies investing large sums would not have to give access to...