Horizontal and vertical integration and securities trading and settlement

Jens Tapking and Jing Yang

No 387, Working Paper Series from European Central Bank

Abstract: 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 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. JEL Classification: G21, G15, L13

Keywords: Securities trading and settlement; substitutes and complements.; vertical and horizontal integration (search for similar items in EconPapers)
Date: 2004-08
Note: 428113
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Citations: View citations in EconPapers (9)

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Related works:
Journal Article: Horizontal and Vertical Integration in Securities Trading and Settlement (2006)
Working Paper: Horizontal and vertical integration in securities trading and settlement (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:2004387

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