The break-up: policy network structure and the politics of financial services

Ian Roberge, Dona M. Dunea and Russell Alan Williams

International Journal of Public Policy, 2015, vol. 11, issue 1/2/3, 1-16

Abstract: This article provides an in-depth study of Canada's financial services sector policy network in light of the failed 2011 merger attempt between the London Stock Exchange and the Toronto Stock Exchange. The Canadian network is often presented as cohesive, yet the network was highly divided on the proposal. The network approach is a necessary complement to explanations for the merger's rejection that focus on economic nationalism, or simple-market-based accounts. In this case the merger failed because of the network structure of Canadian financial services policymaking. The policy networks approach allows an in-depth look at actors' interactions and the factors considered in the merger decision-making process. The conclusion highlights the need to carefully consider the particular dynamics of a network in explaining specific policy outcomes.

Keywords: policy networks; securities industry; Canada; financial services; London stock exchange; LSE; stock exchange mergers; Toronto stock exchange; TMX; UK; United Kingdom; network structure; policy making; merger decision making; network dynamics; politics. (search for similar items in EconPapers)
Date: 2015
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