Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152821
Authors: 
Tapking, Jens
Yang, Jing
Year of Publication: 
2004
Series/Report no.: 
ECB Working Paper 387
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.
Subjects: 
Securities trading and settlement
substitutes and complements
vertical and horizontal integration
JEL: 
G21
G15
L13
Document Type: 
Working Paper

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