Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/152821 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
ECB Working Paper No. 387
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
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.
Schlagwörter: 
Securities trading and settlement
substitutes and complements
vertical and horizontal integration
JEL: 
G21
G15
L13
Dokumentart: 
Working Paper

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