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Stock exchange alliances, access fees and competition

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Author Info

  • Shy, Oz

    (University of Haifa)

  • Tarkka, Juha

    ()
    (Bank of Finland Research)

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Abstract

This paper investigates the market consequences of alliance formation among stock exchanges. These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers to maintain memberships in foreign stock exchanges. We sort out the conditions under which alliance formation increases profits for stock exchanges and brokers, and how changes in fee structures affect investors’ participation rates and welfare. Finally, we examine several methods for implementing access fees and their welfare implications.

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File URL: http://www.suomenpankki.fi/en/julkaisut/tutkimukset/keskustelualoitteet/Documents/0122.pdf
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Bibliographic Info

Paper provided by Bank of Finland in its series Research Discussion Papers with number 22/2001.

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Length: 42 pages
Date of creation: 09 Oct 2001
Date of revision:
Handle: RePEc:hhs:bofrdp:2001_022

Contact details of provider:
Postal: Bank of Finland, P.O. Box 160, FI-00101 Helsinki, Finland
Web page: http://www.suomenpankki.fi/en/
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Keywords: stock exchange alliances; access fees; competition among stock exchanges;

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Cited by:
  1. Jens Tapking & Jing Yang, 2004. "Horizontal and vertical integration in securities trading and settlement," Bank of England working papers 245, Bank of England.
  2. Koeppl, Thorsten Volker & Monnet, Cyril, 2004. "Guess what: it's the settlements!," Working Paper Series 0375, European Central Bank.

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