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Competition in the post-trade markets: A network economic analysis of the securities business

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  • Knieps, Günter

Abstract

In order to analyse the role of competition in the post-trade markets a normative network economic analysis of the securities business is provided. The theory of monopolistic bottlenecks constitutes the theoretical reference point for this analysis in order to identify stable network specific market power. It is shown that clearing and settlement are competitive value-added telecommunications services and therefore do not justify ex ante market power regulation. Precondition for competition on the markets for clearing and settlement is nondiscriminatory access to the complementary technical regulatory function - the notary function (authenticity, registry, links between competing end custodians).

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  • Knieps, Günter, 2005. "Competition in the post-trade markets: A network economic analysis of the securities business," Discussion Papers 101 [rev.], University of Freiburg, Institute for Transport Economics and Regional Policy.
    • Handle: RePEc:zbw:aluivr:101r
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    References listed on IDEAS

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    1. Gabelmann, Anne, 2001. "Monopolistische Bottlenecks versus wettbewerbsfähige Bereiche im Telekommunikationssektor," Discussion Papers 82, University of Freiburg, Institute for Transport Economics and Regional Policy.
    2. Knieps, Günter, 2002. "Wettbewerb auf den Ferntransportnetzen der deutschen Gaswirtschaft: Eine netzökonomische Analyse," Discussion Papers 85 [rev.], University of Freiburg, Institute for Transport Economics and Regional Policy.
    3. Brunekreeft, Gert & Keller, Katja, 2001. "Sektorspezifische Ex-ante-Regulierung der deutschen Stromwirtschaft?," Discussion Papers 80, University of Freiburg, Institute for Transport Economics and Regional Policy.
    4. Knieps, Günter, 2001. "Regulatory reform of European telecommunications: Past experience and forward-looking perspectives," Discussion Papers 77, University of Freiburg, Institute for Transport Economics and Regional Policy.
    5. Gabelmann, Anne, 2001. "Regulating European telecommunications markets: Unbundled access to the local loop outside urban areas," Discussion Papers 81, University of Freiburg, Institute for Transport Economics and Regional Policy.
    6. Knieps, Günter, 2004. "Limits to the (De-)Regulation of Transport Services," Discussion Papers 99, University of Freiburg, Institute for Transport Economics and Regional Policy.
    7. Gabelmann, Anne, 0. "Regulating European telecommunications markets: unbundled access to the local loop outside urban areas," Telecommunications Policy, Elsevier, vol. 25(10-11), pages 729-741, October.
    8. Knieps, Günter, 2002. "Does the system of letter conveyance constitute a bottleneck resource?," Discussion Papers 88, University of Freiburg, Institute for Transport Economics and Regional Policy.
    9. Günter Knieps, 2006. "Competition in the Post-Trade Markets: A Network Economic Analysis of the Securities Business," Journal of Industry, Competition and Trade, Springer, vol. 6(1), pages 45-60, March.
    10. Knieps, Günter, 2002. "Wholesale, retail pricing in telecom markets," Discussion Papers 84, University of Freiburg, Institute for Transport Economics and Regional Policy.
    11. Knieps, Günter, 2003. "Mehr Markt beim Zugang zu den Start- und Landerechten auf europäischen Flughäfen," Discussion Papers 91, University of Freiburg, Institute for Transport Economics and Regional Policy.
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