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Enjeux économiques liés à l’intégration des industries du post-marché en Europe

Listed author(s):
  • Frédéric Cherbonnier
  • Séverine Vandelanoite

[fre] La Commission européenne a favorablement accueilli en novembre 2006 le code de bonne conduite des industries du post-marché, à savoir le secteur regroupant les activités en aval des transactions boursières. Le respect des mesures du code doit contribuer à atteindre deux objectifs principaux : renforcer la transparence du secteur et assurer le jeu de la concurrence. Sur l’aspect concurrentiel, les travaux académiques récents qui ont analysé les conséquences des consolidations verticales et/ou horizontales ont conclu à la nécessité de la régulation pour prévenir les abus de position dominante. Il serait en particulier préférable d’éviter les intégrations verticales entre activités d’infrastructure et activités de service, que ce soit les activités de négociation de titres ou les services bancaires. Classification JEL : F12, G10, G20, L22, L40 [eng] Economic challenges in the integration of post-trading industries in Europe The European Commission decided in May 2006 the clearing and settlement industry, i. e. the industries that provide post-trading services, would comply with a Code of Conduct. This Code aims to address two main challenges : enhancing transparency in the sector and creating a level playing field between institutions. In this context, several recent academic contributions have provided useful insights, analyzing the consequences of vertical and/or horizontal integration. They conclude that regulation plays a crucial role in preventing any abuse of a dominant position. They recommend avoiding vertical integration among infrastructures and services, be it in securities trading activities or banking services. Classification JEL : F12, G10, G20, L22, L40

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Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 89 (2007)
Issue (Month): 3 ()
Pages: 123-142

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2007_num_89_3_4293
Note: DOI:10.3406/ecofi.2007.4293
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  1. Tapking, Jens & Yang, Jing, 2004. "Horizontal and vertical integration and securities trading and settlement," Working Paper Series 387, European Central Bank.
  2. Serifsoy, Baris & Wei[ss], Marco, 2007. "Settling for efficiency - A framework for the European securities transaction industry," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3034-3057, October.
  3. Schönenberger, Andreas & Schmiedel, Heiko, 2005. "Integration of securities market infrastructure in the euro area," Occasional Paper Series 33, European Central Bank.
  4. Heiko Schmiedel & Andreas Schönenberger, 2005. "Integration of securities market infrastructures in the euro area," Occasional Paper Series 33, European Central Bank.
  5. Monnet, Cyril & Koeppl, Thorsten Volker, 2004. "Guess what: it's the settlements!," Working Paper Series 375, European Central Bank.
  6. Van Cayseele, Patrick & Wuyts, Christophe, 2007. "Cost efficiency in the European securities settlement and depository industry," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3058-3079, October.
  7. Tapking, Jens & Yang, Jing, 2006. "Horizontal and Vertical Integration in Securities Trading and Settlement," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(7), pages 1765-1795, October.
  8. Holthausen, Cornelia & Tapking, Jens, 2007. "Raising rival's costs in the securities settlement industry," Journal of Financial Intermediation, Elsevier, vol. 16(1), pages 91-116, January.
  9. Maud Aubier & Frédéric Cherbonnier & Daniel Turquety, 2005. "Influence de la fiscalité sur les comportements dépargne," Économie et Prévision, Programme National Persée, vol. 169(3), pages 321-329.
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