Standards and Competition in Post-trade Securities Processing
Standards — agreed common arrangements governing both communication of messages and business processes — play a central role in the post-trade industry. This paper examines these standards, arguing that they need to be understood not simply as technical mechanisms to lower processing costs and improve cross-border interoperability, but as central determinants of competition. This can lead to inefficiency, as incumbents are likely to resist the adoption of harmonized standards when this threatens their competitive position. The prospects for efficient harmonization of standards in the post-trade industry are not however entirely bleak. Current policy measures being pursued to promote greater pan-European competition are focusing attention on those standards that are most critical for promoting greater competition in post-trade processing
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Volume (Year): 20 (2007)
Issue (Month): ()
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