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Standards and Competition in Post-trade Securities Processing

Author

Listed:
  • Milne, Alistair

    (Cass Business School, City University London)

Abstract

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

Suggested Citation

  • Milne, Alistair, 2007. "Standards and Competition in Post-trade Securities Processing," Journal of Financial Transformation, Capco Institute, vol. 20, pages 143-154.
    • Handle: RePEc:ris:jofitr:0843
    as

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    More about this item

    Keywords

    securities clearing and settlement; European single market in financial services; financial regulation; network competition;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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