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- Publisher
- Wiley
- Copyright
- © 2019 The editors of The Scandinavian Journal of Economics.
- ISSN
- 0347-0520
- eISSN
- 1467-9442
- DOI
- 10.1111/sjoe.12325
- Publisher site
- See Article on Publisher Site
Abstract
We investigate the incentives for vertical and horizontal integration in the financial securities service industry. In a model with two exchanges and two central securities depositories (CSDs), we find that decentralized decisions might lead to privately and socially inferior industry equilibria with vertical integration of both CSDs with their respective exchanges. Allowing for horizontal integration of CSDs avoids privately inferior industry equilibria. However, we observe too little horizontal integration from the social perspective. We link our results to recent regulatory and institutional developments such as the emergence of multilateral trading facilities, over‐the‐counter regulation, and financial harmonization.
Journal
The Scandinavian Journal of Economics – Wiley
Published: Jan 1, 2020
Keywords: ; ; ; ;