Horizontal and vertical integration in securities trading and settlement

Description

"This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyse welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical integration of exchanges and settlement systems, but vertical integration is still better than no consolidation. These findings have clear policy implications with regard to the highly fragmented European securities infrastructure"--Bank of England web site.

Subjects

Series Statement

• Working paper,
• no. 245
• Working paper (Bank of England : Online) ;

Links

• http://www.bankofengland.co.uk/workingpapers/wpabst04.htm
• URL

Other Editions

• Horizontal and vertical integration in securities trading and settlementEuropean Central Bank2004-01-01
• Horizontal and vertical integration in securities trading and settlementElectronic resourceBank of England2004