Arbeitspapier
Guess what: It's the Settlements!
Exchanges and other trading platforms are often vertically integrated to carry out trading and settlement as one operation. We show that these vertical silos can prevent the full realization of efficincy gains from horizontal consolidation of trading and settlement platforms. Independent of the gains from such consolidation, when costs of settlement are private information, a merger of vertical silos cannot be designed to always ensure efficient trading and settlement after the merger. Furthermore, we show that efficiency can nevertheless be guaranteed either by delegating the operation of settlement platforms to agents or by forcing competition across vertical silos through cross-listings.
- Sprache
-
Englisch
- Erschienen in
-
Series: Queen's Economics Department Working Paper ; No. 1051
- Klassifikation
-
Wirtschaft
Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
Financial Institutions and Services: General
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Firm Organization and Market Structure
- Thema
-
Clearing and Settlement
Cross-listing
Vertical and Horizontal Integration
Mechanism Design
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Koeppl, Thorsten
Monnet, Cyril
- Ereignis
-
Veröffentlichung
- (wer)
-
Queen's University, Department of Economics
- (wo)
-
Kingston (Ontario)
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Koeppl, Thorsten
- Monnet, Cyril
- Queen's University, Department of Economics
Entstanden
- 2005
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