Horizontal and vertical integration in securities trading and settlement
By: by Jens Tapking and JingYang.
Contributors: Yang, Jing, 1970-; Bank of England.
Series: Working paper,; no. 245; Working paper (Bank of England : Online) ;; no.245.
Publisher: Bank of England
Published: 2004
Place of publication: London
Language: eng
Format: Electronic resource
Subjects: Securities trading -- Europe.; Securities industry -- Mergers -- Europe.
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.
Notes: Includes bibliographical references.
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Mode of access: World Wide Web.