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| Author: | Di Noia, C. |
| Title: | Competition and integration among stock exchanges in Europe: network effects, implicit mergers and remote access |
| Journal: | European Financial Management
2001 : MAR, VOL. 7:1, p. 39-72 |
| Index terms: | COMPETITION MERGERS NETWORKS STOCK EXCHANGES EUROPE |
| Freeterms: | REMOTE ACCESS |
| Language: | eng |
| Abstract: | The economic theory of network externalities and a simple-game theoretical framework are used to explore the issue of competition among stock exchanges and the possibility of consolidation in the European stock-exchange industry. The paper shows the existence of equilibria where exchanges may decide, even unilaterally, to achieve full compatibility through implicit mergers and remote access, specialising only in trading or listing services. |
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