haku: @author Domowitz, I. / yhteensä: 7
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| Tekijä: | Domowitz, I. |
| Otsikko: | Electronic derivatives exchange: implicit mergers, network externalities, and standardization |
| Lehti: | Quarterly Review of Economics and Finance
1995 : SUMMER, VOL. 35:2, p. 163-175 |
| Asiasana: | ELECTRONICS INDUSTRY EXCHANGE RATES NETWORKS |
| Kieli: | eng |
| Tiivistelmä: | The economic theory of network externalities is used to explore the possibility of consolidation and growing market power in the exchange-traded derivatives industry. A definition of implicit mergers between exchanges is offered. It is argued that electronic exchange structure will serve as the blind from which multinational mergers between existing exchanges will emerge. Economic equilibrium should entail lower pricing of economic exchange services initially, followed by hightened liquidity and above marginal cost pricing later. |
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