Standard setting and competition in securities settlement

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Title: Standard setting and competition in securities settlement
ISBN: 952-462-240-8
Author: Milne, Alistair
Organization: Bank of Finland
Series: Bank of Finland Research Discussion Papers
ISSN: 1456-6184
Series year: 2005
Series number: 23/2005
Year of publication: 2005
Publication date: 5.8.2005
Pages: 34
Keywords: clearing/settlement; arvopaperit; kilpailu; standardit
Abstract: This paper examines the impact of messaging and technical standards on competition in the supply of securities transaction management services. Two simple switching cost models are used to clarify the impact of standards on barriers to entry and on the incentives to adopt harmonised and simplified securities processing standards. Policy implications are discussed briefly. Key words: securities settlement, standards, inter-operability, switching costs JEL classification numbers: L15, L86

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