Interlinking securities settlement systems : A strategic commitment?

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Title: Interlinking securities settlement systems : A strategic commitment?
ISBN: 952-462-088-X
Author: Kauko, Karlo
Organization: Suomen Pankki
Series: Suomen Pankin keskustelualoitteita; Bank of Finland. Discussion papers
ISSN: 0785-3572
Series year: 2003
Series number: 26/2003
Year of publication: 2003
Publication date: 29.10.2003
Published in: Published in Journal of Banking & Finance, Volume 31, Issue 10, October 2007, pp. 2962-2977
Pages: 38 s.
Keywords: arvopaperimarkkinat; arvopaperit; clearing/settlement; kaupankäynti; mallit; hinnoittelu; hinnat; maksut; verkostot;
JEL: G29; L13
Abstract: Central securities depositories (CSDs) have opened mutual links, but most of them are seldom used.Why are idle links established? By allowing a foreign CSD to offer services through the link the domestic CSD invites competition.The domestic CSD can determine the cost efficiency of the rival by charging suitable fees, and prevent it from becoming more competitive than the domestic CSD.By inviting the competitor the domestic CSD can commit itself not to charge monopoly fees for secondary market services.This enables the domestic CSD to charge high fees in the primary market without violating investors participation constraints. Key words: securities settlement systems, central securities depositories, network industries, access pricing JEL classification numbers: G29, L13
Note: Ilmestynyt myös JOURNAL OF BANKING & FINANCE 31 ; 10 ; 2007 ja European Central Bank . Working paper 427.

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