Stock exchange alliances, access fees and competition

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Title: Stock exchange alliances, access fees and competition
Author: Shy, Oz ; Tarkka, Juha
Organization: Suomen Pankki
Series: Suomen Pankin keskustelualoitteita
Series number: 22/2001
Year of publication: 2001
Publication date: 9.10.2001
Pages: 37 s.
Keywords: pörssit; kilpailu; arvopaperit; kaupankäynti; maksut; liittoumat
Abstract: This paper investigates the market consequences of alliance formation among stock exchanges.These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers to maintain memberships in foreign stock exchanges.We sort out the conditions under which alliance formation increases profits for stock exchanges and brokers, and how changes in fee structures affect investors' participation rates and welfare.Finally, we examine several methods for implementing access fees and their welfare implications.Key words: stock exchange alliances, access fees, competition among stock exchanges
Rights: https://helda.helsinki.fi/bof/copyright


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