期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2004
出版社：European Central Bank
摘要：This paper addresses a very European issue, the consolida- tion of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We Þnd that horizontal integration of set- tlement systems is better than vertical integration of exchanges and settlement systems, but vertical integration is still better than no consolidation. These Þndings have clear policy implica- tions with regards to the highly fragmented European securities infrastructure.
关键词：Securities trading and settlement; vertical and;horizontal integration; substitutes and complements.
