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Running the World's MarketsThe Governance of Financial Infrastructure$
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Ruben Lee

Print publication date: 2011

Print ISBN-13: 9780691133539

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691133539.001.0001

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Market Power

Market Power

Chapter:
(p.40) Chapter Two Market Power
Source:
Running the World's Markets
Author(s):

Ruben Lee

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691133539.003.0003

A critical determinant of whether exchanges, central counterparties, and central securities depositories should be considered infrastructure institutions is whether they have market power. This chapter explores whether they do, specifically in the provision of trading, clearing, central register, and settlement services. It examines four general issues and provides some broad comments on the nature of market power. It discusses the key factors that lead towards consolidation of market power in each industry sector, and those that tend to promote competition and reduce market power. It then presents brief comments on the industry structure in practice in each of the three sectors. Finally, a range of generic propositions about the industry structure in each of the three sectors are articulated.

Keywords:   infrastructure institutions, financial markets, central counterparties, central securities depositories, exchanges, market power, industry structure

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