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- W1570348187 abstract "This paper examines market dominance and barriers to competition in financial trading venues. The interaction between competition and economic growth is a well established fact in the literature and recent years have witnessed a strong and ferocious promotion of competition in a large spectrum of markets. The financial trading industry is no exception. As of 1 November 2007, the Market in Financial Instruments Directive (MiFID) aims to increase competition and to foster client protection in the European financial market. Among other provisions, it abolishes the concentration rule and challenges the market power of existing trading venues. The directive introduces venue competition in order to achieve better execution and ultimately lower trading costs. I argue that, although positive, the impact on the degree of actual competition may be limited due to two barriers to competition: i) direct network effects together with increasing returns to scale and ii) post-trading constraints since venues typically bundle trading and post-trading services. In particular, the paper proposes to empirically address the following questions: i) evaluate the actual degree of competition between alternative trading venues, ii) measure the impact of network effects on competition, and finally iii) assess the barriers to competition induced by post-trading constraints. The results imply that financial intermediaries tend to value liquidity more than total fees when deciding to which venue to route a given order for execution - implying that being the incumbent venue translates into a competitive advantage. Furthermore, eliminating the mentioned barriers to competition seems to be associated with a significant decrease (of a similar magnitude) in the asymmetry of the industry." @default.
- W1570348187 created "2016-06-24" @default.
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- W1570348187 date "2010-01-01" @default.
- W1570348187 modified "2023-10-03" @default.
- W1570348187 title "Market Dominance and Barriers to Competition in Financial Trading Venues" @default.
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- W1570348187 doi "https://doi.org/10.2139/ssrn.1287443" @default.
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