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Bank ownership of multilateral trading facilities and implications for historical exchanges: An industrial economics approach

dc.rights.licenseopenen_US
hal.structure.identifierLaboratoire d'analyse et de recherche en économie et finance internationales [Larefi]
dc.contributor.authorLAHET, Delphine
hal.structure.identifierLaboratoire d'analyse et de recherche en économie et finance internationales [Larefi]
dc.contributor.authorVAUBOURG, Anne-Gaël
dc.date.accessioned2022-12-02T09:44:44Z
dc.date.available2022-12-02T09:44:44Z
dc.date.issued2017-09-01
dc.identifier.issn0264-9993en_US
dc.identifier.urioai:crossref.org:10.1016/j.econmod.2017.04.014
dc.identifier.urihttps://oskar-bordeaux.fr/handle/20.500.12278/170450
dc.description.abstractEnThe aim of this paper is to address bank ownership in Multilateral Trading Facilities (MTFs) and its implications for historical exchanges. We propose an oligopoly model with network effects to account for an exchange industry that consists of two MTFs and an historical exchange. Based on the observation that banks are both owners and clients of MTFs, we examine banks' incentive to influence the pricing policy of MTFs. We show that when brokerage and trading activities are particularly important for banks' revenue relative to their profit as MTF operators, certain market outcomes may emerge whereby both MTFs include banks' interest as clients in their objective function. We also demonstrate that accounting for banks' interest in MTFs' objective function acts as a competitive device that reduces the price and the profitability of the historical exchange.
dc.language.isoENen_US
dc.sourcecrossref
dc.title.enBank ownership of multilateral trading facilities and implications for historical exchanges: An industrial economics approach
dc.typeArticle de revueen_US
dc.identifier.doi10.1016/j.econmod.2017.04.014en_US
dc.subject.halSciences de l'Homme et Société/Economies et financesen_US
bordeaux.journalEconomic Modellingen_US
bordeaux.page9-17en_US
bordeaux.volume65en_US
bordeaux.hal.laboratoriesLaboratoire d'analyse et de recherche en économie et finance internationales (LAREFI) - EA2954en_US
bordeaux.institutionUniversité de Bordeauxen_US
bordeaux.institutionCNRS
bordeaux.peerReviewedouien_US
bordeaux.inpressnonen_US
bordeaux.import.sourcedissemin
hal.exportfalse
workflow.import.sourcedissemin
dc.rights.ccPas de Licence CCen_US
bordeaux.COinSctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.jtitle=Economic%20Modelling&rft.date=2017-09-01&rft.volume=65&rft.spage=9-17&rft.epage=9-17&rft.eissn=0264-9993&rft.issn=0264-9993&rft.au=LAHET,%20Delphine&VAUBOURG,%20Anne-Ga%C3%ABl&rft.genre=article


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