adopt new strategies : merger, simple or mutual links of interoperability. We develop a model of industrial organization to … practice" of postmarkets incites them to accept this type of agreements. On the other hand, a merger between incumbent clearing … houses can occur under some conditions. The merger is beneficial to these last ones as well as to the investors, but it is …

merger is accepted with an attendant risk of collusion with the benchmark case in which competition is present ex-post. The … collude if a merger is rejected. In fact, firms can have incitations to make collusion ex-post (after a rejection of a merger …

In this paper, we study the impact of a merger on collusion depending on the endowment of capital asset among firms. We … show that the merger makes the collusion easier to sustain when asymmetric capital stock combines with less efficient … optimal threshold of asymmetry among insiders and outsiders such as a merger has pro-competitive effects and we compare this …