Calès, Marie-Noëlle; Granier, Laurent; Marchand, Nadège - HAL - 2012
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 …