This paper describes open research questions related to the competition and market structure of financial exchanges and argues that only a combination of industrial organization and finance can satisfactorily attack these questions. Two examples are discussed to illustrate how the combination of...

Historical examples (ISDN, Teletex, telefax, telex) show us that forecasting efforts in thetelecommunication sector can go awry – not only by a few percentage points but by largemagnitudes. We maintain that with strong network effects it is not possible to forecast thesuccess of...