In this article we summarize the main problems with the current LIBOR setting, describe our proposal on how to reform LIBOR through a committed quote system (“CLIBOR”), and explain why the final Wheatley Review proposal on how to reform LIBOR, and its reasons for stopping short of our...

We propose an alternative to the LIBOR based on three pillars. (1) Banks that participate in the rate setting process would have to submit bid and ask quotes for interbank lending and commit that they would conduct transactions within that range. If they traded outside of those ranges they would...

In this comment we advance a number of guiding principles on matters of benchmark formation, administrative governance, screening, transparency and regulation, in response to the OICU-IOSCO Consultation Report on Financial Benchmarks dated January 2013 (“Report”). We are looking for...

Between September 2014 and September 2016 high courts in multiple jurisdictions released five decisions that address applying competition law to matchmakers that operate virtual or physical platforms for connecting multiple groups of customers. The decisions rely, directly or indirectly, on the...

This paper shows that two related aspects of attention platforms are important for the sound economic analysis of public policy including antitrust: First, attention platforms generate valuable content. Even though people often don't pay for content, we know from revealed preference that content...

This article shows that the Supreme Court reached the right outcome in Ohio et al. v. American Express. The District Court had found that American Express was a two-sided transaction platform that provided joint services simultaneously to cardholders and merchants. But it then chose, by adopting...

The European Commission's proposed payments card legislation and the common position reached by the European Parliament in April 2014 will harm competition, innovation, and consumers if broadly endorsed by the European Council in the coming months. The interchange fee price caps will soften...

This study provides a detailed analysis of how the Portuguese payment system operates and how regulatory interventions, especially those involving price controls, would likely affect the interest of the various stakeholders in the system including consumers, merchants, banks, schemes, and...

The Federal Communications Commission and the U.S. Department of Justice, in the course of considering mergers and acquisitions as well as other policy matters, have conducted detailed investigations of the wired broadband business, and the intertwined business of providing linear programming....

Though network effects are important for multisided platforms, the simple winner-take-all notion that they always give larger platforms an insurmountable advantage over smaller rivals has been disproven by numerous counterexamples. It is now being argued that big data is power, so that a firm...