The competition between a central securities depository (CSD) and a custodian bank is analysed in a Stackelberg model. The CSD sets its prices first, the custodian bank follows. There are many investor banks each of which has to decide whether to use the service of the CSD or of the custodian...

The paper presents an analysis of the trade-offs of participants of different type between payment delay and liquidity requirement on the basis of synthetically generated data. The generation of the synthetic transaction data set for a simple RTGS system is described and calibrated using real...

Exchanges and other trading platforms are often vertically integrated to carry out trading, clearing and settlement as one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and settlement platforms to be realized. Independent of the...

In recent years, demutualized stock exchanges have been increasingly engaging in M&A and alliance activities. To examine the effect of these growth strategies on exchange shareholders’ value creation, we focus on 14 public stock exchanges and investigate their short-run share price responses...

This paper provides a comparative assessment of the draft “Regulation on compulsory licensing of patents relating to the manufacture of pharmaceutical products for export to countries with public health problems” as proposed by the European Commission in October 2004. The Regulation...

The workshop addressed a variety of issues, including the magnitude of the pharmaceuticals market and the amounts of pharmaceutically active substances produced; the pathways by which active substances enter the environment; detected or assumed environmental effects; and ways to reduce impacts....

The chemicals industry is a major contributor to the EU economy in terms of output, value-added, employment, and (net) exports. The sector supplies products to almost all downstream industry sectors and is an important engine for innovation for the wider economy. It plays a key role in...

This background paper gives an overview of restructuring in Belgium from the first quarter of 2008 until the third quarter of 2010. Along with basic descriptive statistics outlining the employment effect of restructuring activities in Belgium, this overview includes brief narratives of...