Business Diversification in the Securities Industry: Implications for the Exchanges |
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| Authors: | Maurizio Polato Josanco Floreani |
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| Institution: | (1) Department of Banking and Finance, Udine University, Udine, Italy |
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| Abstract: | The growth strategies of the listed exchanges affect the morphology of the securities industry as they are focused on the
consolidation of trading infrastructures and, on the other hand, on the diversification of the business model. New “conglomeral
exchanges” are characterized by a far-reaching production function. Since they integrate product-service lines which are complementary,
they potentially herald competitive distorsions limiting the investor’s freedom of choice and prejudicing the interest for
the best result from the investment.
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| Keywords: | Competition Consolidation Business diversification Vertical integration Network economics Best execution Non-contractual governance |
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