Measuring Scale Economies in a Heterogeneous Industry: the by Patrick van Cayseele, Christophe Wuyts

By Patrick van Cayseele, Christophe Wuyts

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2002), Competition and the Rationalisation of European Securities Clearing and Settlement, Mimeo, City University Business School, London, 46pp. Reiss P. and F. Wolak, (2005), Structured Econometric Modelling: Rationales and Examples from Industrial Organisation, prepared for the Handbook of Econometrics, vol. , (2005), The Welfare Effects of Vertical Integration in the Securities Clearing and Settlement Industry, Working Paper, 21pp. , and J. Tirole, (2003), Platform Competition in Two-Sided Markets, Journal of the European Economic Association, 1(4), pp.

92) From table 8, it would seem that with respect to the number of transactions settled, the smallest institutions are able to achieve enormous scale economies, while even the largest institutions have a large potential for costs savings. Also, with respect to the value of securities held, the CSDs in the lowest quartile have a low scale elasticity, while the CSDs in the highest quartile have an elasticity that is much closer to one. This quartile consists mainly of observation of the two ICSDs, together with some observations of 3_2006 8/11/06 2:34 Stránka 44 44 Estimation results the British CSD.

A stable and efficient clearing and settlement system needs to exploit all possible efficiency gains. This concerns not only technical efficiency, which implies that output is produced in an efficient way, but also allocative efficiency, which states that the institutions should charge competitive prices. As argued in Van Cayseele (2004) and Serifsoy and Weiss (2005), it is not obvious to combine these two objectives in an industry where large scale 3_2006 8/11/06 2:34 Stránka 47 Conclusion 47 economies are present.

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