Publication series

Perspectives on Central Clearing and Competition Policy

Volume: 29 Topics in Corporate Finance

Author(s): A.J. Menkveld, G. Vuillemey, M.P. Schinkel, T. Klein and others

Year: 2021

ISBN: 978-90-77859-18-6

Price: € 20.00

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With the 29th issue of the ACCF Topics in Corporate Finance series, the Amsterdam Center for Corporate Finance seeks to contribute to the public debate on two public policy issues that will play a key role in the years to come. One is related to the stability of the financial system, in particular the role of central clearing counterparties, the other deals with competition issues associated with the transition to a green economy and the use of algorithms. Central clearing counterparties (CCPs) have become mandatory for many interest-rate and credit derivatives following the 2007-09 financial crisis. Their (coming into) existence has a logic: the uncertainty in a world where investors are subject to counterparty risk (i.e. can they deliver, or might they default on their promises) contributed to the crisis. The CCPs are designed to insulate parties from this risk. As preeminent specialists in this area, Albert Menkveld (VU Amsterdam) and Guillaume Vuillemey (HEC Paris) discuss the precise role that CCPs play and insights from the extant literature that have developed, including regulatory implications.

Competition issues associated with the green economy are analyzed by Maarten Pieter Schinkel (University of Amsterdam), a leading authority in antitrust and competition economics, and Leonard Treuren a post-doctoral researcher at KU Leuven. While collaboration and relaxing competition rules are often suggested as ways to accommodate a transition to the green economy, the authors argue that the evidence may not support this premise. Green washing and government failure might be exacerbated. Incentives for sustainability might be stronger when firms compete than when they are allowed to make sustainability agreements.

Finally, Timo Klein and Gareth Shier, consultants at Oxera Consulting LLP, focus on competition issues associated with the increased use of algorithms in price setting. As example, the petrol station operators in Germany use algorithmic pricing software that helps them respond to changes in markets and consumer behavior. While this could improve the efficiency in price setting, it might also facilitate collusion and undermine competition. They discuss the adequacy of existing legal frameworks, and the implications for businesses.

As Amsterdam Center for Corporate Finance, we hope that you enjoy reading this contribution to the Topics in Corporate Finance series, and that it may help foster a healthy public debate on these important issues.

Publications Topics in Corporate Finance

302023D. Bezemer, K. Cools, A. BootOndernemingsbeleid in een wereld van financialisering€ 20.00
292021A.J. Menkveld, G. Vuillemey, M.P. Schinkel, T. Klein and othersPerspectives on Central Clearing and Competition Policy€ 20.00
282020R. de Weijs, A. Jonkers & A. Boot et al.Perspectives on Leveraged Finance and Fintech€ 20.00
272019Dirk Schoenmaker, Rens van Tilburg, Elisa Achterberg and Max van SonSustainable Finance and Government Policy€ 20.00
262018Arnoud W.A. Boot, Jeroen E. Ligterink and Jens K. MartinUnderstanding Fintech and Private Equity€ 20.00
252017Jeroen E. Ligterink en Jens K. MartinPrivate equity: waardecreatie, herverdeling en excessen€ 20.00
242015Tanju YorulmazerUnderstanding the Crisis: Bank Funding Structures as Source of Instability€ 20.00
232014Anat R. AdmatiTowards a Better Understanding of the Capitalization of Banks€ 20.00
222013Arnoud W.A. BootTransactiemaatschappij en financiële markten: op zoek naar een nieuwe balans€ 20.00
212012Lans BovenbergMacro-oplossingen gezocht: naar integrale oplossingen voor de onevenwichtigheden in wonen, pensioen, ouderenzorg en het bancaire landschap€ 20.00
202011Paul De Grauwe and Arnoud W.A. BootTowards a Fundamental Resolution of the Eurocrisis€ 20.00
192010David T. LlewellynThe Global Banking Crisis and the Post-Crisis Banking and Regulatory Scenario€ 20.00
182010Ludovic PhalippouRegulating Private Equity€ 20.00
172009Frank Partnoy, Arnoud W.A. Boot and Anjan V. ThakorTowards a Fundamental Understanding of Financial Sector Developments€ 20.00
162008Arnoud W. A. BootCorporate finance theorie en financiële crisis in breder perspectief € 20.00
152007Arnoud W.A. Boot, meerdere auteursPrivate equity en aandeelhoudersactivisme€ 20.00
142007X. Vives and V. Strauss-KahnHeadquarters and innovation: does location matter? € 20.00
132006L. Bouchez, M. Knubben, J.A. McCahery and L. Timmerman (eds)The Quality of Corporate Law and the Role of Corporate Law € 20.00
122005J. McCahery and E. VermeulenUnderstanding (Un)incorporated Business Forms € 20.00
112005D. Cumming, G. Fleming and A. SchwienbacherRecent research on the investment behavior of private equity fund managers€ 20.00
102005M.J.G.C. Raaijmakers, G. van Solinge en P. Frentrop Corporate governance: een agenda voor de toekomst€ 20.00
92004Amar BhidéEntrepreneurship and Venture Capital€ 20.00
82004V. Maksimovic, D. Brounen, A. de Jong and K. KoedijkPerspectives on the Theory and Practice of Corporate Finance € 20.00
72003J.J.A. LeenaarsSecuritisatie: Economics en Europees Perspectief€ 20.00
62003U. BhattacharyaGlobal Corporate Governance and Accounting Transparency € 20.00
52002A. Saunders and A. SchmeitsThe Role of Bank Funding for the Corporate Sector: the Netherlands in an International Perspective € 20.00
42001Todd T. MilbournManagement Compensation in the Netherlands: Theory, Evidence, and Best Practice € 12.50
32000A.W.A. Boot and J.E. LigterinkDe Efficiëntie van de Nederlandse Faillissements€ 15.00
22000E.I. Altman and A. Saunders, and A.W.A. Boot, T. Milbourn, and S. DezelanPerspectives on the Regulation of the Financial Services Industry € 12.50
11999I. Walter and A.W.A. BootThe Future of Banking: Two Essays on the Consolidation in the Financial Sector€ 15.00