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How are Internet start-ups affected by liability for user content?

What is the economic impact of safe harbours on Internet intermediary start-ups?

Internet intermediaries facilitate the free flow of information online by assisting users to find, share and access content and by providing spaces in which they can interact. Intermediaries can be defined as businesses or platforms that facilitate the consumption, use and dissemination of content, and (social or business) interactions between Internet users, such as Internet service providers, web hosts, search engines, social networks, and ecommerce platforms. 


Economic effects of Virgin Media’s investment in network expansion

Virgin Media’s investment will have a combined effect of £7.7bn on the economy, consumers and businesses.


Regulating remuneration systems: effective distribution of financial products

How to pay for financial advice and the distribution of financial products? This question has recently drawn public attention as EU policymakers discuss the issue in the context of the Insurance Mediation Directive (IMD2)—a new set of rules for the European insurance sector—and the Markets in Financial Instruments Directive (MiFID), which aims to harmonise rules for investment services.  


The retirement income market: comparative international research

As part of its market study into retirement income, the Financial Conduct Authority (FCA), the UK conduct regulator for financial services, commissioned Oxera to conduct an international comparison of retirement income markets. This report presents our findings.  


Could trains overtake planes? Exploring the future of the passenger aviation industry

PA Consulting and Oxera have undertaken research to examine how passenger aviation might look in the future. Four possible scenarios have been developed which could change the face of the sector: Destination Anywhere World, Nouveau Jet-Set World, Sky-Party World, and Hop-On Hop-Off World. Each one explores how the industry might look in 2034. Find out more on the PA Consulting website or download the full report below.


Reasonable commercial terms for market data services

The European Commission Markets in Financial Instruments Directive II (MiFID II) will require trading platforms to make pre- and post-trade market data available on a ‘reasonable commercial basis’. The Commission has invited ESMA (European Securities & Markets Authority) to provide technical advice on what constitutes a ‘reasonable commercial basis’. 


What is the contribution of rail to the UK economy?

By most measures, the GB rail sector is a success. Over the last 20 years, since the creation of the new industry model (in which rail freight services are operated by competing freight operating companies, passenger rail services are specified by the government and delivered by train operating companies, and first Railtrack—and now Network Rail—have managed the infrastructure, regulated by the Office of Rail Regulation), the number of passenger journeys has risen, and now stands at 115% higher than it was 20 years ago.1 The distance travelled by trains has increased by 36% over the same period, and there has been an improvement in safety and an increase in passenger satisfaction.2 There has also been a 70% increase over this time period in the amount of freight transported by rail.3


Input methodologies

Where in a range should the weighted average cost of capital (WACC) be set? In New Zealand, the Commerce Commission is required to set formal rules for the choice of WACC over time. Based on an assessment that the risks of setting the WACC too high were greater than the risks of setting it too low, the Commerce Commission chose to allow a WACC premium representing a point from above the middle of its range (the ‘75th percentile’).

Following a Court decision resulting from a legal challenge, the Commerce Commission is seeking analysis on whether its approach is consistent with the evidence of the scale of risks arising from the choice of WACC. Having reviewed the evidence, Oxera has concluded that there is evidence that a premium would be appropriate. For electricity, our report presents a range of evidence, and proposes options for the Commerce Commission to use in its response to the Court’s decision. 


Review of the beta and gearing for UCLL and UBA services

What is an appropriate benchmark for profitability of fixed access networks in the telecoms sector? Oxera undertook a review of evidence for the New Zealand Commerce Commission, looking at debt betas, equity betas, gearing ratios and credit ratings. New Zealand now has a separated access operator (Chorus) and our report assesses the level implied by market data from Chorus, relative to other regional and international comparators. We also consider the impact of fibre on the risks faced by access operators.


Global cost benchmarking of cash equity clearing and settlement services

To fulfil one of ASX's commitments under the Code of Practice agreed in 2012, Oxera has undertaken a comprehensive international cost benchmarking of clearing and settlement costs. The analysis estimates the costs for a wide range of investors active in the Australian cash equity market, from retail investors with small order sizes to fund managers of large pension funds. The results demonstrate economies of scale in the provision of trading, clearing and settlement, with the costs of ASX's services in line with the costs of services provided by FMIs of a comparable size.

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