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Oxera trading and post-trading price monitoring study published
July 16th 2009

The European Commission has today published Oxera’s price monitoring study of securities trading and post-trading services. This study, conducted in cooperation with the market participants, provides the first detailed empirical description of how the European capital markets are operating in terms of market dynamics and customer and supplier behaviour. It enables the Commission to monitor how the costs of trading and post-trading to investors will evolve over time.

For this study, a specific dataset was collected from intermediaries (fund managers, brokers and custodians) and infrastructure providers (trading platforms, central counterparty clearing houses (CCPs) and central securities depositories (CSDs)) operating in the trading and post-trading value chain in Europe. This exercise will be repeated in 2010.

Securities trading and post-trading (ie, clearing and settlement and custody and safekeeping) services play an important role in the overall functioning of financial markets. The markets for these services have been subject to significant changes, such as the introduction of MIFID in 2006 and an industry Code of Conduct for infrastructure providers in 2007, the removal of barriers to cross-border trading and post-trading, and the entry of new trading platforms and CCPs, strengthening competition and choice for investors, fund managers and brokers. The Oxera price monitoring study measures the impact of these changes on the cost of trading and post-trading.

To download the full Press Release, please click here.

To read the full report, please click here.

To read the 'Frequently asked questions' about this study, please click here.

To discuss the study and its findings in more depth, please contact Luis Correia da Silva, Oxera Managing Director.