Oxera

Inspiring better decisions through economics and finance

Articles
Depiction of The Consumer Duty: don’t do more—do differently
1 minute read

The Consumer Duty: don’t do more—do differently

The UK Financial Conduct Authority (FCA) has finalised the rules, guidance, and implementation period for the new Consumer Duty. The FCA’s journey The Consumer Duty is the product of 15 years of evolution in the regulation of financial services. It’s not so much a change… Read More

Articles
Depiction of Reflections in the water: insights on Ofwat’s PR24 draft methodology
16 minute read

Reflections in the water: insights on Ofwat’s PR24 draft methodology

On 7 July, Ofwat published its draft methodology for its next price review (PR24), setting out in detail how it plans to assess expenditure, financing costs, performance targets and incentives for 2025–30. What are the main components of Ofwat’s proposed methodology, and what might this mean for companies, customers… Read More

Articles
Depiction of RIIO-ED2 Draft Determinations
10 minute read

RIIO-ED2 Draft Determinations

On 29 June 2022, Ofgem published its Draft Determinations (DDs) for the RIIO-ED2 price control covering the electricity distribution (ED) sector. The regulatory cycle for the ED sector follows that for the transmission and gas distribution (GD&T) networks with a two-year lag, which means that the recently published DDs… Read More

Articles
Depiction of The energy crisis: where next for the UK energy retail sector?
8 minute read

The energy crisis: where next for the UK energy retail sector?

What were the root causes and costs of the recent supplier failures in the UK energy retail market? The Board at Ofgem (the energy regulator for Great Britain) asked Oxera to conduct an independent review of Ofgem’s role in the supplier failures, and to draw out lessons learned and… Read More

Articles
Depiction of Like an economist at Wimbledon
8 minute read

Like an economist at Wimbledon

To what extent is future success affected by past success? This topical question has implications for many areas of society, including education. However, a new study suggests that the answer may come from an unexpected direction: tennis. We look at why tennis players who are matched against someone of… Read More

Articles
Depiction of A consolidated tape in the EU? How fixed income and equity trading markets perform
9 minute read

A consolidated tape in the EU? How fixed income and equity trading markets perform

The European Council and Parliament have been discussing the European Commission’s proposal to create a consolidated tape with prices and volume data on fixed income securities and equities traded in the EU. We take stock of the debate around the Commission’s proposal, review key empirical evidence, and explore the… Read More

Articles
Depiction of Payment for Order Flow and a consolidated tape: the impact on retail investors
8 minute read

Payment for Order Flow and a consolidated tape: the impact on retail investors

The European Commission is proposing to introduce a consolidated tape with data on fixed income and equity transactions to help retail (and institutional) investors achieve ‘best execution’. It is also proposing to ban the practice of Payment for Order Flow (PFOF). What is PFOF, and what are the pros… Read More

Articles
Depiction of The ups and downs of vertical merger control: what’s the current state of play?
13 minute read

The ups and downs of vertical merger control: what’s the current state of play?

Recent years have seen renewed debate around vertical merger control. Authorities have been changing their guidance and competition headlines have been dominated by vertical mergers such as AT&T/Time Warner, Facebook/Giphy and Illumina/Grail. But exactly how has our collective economic understanding of vertical mergers evolved? And what role can economics play in competition policy practice? In May 2022, the Oxera Economics Council met to discuss these questions. Read More

Articles
Depiction of REPowerEU: managing energy supply and prices in the EU
10 minute read

REPowerEU: managing energy supply and prices in the EU

The current spikes in electricity and gas prices are raising concerns at the EU and national level. To mitigate their impact, while also increasing security of supply, the European Commission has introduced a variety of measures, which have been (and are being) applied at a national level. We ask how these measures should best be implemented to ensure their success, looking in particular at the case of Italy. Read More

Articles
Depiction of Grounded? The environmental implications of modal shift from air to rail
9 minute read

Grounded? The environmental implications of modal shift from air to rail

With growing pressure on economies to decarbonise in line with the 2015 Paris Agreement, transport—and particularly air transport—has come under increased scrutiny. Moving passengers from air to rail has been proposed as one way to decarbonise the sector. To this end, the EU and national governments have invested in high-speed rail lines and discussed restrictions on short-haul flights. But does rail always trump air from an environmental perspective? Read More

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