In this issue, CPI examines the intersection of antitrust and financial regulation.
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Letter from the Editor
Letter from the Editor – Fall 2011
What is antitrust’s role in financial regulation after the financial crisis? (David S. Evans)
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Antitrust, State Aid, and Financial Regulation
Stability and Competition in EU Banking During the Financial Crisis: The Role of State Aid Control
The European Commission’s State Aid policy protects competition and financial stability in Member States. Gert-Jan Koopman (European Commission)
Banking Regulatory Reform: Too Big to Fail and What Still Needs to be Done
The Vickers Commission needs to account for shadow banking and governance issues before it can promise complete reform. Abel M. Mateus (New University of Lisbon, University College London)
U.S. and EU Antitrust Enforcement: What Role in a More Heavily Regulated Financial Sector?
The new financial regulations in the United States and European Union could constrain the enforcement of competition policy. Todd Fishman, Olivier Fréget & David Gabathuler (Allen & Overy)
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Payment Systems
Anticompetitive Regulation in the Payment Card Industry
The Credit CARD Act and the Durbin Amendment in the Dodd-Frank Act, despite their purpose, may end up concentrating the payment card industry and harming small banking institutions. Ronald Mann (Columbia)
Durbin’s Folly: The Erratic Course of Debit Card Markets
Constitutional dimensions of the Durbin Amendment. Richard A. Epstein (NYU School of Law)
Payments Innovation and Interchange Fees Regulation: How Inverting the Merchant-Pays Business Model Would Affect the Extent and Direction of Innovation
Reducing the fees that the card business can receive from the merchant-side of this two-sided business could affect the pass of innovation. David S. Evans (Global Economics Group)
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Financial Exchanges
Competition and Vertical Integration in Financial Exchanges
The hostility to vertically integrated exchanges as anticompetitive is misguided. Craig Pirrong (University of Houston)
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Selected Essay on Antitrust
Potential Downstream Markets in European Antitrust Law: A Concept in Need of Limiting Principles
How should one approach compulsory access to property when that property resides in a potential market? John Temple Lang (Cleary Gottlieb)
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The Classics
A Tribute, of Sorts, to William F. Baxter’s Bank Interchange of Transactional Paper
Baxter’s seminal paper on interchange fees benefits from a roadmap and context. Thomas Brown (O’Melveny & Myers)
