CPI(7)2

Letter from the Editor

David Evans, Dec 22, 2011

Letter from the Editor – Fall 2011

What is antitrust’s role in financial regulation after the financial crisis? (David S. Evans)

Antitrust, State Aid, and Financial Regulation

Gert-Jan Koopman, Dec 22, 2011

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)

Abel Mateus, Dec 22, 2011

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)

Todd Fishman, Olivier Frget, David Gabathuler, Dec 22, 2011

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)

Payment Systems

Ronald Mann, Dec 22, 2011

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)

Richard Epstein, Dec 22, 2011

Durbin’s Folly: The Erratic Course of Debit Card Markets

Constitutional dimensions of the Durbin Amendment. Richard A. Epstein (NYU School of Law)

Dec 22, 2011

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)

Financial Exchanges

Craig Pirrong, Dec 22, 2011

Competition and Vertical Integration in Financial Exchanges

The hostility to vertically integrated exchanges as anticompetitive is misguided. Craig Pirrong (University of Houston)

Selected Essay on Antitrust

John Temple Lang, Dec 22, 2011

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)

The Classics

Thomas Brown, Dec 22, 2011

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)