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Advisor(s)
Abstract(s)
Nesta tese procurou-se compreender se, após a introdução da Regra 11Ac1- 5 por parte do SEC, fator que fomentou a concorrência ao nível das plataformas financeiras no mercado de capitais americano, o poder de mercado das mesmas se manteve ou se por outro lado se extinguiu, sendo que a motivação para esta tese prende-se com as seguintes questões (i) as plataformas financeiras ainda detêm atualmente poder de mercado? E (ii) se sim, como é que este se traduz? Utilizando dados de qualidade de execução das várias plataformas financeiras, recolhidos ao abrigo da regra 11Ac1-5 do SEC, elaborei quatro determinantes da escolha da plataforma financeira por parte dos intermediários económicos e com base nestes determinantes, estimei a procura dos intermediários pelas várias plataformas financeiras utilizando um modelo de procura logit multinomial, o que permitiu o cálculo de elasticidades diretas da procura associadas a cada determinante, utilizadas como instrumento para avaliar a existência ou não de poder de mercado das plataformas. Os resultados obtidos sugerem que de facto, mesmo após a introdução de uma nova regulamentação por parte do SEC ao nível das plataformas financeiras, o poder de mercado subsistiu, sendo que as plataformas financeiras usufruem de um elevado poder de mercado via spread efetivo, spread realizado e variação de preço e um menor poder de mercado no que concerne ao tempo médio de execução, sendo por isso a variável mais sensível a alterações por parte das plataformas financeiras.
In this thesis, I tried to understand if, after the introduction of the Rule 11Ac1-5 by the SEC, a factor that fomented the competition in the financial platforms in the American capital market, the market power of the financial platforms was maintained or if, on the other hand, it extinguished. The motivation for this thesis is with to the following questions: (i) do financial platforms still currently have market power? And (ii) if so, how does it translate? Through performance data from the various financial platforms, collected under SEC Rule 11Ac1-5, I developed four determinants of the choice of financial platform by financial intermediaries and on the basis of these determinants I estimated the demand for intermediary across the various financial platforms using a logit multinomial demand model, which allowed the calculation of direct demand elasticities associated to each determinant, used as an instrument to evaluate the existence or not of market power of the platforms. The results suggest that in fact, even after the introduction of a new regulation by the SEC at the level of the financial platforms, market power remained, and the financial platforms enjoy a high market power via effective spread, realized spread and price variation and a lower market power with regard to the average execution time, being therefore the most sensitive variable to changes by the financial platforms.
In this thesis, I tried to understand if, after the introduction of the Rule 11Ac1-5 by the SEC, a factor that fomented the competition in the financial platforms in the American capital market, the market power of the financial platforms was maintained or if, on the other hand, it extinguished. The motivation for this thesis is with to the following questions: (i) do financial platforms still currently have market power? And (ii) if so, how does it translate? Through performance data from the various financial platforms, collected under SEC Rule 11Ac1-5, I developed four determinants of the choice of financial platform by financial intermediaries and on the basis of these determinants I estimated the demand for intermediary across the various financial platforms using a logit multinomial demand model, which allowed the calculation of direct demand elasticities associated to each determinant, used as an instrument to evaluate the existence or not of market power of the platforms. The results suggest that in fact, even after the introduction of a new regulation by the SEC at the level of the financial platforms, market power remained, and the financial platforms enjoy a high market power via effective spread, realized spread and price variation and a lower market power with regard to the average execution time, being therefore the most sensitive variable to changes by the financial platforms.
Description
Keywords
Plataformas financeiras Poder de mercado Financial platforms Market power