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Securities exchanges and settlement systems
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alliances annual reports automated average Bank of Finland Chapter clearing and settlement Clearstream coefficients Coelli competition cost and revenue cost efficiency cost function cross-border dependent variable depository and settlement descriptive statistics Domowitz and Steil economies of scale efficiency scores electronic trading empirical estimates Eurex Euroclear Euronext Europe European exchanges European financial European stock exchanges evidence exchanges and settlement Exchanges Linked financial exchanges financial markets firms global growth ICSD implicit mergers input International International Financial Statistics Journal of Finance liquidity Malmquist index market capitalisation market microstructure measures NASDAQ network effects network externalities NOREX Number of Stock organisational output overall panel data paper Parameter Parameter Parameter performance Pirrong proxies regression revenue efficiency scale economies securities markets securities settlement settlement industry settlement institutions settlement service settlement systems statistics stochastic frontier stock exchange industry structure t-statistics t-th time period Table technical efficiency Total Number trading systems transaction costs translog turnover