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By  |  December 20, 2015

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    In this issue, CPI examines the intersection of antitrust and financial regulation.

    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)