The Yale Law Journal

Dan Awrey


Open Access, Interoperability, and DTCC’s Unexpected Path to Monopoly

Dan Awrey & Joshua C. Macey

This Article argues that open-access and interoperability requirements helped the Depository Trust & Clearing Corporation monopolize U.S. securities clearing and depository markets. DTCC’s path to monopoly offers a cautionary tale for policymakers seeking to use open access and interoperability to c…