The Yale Law Journal

Joshua C. Macey

Article

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…

Note

Dodd-Frank Is a Pigouvian Regulation

Aaron M. Levine & Joshua C. Macey

Although commentators have criticized Dodd-Frank for not solving the problem of "too big to fail" banks, this Note identifies one promising feature of the law. As a "Pigouvian regulation," Dodd-Frank imposed compliance costs that incentivized banks to divest risky assets while providing regulators t…

Note

Playing Nicely: How Judges Can Improve Dodd-Frank and Foster Interagency Collaboration

Joshua C. Macey

Devised in the aftermath of the most severe financial crisis since the Great Depression, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was enacted to reduce risk, increase transparency, and promote market integrity. Since Dodd-Frank was sig…