Regulatory Convergence in Financial Market Infrastructures: Complementary Role of Competition Law in Access to Clearing and Settlement Systems

In the context of financial markets, this article examines the relationship between sector-specific regulation and competition law, with an emphasis on clearing and settlement infrastructure access. It looks at how competition authorities, particularly the European Commission, make decisions and how those decisions align with or deviate from statutory frameworks. The Clearstream ruling is a crucial case study that illustrates how competition law handles access to vital financial market infrastructures. The article describes the Clearstream case's facts, assesses it under antitrust law, and compares how it was handled under regulatory law, emphasizing the influence on the development of competition law in the banking industry. Bottleneck scenarios that require access to vital infrastructure in order to enter the market are given more consideration. The research highlights distinctions in the scope of regulated organizations and the rationale behind access limits by contrasting how competition law and regulatory law handle such access concerns. The article shows that competition law may serve as a catalyst for legislative advancements in financial market regulation in addition to serving as a supplement to regulation. Additionally, it demonstrates that the European Commission frequently takes on a quasi-regulatory role when implementing competition legislation, especially when it comes to instances requiring access to clearing and settlement systems.