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 curb industry consolidation in Big Tech, social media, and elsewhere.

中文翻译：

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开放访问、互操作性和 DTCC 出人意料的垄断之路

本文认为，开放访问和互操作性要求帮助存托信托与清算公司垄断了美国证券清算和存管市场。DTCC 的垄断之路为寻求使用开放访问和互操作性来遏制大型科技、社交媒体和其他地方的行业整合的政策制定者提供了一个警示故事。