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The research presented in this paper investigates the characteristics of a particular clearinghouse/depository that operates in a horizontally-oriented governance structure in relation to its stock exchange partner. The choice of a particular governance structure for the relation between clearinghouse organisations and their exchange partners is a very contemporary theme as many countries around the world are reorganising their financial markets and Information Technology plays a major role in this reformulation by enabling the development of new organisational forms and supplying the infrastructure for these financial markets.

Clearing and Settlement Systems; Governance Structure; Transaction Costs Theory; Clearinghouse Automation.