Competition enforcement versus regulation as market-opening tools: an application to banking and payment systems.

This article analyses three routes for the formation of market-opening rules: competition enforcement, legislative rulemaking, and market investigation. Using examples and case studies related to facilitating market access in banking and payment systems, we illustrate essential features and limitations of the different modes of rulemaking. The interrelation between them is explored, emphasizing the merits of having them available in parallel. [ABSTRACT FROM AUTHOR]