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Interoperability in digital markets : extending the regulatory and technical framework from the financial sector
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1725-6739
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EUI; LAW; Working Paper; 2024/23
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KHANDELWAL, Pankhudi, Interoperability in digital markets : extending the regulatory and technical framework from the financial sector, EUI, LAW, Working Paper, 2024/23 - https://hdl.handle.net/1814/77694
Abstract
Digital services are controlled by large firms. Regulations such as the Digital Markets Act (DMA) impose an interoperability obligation on these firms to interconnect their services with other players to facilitate their entry and expansion. However, the DMA depends on the regulated entities for compliance with the obligations. The paper argues that the compliance mechanism is not sufficient for obligations such as interoperability since it provides the firms with wide discretion to comply with these obligations on their own terms. Therefore, the regulator should have a more active role in ensuring the implementation of interoperability obligations. The paper investigates whether a model of interoperability derived from the financial sector might provide a suitable blueprint for interoperability in digital services. This paper establishes that analysing the regulatory approach for interoperability in the financial sector could benefit our understanding of interoperability for digital services. The paper is divided into three parts. Part I of the paper provides the scope of interoperability for different services in the digital markets. Part II elaborates on why interoperability is essential in the digital markets and its relationship with regulation and innovation. It argues that interoperability could be made effective by adopting utility-based regulation. Part III lays down the various mechanisms from the financial sector that can be used to provide interoperability in digital markets. The regulatory framework from the payments system in India has been used as an example to demonstrate how such an approach can be adapted to the digital markets.
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The Working Paper is a version of the article 'Interoperability in digital markets : extending the regulatory framework from the financial sector' (2024) published in the journal 'European competition law review'.