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... bedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Summary: This paper delves into the question of the driving forces behind financial infrastructure developments, both in Switzerland and globally. Firstly, the case of the "Swiss value chain", its home market and its pan-European reach, will be presented. As the case of virt-x or Eurex demonstrates, the domicile of trading platforms at the case of, is no longer bound to a traditional home market. We then proceed to a broad discussion of the economic factors that shape the European landscape. Liquidity and network effects are pushing trading platforms towards centralisation. For clearing and settlement providers and their reliance on regulatory framework conditions, mobility is more restrained, at least in the case of Switzerland. Market imperfections on both the supply and demand sides provide a multilayered picture of the driving forces of evolving market structures. In view of the significant implications of imperfect competition, the role of government is then discussed. Finally, future issues and challenges for Switzerland's globally oriented financial infrastructure are analysed. Transparency of pricing structures and free access to infrastructure providers remain important challenges for government policies.