Failed Regulations Fail to Break Up Credit Rating Oligopoly Post-Crises
The credit rating market is mostly controlled by three big agencies, especially in sovereign credit ratings. After financial crises, new regulations were put in place to try to break up this dominance, but they didn't work well. The rules in the US and EU didn't increase competition in the market as hoped. The study used economic indicators and legal analysis to show that the efforts to reduce the power of the "Big Three" agencies didn't succeed.