Revisitando o ato de concentração Itaú/XP sob a perspectiva do bank as a platform (BAAP)

Abstract

The article seeks to confront the analyzes carried out by the Central Bank of Brazil (BCB) and by the Administrative Council for Economic Defense (CADE) on the Itaú/XP merger, within the scope of their respective competition powers. The corporate operation that was maintained under the “double” approval system had very peculiar characteristics and involved the influence of XP’s innovative performance as an open investment platform. Based on this case, which serves as a paradigm in relation to the competitive analyzes carried out by the BCB and CADE on open platforms, it is proposed to investigate what are the legal challenges that the transformation of market structures in the financial system around digital platforms may bring about the exercise of antitrust and regulatory powers, mainly due to the new Bank as a Platform (BaaP) business models facilitated by the implementation of open finance and the operation of digital platforms that can be licensed as a Payment Initiation Service Provider.