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CREATING NEW MARKET MECHANISMS
What is a market?
Is there any such thing as a market in radiofrequency spectrum?
Allocation market vs secondary market?
What is a market?
> A medium that allows buyers and sellers of a specific good or
service to interact in order to facilitate an exchange.
> A market may either be a physical marketplace where people
come together to exchange goods and services in person, as in a
bazaar or shopping centre, or a virtual market wherein buyers and
sellers do not interact, as in an online market.
> NOT a Market:
> ACMA is working on spectrum sharing – technology driven
sharing, compatible co-existence, private parks to enhance use,
but these may only create markets incidentally
> Is there any such thing as a market in
> There is a market in radiofrequency spectrum licences
a subtle but important distinction.
> What’s the difference?
What’s the difference?
> Value is in the rights conferred by the licence and the characteristics of the
spectrum matched with the equipment available rather than the spectrum itself.
Some spectrum has some of the right characteristics but lacks others.
> - For example, spectrum which has desirable technical characteristics and
widely available equipment but is available in areas where there is low
demand for service. This will be less valuable to less potential users. In
some areas there may be no buyers.
> In some cases all the relevant available spectrum may already be licensed to
users by the ACMA and none of those are willing to offer those licences to others
> - meaning there are no sellers.
> Those like the ACMA interested in creating markets for radiofrequency spectrum
need to look at both the value that lies in radiofrequency licences, and to the
methods by which that value is expressed, including, but not only, by price.
Allocation market vs secondary market?
> Primary allocation can occur when someone is prepared to pay
the Government a fee for spectrum access. If supply is likely to
exceed demand this can consist of:
> First in time allocation - A quick way to get spectrum to those who
> Over the counter - Done directly between an individual organisation
and the ACMA to gain a licence (may include qualification).
> Allocation competition amongst similar users can occur where demand
exceeds supply. Where the ACMA thinks that this might occur it has well
tried mechanisms for allocating spectrum where price is the primary or
even a key determining factor. These include:
Allocation market vs secondary market – cont.
> Tender processes
> Hybrid Market-Administrative Method - Organisations provided
with the opportunity to make an open or sealed offer, bid,
proposal, or expression of interest in response to an invitation or
requests from the ACMA for tender.
> Beauty Contest – Competing application submit proposals for
service provision, may also require a set dollar amount.
> - beauty is in the eye of the beholder
> Comparative bidding – Competing applicants tender a dollar
amount, may also submit proposals for service provision
> Public sale of spectrum to the highest bidder, entry conditions and
auction rules set by administration. Types of auctions include:
> English (open outcry) auction
> Simultaneous multiple round auction (1800 MHz)
> Combinatorial clock (the digital dividend)
> Simple clock
> Descending – several types
> Incentive auctions are a special case
> Trading - A market where investors purchase some or all of a
licensee’s licence, an example is trading spectrum licences where
the licensee of a spectrum licence may assign the whole or any
part of the licence.
> - Tends to be confined to similar uses and users. Sometimes a
limited field ( trading is not the same as re-farming)
> Third party authorised (sub-lease) - Private commercial
agreement that allows a spectrum or apparatus licence to
authorise another person or organisation to operate a
> Do what we can to remove barriers to secondary trading
> - increasing certainty about renewal, reissue
> Create licence products that are flexible enough to accommodate
> - broader licence categories, more flexible technical conditions
> Promote mechanisms which allow for licence transfer
> - spectrum brokerage?
> Encourage licensees to see spectrum as an asset rather than a
> - Wholesale private management
> Voluntary, market-based means of repurposing spectrum by
encouraging licensees to relinquish spectrum usage rights in
exchange for a share of the proceeds from an auction, or new
licences. FCC are using a broadcast incentive auction to
repurpose broadcasting spectrum.
> Essentially a reverse auction for sellers to determine the prices at
which they would be prepared to relinquish their spectrum by
going off air or by moving to a different channel
Followed by a forward auction of buyers in an iterative
Up to the market how much is cleared by this process
Broadcast stations that do not participate or remain on
air will be repacked.
Does it remove the middle man?