Internet governance research has a tradition of focussing on institutions and formalised steering processes. But modes of coordina- tion which do not fit these criteria also shape the operation and evolution of the internet and should also be included in an analytical framework for internet governance. In this article, the Economics of Convention is presented as a theoretical backdrop for the analysis of such phenomena. This analytical perspective is then used to shed a detailed light on internet interconnection arrangements. The findings of this exercise are then discussed with regard to their meaning for internet governance.