The high-frequency trading arms race is a symptom of flawed market design. Instead of the
continuous limit order book market design that is currently predominant, we argue that …

We study the consequences of, and potential policy responses to, high‐frequency trading
(HFT) via the tradeoff between liquidity and information production. Faster speeds facilitate …

We provide a synthesis of the empirical evidence on market liquidity. The liquidity
measurement literature has established standard measures of liquidity that apply to broad …

Blockchain enables peer-to-peer transactions in cyberspace without a trusted third party.
The rapid growth of Ethereum and smart contract blockchains generally calls for well …

A fundamental question regarding the design of electricity markets is whether adding
auctions to the continuous intraday trading is improving the performance of the market. To …

This contribution focuses on testing the empirical impact of the convexity assumption in
estimating costs using nonparametric specifications of technology and cost functions. Apart …

Intraday markets can be organized as continuous trading or discrete auction sessions. While
many studies have attempted to compare the liquidity of these two models, additional …

We study fragmentation of equity trading using a model of imperfect competition among
exchanges. In the model, increased competition drives down trading fees. However …

A new type of Automated Market Makers (AMMs) powered by Blockchain technology keep
liquidity on-chain and offer transparent price mechanisms. This innovation is a significant …

This paper exploits the staggered securities phase-in when the Investors Exchange (IEX)
becomes a national securities exchange to study the effects of intentional access delays on …