Finance in the Digital Age

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The retail trading boom can lead to more informative markets
We live in a golden age of retail trading. Technology-driven innovation has spawned mobile-first trading apps with no commission and no minimum…
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Marius Zoican
Dealing with micro-bursts: A congestion fee for high-speed markets
A message congestion fee that targets micro-bursts can simultaneously improve liquidity, as well as reduce the risk of a congested market.
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Marius Zoican
The value of ETF liquidity
ETFs tracking the same index charge different fees. Also, more expensive ETFs seem to attract more investors. Why? Better liquidity.
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Marius Zoican
Distributed Exchanges and Fragmentation
Can we sustain a single distributed exchange across geographic regions?
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Marius Zoican
Do exchange “speed bumps” curb the HFT arms’ race?
Asymmetric speed bumps partially reduce investment in low-latency technology, with longer delays having a stronger impact.
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Marius Zoican
Liquid trading speed on decentralized exchanges
Surge pricing of low-latency technology can reduce high-frequency trading externalities.
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Marius Zoican
Is stock analyst coverage too “crowded?”
The most-covered 5% of U.S. equity account for more than 25% of analyst coverage.
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Marius Zoican
Are zero-fee funds truly “free”?
Asset managers, particularly passive investment firms, race towards offering zero-fee funds. On August 1st 2018, Fidelity Investments —…
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Marius Zoican
Finance in the Digital Age
Finance in the Digital Age
A research-driven blog on modern markets and technology.

Finance in the Digital Age

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