Archive - Finance in the Digital Age

The retail trading boom can lead to more informative markets

We live in a golden age of retail trading.

May 4, 2021 •

May 2020

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.

May 22, 2020 •

March 2020

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.

Mar 26, 2020 •

October 2019

Distributed Exchanges and Fragmentation

Can we sustain a single distributed exchange across geographic regions?

Oct 24, 2019 •

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.

Oct 7, 2019 •

July 2019

Liquid trading speed on decentralized exchanges

Surge pricing of low-latency technology can reduce high-frequency trading externalities.

Jul 25, 2019 •

April 2019

Is stock analyst coverage too “crowded?”

The most-covered 5% of U.S. equity account for more than 25% of analyst coverage.

Apr 25, 2019 •

December 2018

Are zero-fee funds truly “free”?

Asset managers, particularly passive investment firms, race towards offering zero-fee funds. On August 1st 2018, Fidelity Investments —…

Dec 5, 2018 •

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