Technologies have spawned finance innovations since the early days of computer
applications in businesses, most recently reaching the stage of disruptive innovations, such …

I review the recent high-frequency trader (HFT) literature to single out the economic
channels by which HFTs affect market quality. I first group the various theoretical studies …

The intersection of finance and technology, known as fintech, has resulted in the dramatic
growth of innovations and has changed the entire financial landscape. While fintech has a …

Uniswap is a system of smart contracts on the Ethereum blockchain and is one of the largest
decentralized exchanges with a liquidity balance worth over 8 billion USD and daily trading …

Financial markets are undergoing an unprecedented transformation. Technological
advances have brought major improvements to the operations of financial services. While …

This study provides evidence that high-frequency traders (HFTs) identify patterns in past
trades and orders that allow them to anticipate and trade ahead of other investors' order …

Modern markets are characterized by speed differentials, with some traders being fractions
of a second faster than others. Theoretical models suggest that such differentials may have …

This study examines how an increase in tick size affects algorithmic trading (AT),
fundamental information acquisition (FIA), and the price discovery process around earnings …

Using a natural experiment (the SEC's 2016 Tick Size Pilot Program), we investigate the
effects of an increase in tick size on financial reporting quality. The tick size pilot program …

We assess the microstructure of the US Treasury securities market following its migration to
electronic trading. We model price discovery using a vector autoregression model of price …