About Me

I am an Associate Professor of Finance at the Haskayne Business School, University of Calgary, since 2024. Previously, I served as an Assistant Professor at University Paris-Dauphine from 2015 to 2018 and at the University of Toronto from 2018 to 2024. My research focuses on the impact of technology on trading, securities exchanges, and asset management. I aim to leverage innovation to build better markets. My work has been published in leading academic journals, including The Review of Financial Studies, Management Science, and Journal of Financial Markets.

Interests
  • Market microstructure
  • Trading and securities exchanges
  • Decentralized finance (#DeFi)
  • Experimental finance
Education

  • PhD in Finance, 2015

    VU University Amsterdam

  • MPhil in Financial Economics, 2012

    Tinbergen Institute Amsterdam

  • BA in Finance, 2010

    Bucharest School of Economics

What’s new?

Fragmentation and optimal liquidity supply on decentralized exchanges
Joint with Alfred Lehar and Christine Parlour. Revise & Resubmit at The Review of Financial Studies
Last updated on Oct 21, 2024

Upcoming talks

Selected Publications

The Value of ETF Liquidity
The Review of Financial Studies, 2024, 37(10): 3092-3148
Last updated on Sep 18, 2024
PDF Cite Code DOI
Trading Gamification and Investor Behavior
Management Science, Articles in Press
Last updated on Jun 17, 2024
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How fast should trades settle?
Management Science, 2020, 66(10), 4573-4593.
Last updated on Oct 28, 2021
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Need for Speed? Exchange Latency and Liquidity
The Review of Financial Studies, 2017, 30(4), 1188-1228.
Last updated on Sep 18, 2024
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Other Publications

Retail Trading and Analyst Coverage
Journal of Financial Markets, 2023, 66 (November), 100849.
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Liquid speed: A micro-burst fee for low-latency exchanges
Journal of Financial Markets, 2023, 64 (June), 100785.
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On-demand fast trading on decentralized exchanges
Finance Research Letters, 2023, 51 (January), 103350
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Do speed bumps curb low-latency investment? Evidence from a laboratory market
Journal of Financial Markets, 2021, 55 (September), 100601 (Lead Article).
PDF Cite Dataset DOI
Speed and learning in high-frequency auctions
Journal of Financial Markets, 2021, 54 (June), 100583 (Lead Article).
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Too-international-to-fail? Supranational bank resolution and market discipline
Journal of Banking and Finance, 2016, 65, 41-58.
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Crowd-Sourced Research

Non-Standard Errors
Journal of Finance, in press.
Last updated on Apr 23, 2024
PDF Code DOI
Reproducibility in Management Science
Management Science, forthcoming.
Last updated on Jan 9, 2024
PDF DOI

Working papers

*
All Revision requested Working Paper
Gamified risk-taking
Joint with Philipp Chapkovski and Mariana Khapko.
Last updated on Aug 10, 2024
Fragmentation and optimal liquidity supply on decentralized exchanges
Joint with Alfred Lehar and Christine Parlour. Revise & Resubmit at The Review of Financial Studies
Last updated on Oct 21, 2024
The queuing friction in limit order book markets
Joint with Corey Garriott and Vincent van Kervel.
Last updated on Oct 21, 2024
A machine learning measure of analyst report contribution
Joint with Charles Martineau.
Last updated on Sep 12, 2023
Code
Does Central Clearing Affect Price Stability? Evidence from Nordic Equity Markets
Joint with Albert Menkveld and Emiliano Pagnotta.
Last updated on Sep 12, 2023

In progress

Do retail traders overpay for market data?
Joint with Philipp Chapkovski and Mariana Khapko.
Last updated on Oct 21, 2024
Preferred clearing on securities markets
Joint with Behnoud Bazrafshan.
Last updated on Oct 21, 2024
Systemic fragility on decentralized exchanges
Joint with Alfred Lehar and Christine Parlour.
Last updated on Oct 21, 2024
Wash trading on decentralized exchanges
Joint with Behnoud Bazrafshan and Alfred Lehar.
Last updated on Oct 21, 2024

Courses

FNCE 449/668 Trading and Market Data Management
This course covers extracting and manipulating financial data from sources like Bloomberg and Factset. It includes hands-on trading simulations using Rotman Interactive Trader software, mimicking real trading floor dynamics for investment and risk management.
Last updated on Apr 2, 2024
Lab webpage Syllabus
FNCE 559 Tokenomics
This hands-on course introduces students to the foundational concepts of digital finance (“tokenomics”), that is the Ethereum blockchain, smart contracts, and decentralized finance applications. The course is structured around three core modules – namely, Ethereum Virtual Machine (EVM) Basics, Solidity Programming, and Decentralized Applications. Students will explore both the theoretical and practical aspects of blockchain technology as applied to financial markets, with a focus on Ethereum.
Last updated on Oct 21, 2024
Lab webpage Syllabus

Research funding

Research grant
Plato Partnership MI3 2024
Central clearing costs in Europe
Research grant
TD Management Data and Analytics Lab 2023
Liquidity supply on decentralized exchanges
SSHRC Insight Development Grant ($49,027)
Social Sciences and Humanties Research Council of Canada 2020
Technology and Information Supply in Modern Financial Markets (joint with Charles Martineau)
Research Grant ($40,000)
Canadian Securities Institute Research Foundation 2018
Delegated Asset Manangement in the Digital Age (joint with Clare Célérier and Mariana Khapko)
Associated Researcher
Quantitative Management Initiative (QMI) 2018
On-going funding support for projects related to quantitative finance and FinTech
SSHRC Insight Development Grant ($41,179)
Social Sciences and Humanties Research Council of Canada 2018
Speed and Market Structure in the Digital Age (joint with Mariana Khapko)
JCJC Young Researcher Grant (€170,000)
Agence Nationale de la Recherche (France) 2017
MIDAS: Market Design in the Digital Age

Honours and awards

RFS Distinguished Referee Award
Society for Financial Studies 2024
Best paper semifinalist (Microstructure)
Financial Management Association 2021
Awarded for The Value of ETF Liquidity project.
Josseph de la Vega Award Runner-up
Federation of European Exchanges (FESE) 2021
Annual award for outstanding research on securities markets in Europe. Awarded for Liquid Speed: A Micro-burst Fee for Low-Latency Exchanges.
Outstanding Paper in Investments
Southern Finance Association 2020
Awarded for Crowded Analyst Coverage.
Best Paper Runner-Up
Toronto FinTech Conference 2017
Awarded for Smart Settlement.
Josseph de la Vega Award Winner
Federation of European Exchanges (FESE) 2016
Annual award for outstanding research on securities markets in Europe. Awarded for Speed and Learning in High-Frequency Batch Auctions.
Outstanding Paper in Investments
Eastern Finance Association 2014
Awarded for Need for Speed? Exchange Latency and Liquidity.

Public debate

Comment on the launch of VanEck Bitcoin ETF
Securities and Exchanges Commission 2021-06
Comment on IEX’s D-Limit Order Proposal
Securities and Exchanges Commission 2020-01

Media

Gamifying investment and sports betting
CBC Radio: Spark 2023-12-12
Is gamification in fintech hurting investors?
Financial Planning 2022-03-03
Canada’s clampdown on protest funding may be a challenge for financial sector
Reuters 2022-02-02
The benefits and risks of using ‘gamified’ investing apps
BNN Bloomberg 2022-02-02
‘Gamified’ apps push DIY traders to make riskier investments: Study
Toronto Star 2022-01-01
Canadian Liberals' promised hike in bank taxes could lead to job cuts, higher borrowing costs
Reuters 2021-09-09
Interview on Wealthsimple’s $750 million funding round.
Global News 2021-05-05
Canada stock market rules curb platforms linked to churning U.S. stocks
Reuters 2021-02-02
Canadian exchange operator TMX to start 23h derivatives trading to lure Asian investors
Reuters 2021-01-01
Gaps in Canadian surveillance technology spark concerns about traders working from home
Reuters 2020-07-07
Covid-19 forced trading floors to close. They’ll be back.
The Economist 2020-05-05
Why zero-fee funds may not be the best option for investors.
Canadian Investment Review 2019-09-09
Liquid trading speed and decentralized exchanges
Machine Lawyering Blog (CUHK Law School) 2019-08-08
Exchanges Can Ruin High Frequency Trading Benefits
Bloomberg News 2014-05-05

Contact