Building Better Markets is a Nobel Endeavor

On October 12, we learned that the 2020 Nobel Prize in Economics was to be awarded to Stanford’s Robert Wilson and Paul Milgrom “for improvements to auction theory and inventions of new auction formats.” Their groundbreaking work had, the committee recognized, revolutionized the efficient allocation of resources as important and diverse as radio spectrum shares... Read more

Posted on: January 04, 2021

How Many Exchanges Is Enough?

September saw the debuts of the 14th, 15th, and 16th U.S. stock exchange, adding oxygen to a never-ending debate: How many exchanges is enough? Communists say the number is zero; monopoly-lovers say it is one.  Beyond that, the commentariat is split between “a lot fewer than 16” and “the more, the merrier.” The first group... Read more

Posted on: January 04, 2021

CODA’s Comment Letter regarding the SEC Commission Statement on Market Structure Innovation for Thinly Traded Securities

Via e-mail: Ms. Vanessa Countryman Secretary U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090 Re: Commission Statement on Market Structure Innovation for Thinly Traded Securities (File No. S7-18-19) Dear Ms. Countryman: I am pleased that the Commission has taken the initiative to engage market participants in determining how this problem—which... Read more

Posted on: July 22, 2020

Does Speed Kill

Does Speed Kill?

  By Don Ross Does speed kill?  Or more specifically, does the quest for ever-greater trading speeds kill resources that could be better dedicated—from the perspective of investors and listed companies—to other activities?  Six years after the publication of Michael Lewis’s Flash Boys, the question is still generating more heat than light. A new academic... Read more

Posted on: March 03, 2020

Beyond Speed and AI: Using Technology to Build Better Markets

By Don Ross Five years ago, Michael Lewis set off a firestorm in the trading community with his bestseller Flash Boys, accusing high-frequency traders of robbing innocent investors to the tune of untold billions each year.  Unnuanced, for sure, the book nonetheless captured for the general public a problem institutions had been wrestling with for... Read more

Posted on: August 01, 2019