The Microstructure Exchange is a virtual academic market microstructure research seminar of indefinite length, intended to continue the sharing of ideas between researchers.

Speakers will be invited to present their work over Zoom. Seminars will last 45 minutes with questions asked at designated break points during the talk and a 15 minute Q&A session at the end of the session that will be organized by a moderator.

Attention The Microstructure Exchange is accepting submissions for Fall 2021. Please submit your paper.

Upcoming talk

Matt Ringgenberg (Utah)
Does Floor Trading Matter?
with Jonathan Brogaard (Utah) and Dominik Rösch (SUNY Buffalo)
June 22nd, 11 am (EDT)
Paper link

Abstract: While algorithmic trading now dominates financial markets, some exchanges continue to use human floor traders. On March 23, 2020 the NYSE suspended floor trading because of COVID-19. Using a difference-in-differences analysis, we find that floor traders are important contributors to market quality. The suspension of floor trading leads to higher effective and quoted spreads and larger pricing errors for treated stocks, relative to control stocks. Moreover, consistent with theoretical predictions about automation, the effects are strongest around the opening and closing auctions when complexity is highest. Our findings suggest that human expertise can complement algorithms in complex situations.


Seminars will take place on Tuesdays. Times may vary to accomodate a broader global audience and to meet the speaker’s schedule.

The calendar is available as a Google calendar or in iCal format.


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Organizing committee


Email with comments, questions, and feedback.

Past talks


The Microstructure Exchange will host resources, tools, and data for microstructure researchers. Please contact to add your resource to this section.