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 Winter 2022. Please submit your paper.

Upcoming talk

Fatemeh Aramian (Stockholm Business School)
High-Frequency Traders and Single-Dealer Platforms
with Lars Norden (Stockholm Business School)
December 7th, 11am (EDT)
Paper link

High-frequency traders (HFTs) mainly operate on public exchanges, where multiple third-party buying and selling interests interact with each other. Following recent European regulatory changes (Markets in Financial Instruments Directive II), HFT single-dealer platforms have emerged on which HFTs conduct bilateral trading as dealers. We find that trading on HFT dealer platforms is detrimental to liquidity on public stock exchanges. HFTs manage inventory imbalances from their dealer operations by trading more aggressively and reducing their liquidity supply on exchanges, which harms liquidity.


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


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Past talks


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