Call for Papers: CFS 3rd International Conference

When:22 February 2013

Call for Papers: The Industrial Organisation of Securities and Derivatives Markets: Competition, Liquidity, and Network Externalities

Organizers: Center for Financial Studies and Deutsche Börse AG

 

After very successful conferences in 2008 and 2010 we are now inviting submissions of papers for the 3rd international conference on "The Industrial Organisation of Securities and Derivatives Markets: Competition, Liquidity and Network Externalities". The objective of the conference is to bring together academics, practitioners and members of the industry to focus on state-of-the-art academic research in an environment that stimulates discussions and an exchange of ideas.

Topics

Today, over-the-counter (“OTC”) and exchange-traded markets for securities and derivatives are complementary and competing segments of the global financial trading markets. OTC and exchange markets have a number of significant interrelations. Innovations in both areas of trading and clearing activity in recent years have increased the various economic avenues through which the two interact. At the same time, such innovations have also led to increased competition between major market participants and institutions, which has increased the array of alternatives from which end users can choose to meet their risk-management and trading needs.

 

Financial innovations and the dynamics of rapidly adjusting business and institutional models continue to be a challenge not only for an evaluation of the costs and benefits of such markets, but also for the appropriate regulatory design. Taking for example the European regulatory initiatives like the European Market Infrastructure Regulation (“EMIR”), the Review of the Markets in Financial Instruments Directive (“MiFID II”) or the new Capital Requirements Directive (“CRD IV”), changing the rules of clearing and trading operations for market intermediaries, clearinghouses and trading venues will impact the liquidity formation and resilience across OTC and exchange-traded markets.

Against this background there is strong demand for a deeper understanding of the institutional dynamics and the industrial organization of securities and derivatives markets. The aim of the conference is to shed light on all aspects of the clearing and trading infrastructures and institutions.

The submission of both theoretical and empirical papers in the following fields is especially encouraged:

  • Competition for order, clearing and settlement flows
  • Competition and interaction between OTC and exchange markets
  • Consolidation vs. fragmentation effects in trading, clearing and settlement
  • Liquidity formation and resilience in OTC and exchange markets
  • Implications of clearing and trading arrangements on market efficiency
  • Network and risk externalities in OTC and exchange markets

Conference Chairs

Peter Gomber, University of Frankfurt

Erik Theissen, University of Mannheim

 

Submission Information:

Research papers should be sent electronically (pdf) together with full contact information to: Erik Theissen by February 22, 2013. The authors of selected papers will be notified by March 31, 2013.

Accommodation and reasonable travel expenses of presenters will be covered. The fee for regular participants will be announced.

 

Program committee:

Ekkehart Boehmer (EDHEC Business School)

Patrick van Cayseele (KU Leuven)

Christopher Culp (University of Chicago)

Hans Degryse (KU Leuven)

Thierry Foucault (Groupe HEC)

Peter Gomber (University of Frankfurt)

Joachim Grammig (University of Tübingen)

Thorsten Koeppl (Queen’s University)

Kai-Oliver Maurer (University of Applied Sciences Fulda)

Albert Menkveld (VU University Amsterdam)

Martin Reck (Deutsche Börse AG)

Erik Theissen (University of Mannheim)

Mark Van Achter (Erasmus University Rotterdam)

Gunther Wuyts (KU Leuven)

Category

CFS Research Conference

Date

22.02.2013

Time

will be announced

Venue

will be announced

Fee

Attendance is free of charge

Contact

Erik Theissen