The Clearinghouse Project

The structure of securities markets is changing dramatically. Technology has created a need for speed. Algorithms seeking liquidity are causing liquidity providers to turn to dark pools to protect their information. Participants are paying to peek at order flow before it is sent to an execution venue. There is an ever increasing need among exchanges, traders, and regulators to understand how to structure trading to provide a fair and level trading arena.

The Clearinghouse Project has been created to offer guidance to markets and participants. We bring to our clients the combined expertise of four market structure professionals with a long history of providing just the type of critical analysis of decisions needed today. In addition to our four experts, we have a number of well-trained Ph.D. students to assist us.

The services we offer include:

  • Compiling White Papers and/or executive summaries of literature relevant to a particular decision or trading rule (e.g., the impact of pre-trade transparency or securities taxes on market quality).
  • Conducting surveys (e.g., polling participants on anticipated responses to changes in trading rules).
  • Analyzing the ex-post impact of rule changes relative to a desired outcome (e.g., do changes in order display rules result in improved liquidity?).
  • Compiling execution quality statistics to satisfy regulatory reporting requirements.
  • Identifying appropriate experts at other universities (if needed) for our clients.

 

Short biographies of our experts can be found by clicking here.

To e-mail the director of the Clearing House Project click here or call 1.732.445.5644