Københavns Financial Markets Microstructure Spring 2020

Universitet News Articles Prof. Egor Starkov

Financial Markets Microstructure: list of used news

articles
Below is the list of news articles that were assigned as readings after corresponding lectures. They are
typically (at least vaguely) related to the material of that lecture.
• L1: Introduction
– The LME is Europe’s only surviving “open outcry” venue – The Economist, Aug 01, 2019,
https://www.economist.com/finance-and-economics/2019/08/01/
the-lme-is-europes-only-surviving-open-outcry-venue
• L2: Liquidity
– Digitisation shakes up corporate-bond markets – The Economist, Apr 22, 2017,
https://www.economist.com/finance-and-economics/2017/04/22/
digitisation-shakes-up-corporate-bond-markets
• L3: Dealer markets 1, Glosten-Milgrom model
– Candy Crush vs. Words with Friends: Wall Street’s choice is clear – CNN Money, Feb 13, 2015,
https://money.cnn.com/2015/02/13/investing/
candy-crush-king-zynga-stocks/index.html
• L4: Dealer markets 2, Factors of Illiquidity
– More questions than answers – The Economist, Dec 14, 2013, https://www.economist.
com/finance-and-economics/2013/12/14/more-questions-than-answers
– Nordic Power Whale Booted Off Exchange After $117 Million Loss – Bloomberg, Sep 13, 2018,
https://www.bloomberg.com/news/articles/2018-09-13/
trader-gets-expelled-from-nasdaq-power-market-after-defaulting
– Aas Lost Millions Trading Power, But Others Had Similar Bets – Bloomberg, Sep 26, 2018,
https://www.bloomberg.com/news/articles/2018-09-26/
aas-lost-millions-on-nordic-power-but-others-had-similar-bets
• L5: Dealer markets 3, Kyle Model, Empirics of Illiquidity
– WTI-WTF? – Streetwise professor, April 20, 2020 https://streetwiseprofessor.com/
wti-wtf/
• L8: Market Fragmentation
– Price-bots can collude against consumers – The Economist, May 06, 2017,
https://www.economist.com/finance-and-economics/2017/05/06/
price-bots-can-collude-against-consumers
– Dark markets may be more harmful than high-frequency trading – Reuters, Apr 06, 2014,
https://www.reuters.com/article/
us-dark-markets-analysis-idUSBREA3508V20140406
• L9: Market Transparency
– Europe’s capital markets face a big shake-up and are not ready – The Economist, Sep 30, 2017,
https://www.economist.com/finance-and-economics/2017/09/30/
europes-capital-markets-face-a-big-shake-up-and-are-not-ready
• L11: Financial markets and Corporate governance, Digital markets
– Anything you can do, Icahn do better – Feb 15, 2014, https://www.economist.com/
business/2014/02/15/anything-you-can-do-icahn-do-better

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