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This lecture focuses on assessing market regulation, particularly in the context of high-frequency trading. The instructor discusses the measurement of various aspects of high-frequency trading, the impact of market transformation on liquidity, and the assessment of liquidity services provided to large institutional traders. The lecture delves into the evaluation of regulatory changes through randomized controlled trials, the effects of spillovers in regulatory pilots, and the challenges in designing experiments to measure causal effects. The instructor also explores the SEC's pilot program on small cap liquidity and the potential implications of changes in tick size and trade-at rules on market quality.