The curious case of the revealing orders
Oxford academics have found evidence pointing to collusion on a European exchange, but market-makers aren’t wholly convinced
In the game of contract bridge, partners are permitted to pass signals to each other through coded card play.
On financial exchanges, such behaviour could amount to market abuse, which is forbidden.
Yet, an Oxford University mathematics professor believes he has found evidence of potential signalling by market-makers in exchange-traded funds (ETFs).
Álvaro Cartea, who also leads the Oxford-Man Institute of Quantitative Finance, last week previewed the results of a study showing that the order sizes
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