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2019 IEX Academic Research Conference

IEX hosted the inaugural IEX Academic Research Conference (ARC) in November 2019 to highlight breakthrough equity market structure research around a variety of topics. The conference brought together market structure researchers and market participants in order to foster greater discourse and collaboration between industry and academia.

This is the archival page for IEX ARC 2019, which includes the conference program and links to the conference papers.
See our blog for a more detailed account of IEX ARC 2019. See our ARC 2020 page for more details for this year’s conference.

Important dates

Date: Nov. 21, 2019

Submission Deadline: Sept. 22, 2019, 11:59 pm Eastern Time - the Call for Papers is now closed

Notification of Acceptance: Oct. 22, 2019


8:30 - 9:30am Registration & breakfast
9:30 - 9:45am Opening remarks & welcome
Brad Katsuyama
9:45 - 11:00am
Session: Algorithmic Intermediation
Bidisha Chakrabarty, Pamela C. Moulton*, & Xu (Frank) Wang
Robert Battalio, Brian Hatch, & Mehmet Saǧlam*
11:00 - 11:30am Coffee break
11:30am - 1:00pm
Session: Liquidity Trends
Jonathan Brogaard, Davidson Heath*, & Da Huang
Session: Price Microstructure
Sasha Stoikov
Michael Brolley & Katya Malinova*
Joel Hasbrouck
1:00 - 2:15pm Lunch
2:15 - 3:30pm
Session: Fragmentation x Competition
Chester S. Spatt
Sean Foley*, Elvis Jarnecic, & Anqi Liu
3:30 - 3:45pm Break
3:45 - 5:00pm Breakout Q&A sessions
5:00 - 8:00pm Cocktail reception & closing comments
The research papers posted here were provided to IEX as host of the Academic Research Conference. Any opinions or assertions contained in these materials do not represent the opinions or beliefs of IEX or any of its affiliates or employees.

Topics of interest

We welcome submission of any original research broadly within the field of equity market structure. Topics of interest include but are not limited to:

  • Market microstructure
  • Market design
  • Market quality
  • Order routing
  • Best execution
  • Principal/agency incentives
  • Optimal order execution
  • High-frequency trading
  • Performance measurement
  • Transaction costs
  • Financial regulation
  • Financial intermediation

Papers should be empirical, include an empirical application, or be theoretical but of immediate practical relevance in order to be considered. Submissions will be judged based on criteria such as quality, novelty, methodology, and relevance to practitioners.

Conference Organizers

About IEX

Founded in 2012 and headquartered in New York City, IEX Group is a technology company on a mission to inspire fairness and innovation by creating technology that levels the playing field. IEX Group is most well-known for its flagship stock exchange, The Investors Exchange, which launched in 2016 and sets new standards by raising the bar for performance, fairness, and transparency. For more, please visit iextrading.com/about.