Past Meetup

(NY) - Marzena Rostek - Financial Innovation in Decentralized Markets

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Price: $25.00 /per person

Fordham University

140 West 62nd Street New York, NY 10023 (12th Floor) · New York, NY

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The event shall take place in the McNally Amphitheatre.

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Financial Innovation and Price Impact

Marzena Rostek

Seminar Program

5:45pm Registration
6:00pm Seminar
7:30pm Reception


Today’s financial markets are comprised of many coexisting trading venues. Traders often participate in multiple exchanges for the same assets. Fragmentation is a characteristic of virtually any asset class.

This paper develops a framework for decentralized markets with multiple exchanges and flexible trading strategies for any number of strategic agents and assets. The framework enables an explicit treatment of price impact.

We examine three classes of instruments that would be neutral if traders had no price impact or trading were centralized: (1) the creation of new trading venues for existing assets, (2) the introduction of new assets, and (3) innovation in the types of market clearing that decentralized trading enables.


Marzena Rostek is the Lowell and Leila Robinson Professor of Economics at the University of Wisconsin-Madison. She holds a BA in Economics from the University of Warsaw (1999), a MSc from the Catholic University of Leuven (2000), an MPhil from the University of Amsterdam and Tinbergen Institute (2001), and a PhD from Yale University (2006). She was a postdoctoral research fellow at Nuffield College at Oxford University [masked]).

Rostek has advanced modeling of financial markets with price impact, with special focus on the effects of fragmentation, market opacity, and apparently excessive financial innovation. Her work has suggested new possibilities for designing securities and exchanges to accomplish certain revenue and efficiency objectives.

Rostek is the recipient of several research and teaching awards. Her research has been supported by multiple grants from NSF, Net Institute, and WARF. Rostek is a member of Finance Theory Group and an Associate Editor at Econometrica, Journal of Economic Literature, Journal of European Economic Association, Economic Theory, and Economic Theory Bulletin.


This a joint IAQF/Thalesians seminar, and not an instructional program of New York University.