Decentralized Exchange: Theory and Market Design

去中心化交易所：理论与市场设计

• 批准号: 1357758
• 负责人: Marzena Rostek
• 金额: $ 26.61万
• 依托单位: University of Wisconsin-Madison
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2014
• 资助国家: 美国
• 起止时间: 2014-07-01 至 2018-06-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=1357758&HistoricalAwards=false
• 关键词: Decentralized; Exchange; Theory; Market; Design

Over the last couple of decades, markets have seen a dramatic shift of trade toward new types of trading exchanges being created along with traditional, centralized, public trading venues. The shift in trade away from centralized exchanges towards these new types of decentralized trading platforms is common not only for assets and goods with units as heterogeneous as real estate, but also for assets that are similar in nature. Most bonds, foreign exchange, and more recently stocks, are traded over the counter. In addition, new types of securities such as bespoke (personalized) products are being introduced, which do not exist in centralized exchanges. The small but growing research on decentralized trading has emphasized frictions that arise due to decentralization of trade - associated with search for trading partners, information asymmetries amongst traders, or counterparty risk. The proposed project has two broad objectives. The first is to understand the potential for decentralized markets to improve efficiency, compared to centralized trading environments. What are the economic mechanisms in decentralized markets that do not have centralized market counterparts? The second is to develop general principles for market design and product (security) design in decentralized trade settings. The intellectual merit of this project is a deeper understanding of the functioning of decentralized markets. This research will introduce a flexible framework and equilibrium analysis for relationships and market structures that cannot be studied as graphs (bilateral links) without loss, and are more appropriately represented by a generalization of graphs known as hypergraphs.It is expected that the techniques produced by this project will enhance practical design in high-stake applications and facilitate research by theorists studying networks as well as applied economists, statisticians, and other social scientists (academics and practitioners), and policymakers. In particular, the proposed research will develop specific recommendations concerning the functioning and regulation of markets that policymakers and market designers face in implementation of the post-crisis changes in over-the-counter markets mandated by the Dodd-Frank act.

在过去的几十年里，市场已经看到了一个戏剧性的转变，贸易向新类型的交易所正在创建沿着传统的，集中的，公共的交易场所。交易从集中式交易所转向这些新型的分散式交易平台，不仅对于像真实的房地产这样具有异质性的资产和商品，而且对于性质相似的资产也是如此。大多数债券、外汇和最近的股票都是在柜台上交易的。此外，正在推出新类型的证券，如定制（个性化）产品，这在集中式交易所中不存在。关于分散式交易的研究虽少但不断增加，强调了由于贸易分散而产生的摩擦-与寻找贸易伙伴、交易者之间的信息不对称或交易对手风险有关。拟议的项目有两大目标。首先是了解与集中式交易环境相比，去中心化市场提高效率的潜力。在没有集中市场对应的分散市场中，有哪些经济机制？第二是为分散贸易环境下的市场设计和产品（安全）设计制定一般原则。这个项目的智力价值是对分散市场的运作有了更深入的理解。本研究将介绍一个灵活的框架和均衡分析的关系和市场结构，不能研究的图表（双边链接）没有损失，并且更合适地由称为超图的图的概括来表示。预计该项目产生的技术将增强高风险应用中的实际设计，并促进研究网络的理论家以及应用经济学家的研究，统计学家和其他社会科学家（学者和从业人员）以及决策者。特别是，拟议的研究将就政策制定者和市场设计者在实施《多德-弗兰克法案》规定的场外交易市场危机后变革时面临的市场运作和监管提出具体建议。