Decentralized Exchange: Theory and Market Design

在过去的几十年里，市场见证了交易的戏剧性转变，出现了新的交易类型，以及传统的、集中式的公共交易场所。交易从集中式交易所转向这些新型的分散式交易平台的情况很常见，不仅对于像房地产这样具有异质单位的资产和商品，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场外交易的。此外，正在推出定制(个性化)产品等新类型的证券，这是集中交易所不存在的。关于分散交易的小型但不断增长的研究强调了由于贸易分散而产生的摩擦--与寻找贸易伙伴、交易员之间的信息不对称或交易对手风险相关。拟议的项目有两个广泛的目标。首先，要了解与集中式交易环境相比，分散市场提高效率的潜力。没有集中市场对应方的去中心化市场中的经济机制是什么？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。这个项目的学术价值在于更深入地理解了去中心化市场的运作。这项研究将为关系和市场结构引入一个灵活的框架和均衡分析，这些关系和市场结构不能作为图表(双边链接)研究而不会损失，而更合适的是用称为超图的图表来表示。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、统计学家和其他社会科学家(学者和从业人员)和政策制定者的研究。特别是，拟议的研究将制定关于市场运行和监管的具体建议，政策制定者和市场设计者在实施《多德-弗兰克法案》规定的危机后场外市场变化时面临这些建议。

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.