Decentralized Exchange: Theory and Market Design

在过去的几十年里，市场上的交易发生了巨大的转变，除了传统的、集中的、公开的交易场所外，还出现了新型的交易场所。交易从集中式交易所转向这些新型的去中心化交易平台，这不仅在资产和商品的单位像房地产一样异构的情况下很常见，而且在性质相似的资产中也很常见。大多数债券、外汇以及最近的股票都是在场外交易的。此外，定制（个性化）产品等新型证券正在推出，这是集中式交易所不存在的。关于去中心化交易的小型但不断增长的研究强调了由于贸易去中心化而产生的摩擦——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。在去中心化的市场中，没有相应的中心化市场的经济机制是什么？第二是在分散的贸易环境中制定市场设计和产品（安全）设计的一般原则。这个项目的智力价值在于对去中心化市场的运作有了更深入的理解。本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没有损失的图（双边链接）来研究，并且更合适地用被称为超图的图的泛化来表示。预计本项目产生的技术将加强高风险应用的实际设计，并促进研究网络的理论家、应用经济学家、统计学家和其他社会科学家（学者和实践者）以及政策制定者的研究。特别是，拟议的研究将就市场的功能和监管提出具体建议，这些建议是政策制定者和市场设计者在实施多德-弗兰克法案（Dodd-Frank act）规定的场外市场后危机变革时所面临的。

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.