FESE Announces Winners Of The Josseph De La Vega Prize 2013

The Federation of European Securities Exchanges is delighted to announce that this year’s winners of the De la Vega Prize 2013 are Laurence Lescourret and Sophie Moinas from ESSEC Business School and Toulouse School of Economics, respectively, for their paper “Liquidity Supply across Multiple Trading Venues”.

The paper looks at the impact of fragmentation with the help of an innovative model that analyses the behaviour of global dealers in a fragmented market. The analysis shows that market spreads are significantly impacted by the divergence of dealers’ global inventories. It also shows how market spreads are related to the size and the direction of order flows routed to the other venue. The authors describe that, when liquidity suppliers are active in different venues, they actually consolidate the markets and therefore mitigate the negative effect of competition, while increasing not only inter-market competition on fees, but also intra-market competition between dealers.

The prize was awarded by FESE President Hans-Ole Jochumsen, President of NASDAQ OMX Nordic, and Michel Maquil, Chairman of the De la Vega Steering Committee, on 26^th June 2013 at the Gala Dinner of the FESE Convention in Berlin.

Helena Beltrán-López, Research Fellow, Financial and Statistical Modeling Institut de Recherches Economiques et Sociales, UCL, Belgium

Alain Durré, Principal Economist at the ECB and Associate Professor of Finance at IÉSEG - School of Management, Lille Catholic University

Frank Fehle, Partner, BlueCrest Capital

Harald Hau, Professor of Economics and Finance, Swiss Finance Institute Senior Chair, University of Geneva and GFRI

Peter Hoffmann, Economist, Financial Research Division, European Central Bank

Arman Khachaturyan, (PhD) CEO, National Competitiveness Council of Armenia 

Richard Meier, Research Associate, Swiss Banking Institute of the Zurich University

Albert Menkveld, Professor Financial Economics - VU University Amsterdam

Ulf Nielsson, Assistant Professor (PhD) in Finance, Copenhagen Business School, Denmark

Ángel Pardo Tornero, Full Professor, Department of Financial Economics, University of Valencia, Spain

Roberto Pascual, Associate Professor of Finance, with tenure, University of the Balearic Islands, Spain

Ryan Ryordan, Assistant Professor, University of Ontario  Institute of Technology (Canada), Faculty of Business and Information Technology

Antonio Sáinz de Vicuña, General Counsel of the European Central Bank