About

Market structure research, live and online.

The Microstructure Exchange is a virtual webinar series for new academic work on trading, liquidity, market design, exchange competition, and related topics.

History

Andriy, Björn, Cameron, Katya, and Andreas founded TME during the 2020 pandemic as a way to keep the market microstructure community connected and to let researchers discuss work with one another while travel and ordinary workshops were impossible. We will keep doing it until people start telling us not to.

Format

Talks are online, usually on Tuesdays at 11:00 a.m. ET, with time for presentation and discussion. Calls for papers are run by season, and accepted authors choose from the available webinar dates.

Review process and paper selection

Our goal is to make the review process easy and a small time commitment for reviewers because most of us are refereeing for many journals and conferences. Therefore, we have followed a crowd-sourced approach:

  • We write to a large group of reviewers.
  • Each paper gets sent to 9-10 reviewers.
  • We ask only for a 5-point rating; no comments are expected.
  • In the past, accepted papers had an average score of 4 or higher.
  • We accept fewer than 10% of submissions.
  • We aggregate the ratings, examine the highest-rated papers, and then make the selection decision.
  • To obtain a good mix of topics and presenters, we typically also solicit one or two papers per season.
  • Many selected papers have been presented at other top conferences and have been published in top journals. Yes, we understand endogeneity; still...

Since inception, we as organizers have committed not to submit our own work.