Independent Research Studies Funded by IFM

As part of our ongoing educational initiatives on the markets, the IFM funds research studies that examine critical issues. Below is a list of independent research studies funded by grants from the Institute for Financial Markets. IFM studies are subjected to rigorous review process to meet quality and credibility standards.

• Customer Asset Protection Insurance Study (A study co-sponsored by the IFM, CME Group, Futures Industry Association, and National Futures Association)
  Compass Lexecon
• The Tale of Two Regulations — Dodd-Frank Act and Basel III: A Review and Comparison of the Two Regulatory Frameworks
  Ohaness George Paskelian, University of Houston-Downtown and Stephen Bell, Park University
• OTC Derivatives: A Comparative Analysis of Regulation in the U.S., European Unions and Singapore Frameworks
  Rajarshi Aroskar, University of Wisconsin-Eau Claire
• Systemic Risk: Clustering and Contagions Mechanism Frameworks
  Agostino Capponi and Peng-Chu Chen, Purdue University
• The Impact of Regulation on the Liquidity and Pricing Efficiency of Exchange Traded Derivatives
  Lorne Switzer and Qianyin Shan, Concordia University, Canada and Jean-Michel Sahut, HEG, Geneva, Switzerland
• Clearing and OTC Traded Derivatives: A Survey
  Joseph K.W. Fung, Hong Kong Baptist University; and Robert I. Webb, University of Virginia and KAIST Business School, Graduate School of Finance and Accounting, Seoul, Korea
• Behavioral Finance and Pricing of Derivatives: Implications for Dodd-Frank Act
  Rahul Verma, University of Houston-Downtown
• Optimizing the Cost of Customization for OTC Derivatives End Users
  Sean Owens, Woodbine Associates
• A Half-Century of Product Innovation and Competition at U.S. Futures Exchanges
  Michael Gorham and Poulomi Kundu, Illinois Institute of Technology
• Transaction Tax and Market Quality of U.S. Futures Exchanges: An Ex-Ante Analysis
  Johan C. Bjursell, Ronin Capital; George H.K. Wang, George Mason University; and Jot K. Yau, Seattle University
• Margin Backtesting
  Christophe Perignon, HEC Paris and Christophe Hurlin, University of Orleans, France
• Clearing House, Margin Requirements, and Systemic Risk
  Jorge A. Cruz Lopez, Simon Fraser University; Jeffrey H. Harris, University of Delaware; and Christophe Pérignon, HEC Paris.
• High-Frequency Trading: Methodologies and Market Impact
  Frank J. Fabozzi, Yale School of Management; Sergio M. Focardi, EDHEC Business School; and Caroline Jonas, The Intertek Group.
• Would Price Limits Have Made Any Difference to the "Flash Crash" on May 6, 2010?
  Bernard Lee; Shih-fen Cheng and Annie Koh, Singapore Management University
• Direct Market Access in Exchange-Traded Derivatives: Effects of Algorithmic Trading on Liquidity in Futures Markets
  Ahmet K. Karagozoglu, Hofstra University
• Recommendation for Best Practice in Order Entry and Transmission of Exchange-Traded Futures and Options Transactions
  A Report to the U.S. Commodity Futures Commission from National Futures Association and Institute for Financial Markets (formerly Futures Industry Institute)