Imperial College London

Emiliano Pagnotta

Business School

Assistant Professor of Finance



+44 (0)20 7594 0939e.pagnotta Website CV




53PG Suite 5.09Business School BuildingSouth Kensington Campus






BibTex format

author = {Pagnotta, ES and Philippon, T},
doi = {10.3982/ECTA10762},
journal = {Econometrica},
pages = {1067--1115},
title = {Competing on speed},
url = {},
volume = {86},
year = {2018}

RIS format (EndNote, RefMan)

AB - We analyze trading speed and fragmentation in asset markets. In our model, trading venuesmake technological investments and compete for investors who choose where and how muchto trade. Faster venues charge higher fees and attract speed-sensitive investors. Competitionamong venues increases investor participation, trading volume, and allocative efficiency, butentry and fragmentation can be excessive, and speeds are generically inefficient. Regulationsthat protect transaction prices (e.g., Securities and Exchange Commission trade-through rule)lead to greater fragmentation. Our model sheds light on the experience of European and since the implementation of Markets in Financial Instruments Directive and RegulationNational Markets System.
AU - Pagnotta,ES
AU - Philippon,T
DO - 10.3982/ECTA10762
EP - 1115
PY - 2018///
SN - 0012-9682
SP - 1067
TI - Competing on speed
T2 - Econometrica
UR -
UR -
VL - 86
ER -