Uncertainty, Unintended Consequences and Everything Else: Study of Recent APAC Market Microstructure Events (Presentation Slides)

31 Pages Posted: 28 Sep 2016 Last revised: 16 Oct 2016

See all articles by Ravi Kashyap

Ravi Kashyap

Gain Knowledge Group; Estonian Business School; City University of Hong Kong (CityU) - Department of Economics & Finance

Date Written: September 22, 2016

Abstract

We look at the nature of uncertainty as it relates to people and specifically zoom into the field of finance. Since the events we consider are related to trading venues we consider the motivations for the policy decisions of exchanges. We review the microstructure methodology used for the empirical studies and see how it is suited for this age of (too much) information. Lastly we look at some key results and unintended outcomes regarding the Japan TOPIX 100 tick size changes and the Hong Kong Shanghai Connect, linking the stock exchanges in the two cities.

The Topics of the Discussion: 1. The Nature of Uncertainty; 2. The Venue Menu and How to Increase Revenue; 3. Microstructure under the Microscope; 4. A Tale of Two Consequences; 5. Hong Kong Shanghai Connect/Hong Kong Beijing Disconnect.

Keywords: Uncertainty, Unintended Consequences, Venue, Menu, Revenue, TOPIX, Japan, Tick Size, Changes, Hong Kong, Shanghai, Connect, Trade Tech Asia, 2016, Singapore

Suggested Citation

Kashyap, Ravi, Uncertainty, Unintended Consequences and Everything Else: Study of Recent APAC Market Microstructure Events (Presentation Slides) (September 22, 2016). Available at SSRN: https://ssrn.com/abstract=2843106 or http://dx.doi.org/10.2139/ssrn.2843106

Ravi Kashyap (Contact Author)

Gain Knowledge Group ( email )

1 Austin Road West
Kowloon
Hong Kong

HOME PAGE: http://www.gainknowledgegroup.com

Estonian Business School ( email )

City University of Hong Kong (CityU) - Department of Economics & Finance

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