Speaker: Shino Takayama
Affiliation: The University of Queensland


This paper contributes to the market microstructure theory literature by establishing a game-theoretic foundation for studying market fragmentation. In practice, traders seeking to mitigate price impact can strategically divide their original order demands into multiple orders, dispersing them across different market systems and time periods (see van Kervel et al., 2023). Nevertheless, it is not necessary that the effects of order splitting across different market systems and time periods are the same. Our analytical framework facilitates theoretical exploration of how informed traders solve this decision-making problem, shedding light on the diverse price impacts depending upon their strategic choices.

About Statistics, modelling and operations research seminars

Students, staff and visitors to UQ are welcome to attend our regular seminars.

The events are jointly run by our Operations research and Statistics and probability research groups.

The Statistics, modelling and operations research (SMOR) Seminar series seeks to celebrate and disseminate research and developments across the broad spectrum of quantitative sciences. The SMOR series provides a platform for communication of both theoretical and practical developments, as well as interdisciplinary topics relating to applied mathematics and statistics.


Chamberlain Building (35)
Room: 210 (and via Zoom: