EVANGELOS BENOS
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ASSOCIATE PROFESSOR
Department of Accounting and Finance
FEB 01 - Faculty of Economics and Management, 118
Evangelos Benos is associate professor of finance at the University on Cyprus. Prior to that he was professor of finance at the University of Nottingham and senior economist at the Bank of England. His research spans a range of topics related to market structure such as OTC derivatives and securities markets, high frequency trading, centralized clearing and payment and settlement systems. Evangelos did a PhD in economics at the University of Illinois at Urbana-Champaign and has taught at various universities in the US and Europe.
- Market microstructure: OTC derivatives, fixed income and repo markets, high frequency trading
- Financial infrastructures: Centralized clearing, securities settlement, large-value payments and related central bank policies.
RESEARCH ARTICLES
- "The Cost of Clearing Fragmentation", with Wenqian Huang, Albert Menkveld and Michalis Vasios, Management Science, 2023, Vol. 70, No. 6, 1-16
- Working paper: SSRN (latest version)
- Related article: Albert Menkveld's two cents
- "Centralized Trading, Transparency and Interest Rate Swap Market Liquidity: Evidence from the Implementation of the Dodd-Frank Act" with Michalis Vasios and Richard Payne, Journal of Financial and Quantitative Analysis, 2020, Vol. 55(1), 159-192
- Relatd articles: VOX EU Column, Columbia Law School Blue Sky Blog Column
- Media coverage: Financial Times, International Financing Review, Markets Media
- Citations: Congressional testimonies by CFTC Chairman Timothy Massad (here) and by Fed Governor Jerome Powell (here). Also cited in remarks by CFTC Chairman Massad before the 2016 P.R.I.M.E. Finance Annual Conference (here) and before the ABA Derivatives and Futures Law Committee, 2016 Winter Meeting (here).
- "Funding Constraints and Liquidity in Two-Tiered OTC Markets", with Filip Zikes, Journal of Financial Markets, 2018, Vol. 39, 24-43
- "The Impact of De-Tiering in the United Kingdom's Large-Value Payment System", with Gerardo Ferrara and Pedro Gurrola-Perez, Journal of Financial Market Infrastructures, 2018, 6(2/3), 1-32
- "Interactions Among High Frequency Traders”, with James Brugler, Erik Hjalmarsson and Filip Zikes, Journal of Financial and Quantitative Analysis, 2017, Vol. 52 (4), 1375-1402
- Media coverage: Bloomberg, International Business Times, Yahoo Finance
- "Price Discovery and the Cross-Section of High Frequency Trading", with Satchit Sagade, Journal of Financial Markets, 2016, Vol. 30, 54-77
- "The Role of Counterparty Risk in CHAPS Following the Collapse of Lehman Brothers", with Rodney Garratt and Peter Zimmerman, International Journal of Central Banking, 2014, Vol. 10, No. 4, 143-171
- Related article: VOX EU Column
POLICY ARTICLES
- "Centralising Bond Trading" with Pedro Gurrola-Perez and Stefano Alderighi, World Federation of Exchanges report, December 2022
- "The economics of distributed ledger technology for securities settlement", with Rodney Garratt and Pedro Gurrola-Perez, Ledger, 2019, Vol. 4
- "Who supplies liquidity in CHAPS?", with Christina Fritz, Bank Underground, July 2018
- "Recycling is good for the liquidity environment: Why ending QE shouldn’t stop banks from being able to make CHAPS payments", with Gary Harper, Bank Underground, May 2016
- High-frequency trading and market quality: What's the deal? Bank Underground, June 2015