CHICAGO, April 1, 2019 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace, and the
Mathematical Sciences Research Institute (MSRI) announced its
eleventh Innovative Quantitative Applications Prize recipient.
Albert Kyle, Charles E. Smith Chair
Professor of Finance at the University of
Maryland is the 2018 CME Group-MSRI Prize winner for his
work in market microstructure. A ceremony honoring Kyle will take
place at the Chicago Cultural Center on Monday, April 8, at 9:30
a.m. CT.
Past CME Group-MSRI Prize winners have included distinguished
luminaries in economics and mathematics. Five out of 11 of these
past recipients have gone on to receive the Nobel Prize in Economic
Sciences. A complete list of past recipients is available at
msri.org.
The CME Group-MSRI Prize recognizes individuals who contribute
original concepts in mathematical, statistical or computational
methods for the study of the markets' behavior and global
economics. Kyle has done extensive research on this year's panel
topic. He is best known for his work on market microstructure,
including topics such as high frequency trading, informed
speculative trading, market manipulation, price volatility, the
informational content of market prices, market liquidity and
contagion.
"I am honored to join the distinguished roster of CME Group-MSRI
Prize winners," said Kyle. "I have spent my academic lifetime
building quantitative, game-theoretic models of speculative trading
which try to capture how asset managers process information and
trade on it. It is fitting that this work would be recognized by a
global marketplace like CME Group."
Kyle is a Fellow of the American Finance Association in (2013)
and a Fellow of the Econometric Society (2002). He has been a board
member of the American Finance Association (2004-2006). He holds an
honorary doctoral degree from the Stockholm
School of Economics (2013). He was a staff member of the
Presidential Task Force on Market Mechanisms (Brady Commission,
1987), a consultant to the SEC (Office of Inspector General), CFTC,
and U.S. Department of Justice, a member of NASDAQ's economic
advisory board (2004-2007), a member of the FINRA economic advisory
board (2010-2014) and a member of the CFTC's Technology Advisory
Committee (2010-2012).
"We applaud the selection of Professor Albert Kyle for this prestigious award," said
Leo Melamed, Chairman Emeritus of
CME Group and founder of the CME Group-MSRI Prize in Innovative
Quantitative Applications. "His pioneering work in market
microstructure has made a significant impact on our industry, and
on the field of economics."
"These days, markets function at high speed, and algorithmic
trading is common. Trying to understand or improve these processes
without mathematics would be unthinkable," said David Eisenbud, Director of MSRI and Professor
of Mathematics at the University of
California, Berkeley. "Albert
Kyle's work on mathematical models of such problems captures
their essential elements without losing their richness."
The panel discussion, which will focus on topics related to
equity market design, will precede the award ceremony. Several
distinguished economists and academics will be participating in the
panel, including:
- Jose Scheinkman, Charles
and Lynn Zhang Professor of Economics, Columbia University and 2014 CME-MSRI Prize
Recipient
- Eric Budish, Professor of
Economics, University of Chicago Booth
School of Business
- Anna Obizhaeva, Professor of Economics, New Economic
School
- S. Viswanathan, F. M. Kirby Professor of Investment
Banking, Duke University
Members of the media can attend the award ceremony where CME
Group will present Kyle with the CME Group-MSRI Prize medal and
$50,000 cash award. Email
Liz Mannebach at
liz.mannebach@cmegroup.com for more information and to
register.
The CME Center for Innovation's mission is to identify, foster
and showcase examples of significant innovation and creative
thinking pertaining to markets, commerce or trade in the public and
private sectors. For more information on the CME Center for
Innovation, visit
http://www.cmegroup.com/company/center-for-innovation/.
About MSRI
The Mathematical Sciences Research Institute (MSRI) in
Berkeley, California, is one of
the world's preeminent centers for collaborative research in the
mathematical sciences. MSRI advances mathematical research through
workshops and conferences since its founding in 1982, and over
1,700 mathematicians are hosted by MSRI each year. A rotating
committee of renowned mathematical scientists governs the
Institute's scientific program with a vision of the field that is
perpetually renewed. A Board of Trustees, composed of accomplished
business and academic leaders, oversees the Institute's strategy,
and assures its operational and financial welfare. The Institute
has been funded primarily by the National Science Foundation with
additional support from other government agencies, private
foundations, corporations, individual donors, and over 100 academic
institutions.
MSRI also serves a wider community through the development of
human scientific capital, providing postdoctoral training to
extraordinary young scientists and increasing the diversity of the
research workforce. The Institute advances the education of young
people with conferences on critical issues in mathematics education
and the creation of a nationwide Math Circles movement engaging
children in math as a hobby. MSRI strives to make mathematics
accessible and exciting to those outside the field through the
National Math Festival, sponsorship of Numberphile, YouTube's most
popular informal mathematics channel, film production for public
television, and the Mathical Book Prize for youth literature.
www.msri.org
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) enables clients to trade futures,
options, cash and OTC markets, optimize portfolios, and analyze
data – empowering market participants worldwide to efficiently
manage risk and capture opportunities. CME Group exchanges offer
the widest range of global benchmark products across all major
asset classes based on interest rates, equity
indexes, foreign
exchange, energy, agricultural
products and metals. The company offers futures and
options on futures trading through the CME Globex® platform, fixed
income trading via BrokerTec and foreign exchange trading on the
EBS platform. In addition, it operates one of the world's
leading central counterparty clearing providers, CME
Clearing. With a range of pre- and post-trade products and
services underpinning the entire lifecycle of a trade, CME Group
also offers optimization and reconciliation services through
TriOptima, and trade processing services through Traiana.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and, E-mini are trademarks of Chicago Mercantile
Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board
of Trade of the City of Chicago,
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trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima,
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Jones, Dow Jones Industrial Average, S&P 500 and S&P are
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Standard & Poor's Financial Services LLC and S&P/Dow Jones
Indices LLC, as the case may be, and have been licensed for use by
Chicago Mercantile Exchange Inc. All other trademarks are the
property of their respective owners.
CME-G
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SOURCE CME Group