On the Quality of Cryptocurrency Markets: Centralized vs. Decentralized Exchanges

The authors thank Agostino Capponi, Alfred Lehar, Thomas Moser, Engin Iyidogan, Laurence Daures, Igor Kozhanov, Peter O’Neill, and Olga Klein as well as participants of the Swiss National Bank Conference on Cryptoassets and Financial Innovation, the Central Bank Research Association Annual Meeting, Swiss National Bank Technology and Finance Webinars, the Bank of Canada finance seminars, the World Federation of Exchanges Webinars, the Finance Research Seminars Graz, the 13th Annual Hedge Fund Research Conference, and the Edinburgh Financial Technology Conference by the University of Edinburgh Business School for advice and stimulating discussions. The authors thank Charles Milliet for his excellent research assistance. All errors are the authors’ own.