13 December 2022

Digital Assets and Markets: A transaction-cost analysis of market architectures

This report examines the market landscape for digital assets, including digitally recorded traditional securities and cryptographically secured tokens that represent the building blocks of the future tokenized economy. It shows that markets for decentralized assets are currently more costly and less efficient than centralized limit order book markets, but the difference is largely because decentralized markets are in their infancy and have not reached the volumes traded in centralized markets. This analysis provides a guide for investors selecting markets to trade digital assets and has implications for how financial market infrastructure is likely to evolve as more assets join the “tokenized economy”.

by Angelo Aspris, Anne Haubo Dyhrberg, Sean Foley, Talis J. Putnins


Download the Digital Assets and Digital Markets Report (1.98Mb)

By Nancy Murphy

New Call for Proposals on Responsible AI: What does ‘fairness’ mean when consumers are not directly impacted?

The SWIFT Institute invites proposals for research on the Responsible AI: Fair Play, a analysis of how to define “AI...

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By Dave Ivy

Announcing three new Call for Proposals

Swift Institute is seeking research proposals, due on June 1, on the following topics: Exchange & Capital Controls: Economic &...

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