MI3 Academic Research Papers

Integral to Plato Partnership’s vision is academic research – the Market Innovator (MI3). This produces independent research and analytics, open to peer review, and aimed at seeking out ways in which the Plato community can collaborate to build a better financial ecosystem.

Plato Partnership’s members believe that there has long been a desire to have a mechanism whereby all market participants can collectively address regulatory imperatives, communication flows, or other universal processes that are not competitive differentiators. The economics of tackling those individual issues through a preformed collective will enable Plato Partnership to take serious costs out of the system and earn trust. The members believe that Plato Partnership holds a unique position and through its Market Innovator (MI3), is able to create a flow of truly compelling proposals.

Plato Partnership welcomes proposals for new academic research which will be reviewed by the MI3 academic group. To submit an idea email us on info@platopartnership.com

Latest MI3 Reports

Tick Size, Market Quality, and Market Structure

By Giovani Cespa, Professor of Finance at Bayes Business School, City, University of London


Are Speed Bumps Beneficial

Are Speed Bumps Beneficial?

By Carole Comerton-Forde, Professor of Finance, University of Melbourne, and Fatemeh Aramian, Postdoctoral Researcher, University of Melbourne


2023 MI3 Reports

Closing Mechanisms in European Equities

By Carole Comerton-Forde, Professor of Finance, University of Melbourne, and Fatemeh Aramian, Postdoctoral Researcher, University of Melbourne


T+1: Looking at the Bigger Picture

By Rebecca Healey, Managing Partner at Redlap Consulting Ltd


Retail Trading in European Equity Markets

By Carole Comerton-Forde, Professor of Finance, University of Melbourne, and Fatemeh Aramian a Postdoctoral Fellow, University of Melbourne


Tokenized Stocks for Trading and Capital Raising

By Katya Malinova, Associate Professor at McMaster University, and Andreas Park, Professor of Finance at the University of Toronto

2022 MI3 Academic Research Reports

Retail Investors in the Pandemic

Charles M. Jones, Columbia Business School, Xiaoyan Zhang, the PBC School of Finance at Tsinghua University, and Xinran Zhang, the Central University of Economics and Finance

Market Fragmentation in Europe

Björn Hagströmer, Professor of Finance and Director of Research Studies at Stockholm Business School (SBS), Stockholm University

Brave New Hybrid World

Brave New Hybrid World

Rebecca Healey, Redlap Consulting

Fixed to Fluid

Fixed to Fluid

Rebecca Healey and Charlotte Decuyper, Redlap Consulting

Drivers and Effects of Stock Market Fragmentation – Insights on SME Stocks.

Drivers and Effects of Stock Market Fragmentation

Jens Lausen, Benjamin Clapham, Peter Gomber and Micha Bender, Goethe University, Frankfurt, Germany

Academic Research Archive

Below you can find all of Plato Partnership’s commissioned academic research papers from 2021 back


Would Reg NMS be beneficial for Europe? Ensuring the resilience of European equities trading

Carole Comerton-Forde


Björn Hagströmer, Stockholm Business School

Who benefits from colocation?


Using Machine Learning in Electronic Trading

Professors Fethi Rabhi and Nikolay Mehandjiev


Optimal Market Access Pricing

Roberto Riccó, Barbara Rindi, and Duane J. Seppi


How do you solve a problem like a market outage? Ensuring the resilience of European equities trading

Carole Comerton-Forde and Zhuo Zhong


Rebecca Healey and Charlotte Decuyper, Redlap Consulting

Covid 19 – A Roadmap for Change


Panacea or Pipedream? Europe’s Equity Market Readies for RFQ

Tim Cave, Tabb Group


Measuring Block Trading Performance

Dr. Darren Toulson, Liquid Metrix


Shedding light on dark trading in Europe

Professor Carole Comerton-Forde, Professor of Finance at the University of Melbourne