Regime complexes are arrays of institutions with partially overlapping mandates and memberships. As tensions frequently arise among these institutions, there is a growing interest geared to finding strategies to reduce them. Insights from regime theory, science and technology studies, and social...

ETF markets generally provide high levels of liquidity but occasionally break down under turbulent conditions. We show that this seemingly ambivalent behavior can optimally arise in an inventory model of market making that explicitly accounts for the ETF specific dual trading structure. Our...