Five of the ten largest stablecoins are backed by fiat assets. Four hold digital assets; all ten are collateralized. Seven of the ten are on the Ethereum network. Failure rates of stablecoin projects are almost as high as other digital assets. The 2015 and 2018 vintages of stablecoins have...

This paper analyzes the market microstructure of the European Climate Exchange, the largest EU ETS trading venue. The ECX captures 2/3 of the screen traded market in EUA and more than 90% in CER. Trading volumes are active, with EUA volume doubling in 2009. Spreads range from €0.02 to €0.06...

This paper assesses the microstructure of the U.S. Treasury securities market, using newly available tick data from the BrokerTec electronic trading platform. Examining trading activity, bid-ask spreads, and depth for on-the-run two-, three-, five-, ten-, and thirty-year Treasury securities, we...