We examine the impact of increasing competition among the fastest traders by analyzing a new low-latency microwave network connecting exchanges trading the same stocks. Using a difference-in-differences approach comparing German stocks with similar French stocks, we find improved market...

This paper provides a first economic analysis of liquid staking tokens, which are derivatives representing a share of staked tokens in proof-of-stake blockchains. There is substantial time-variation in the "liquid staking basis"', i.e., the price difference between a derivative staking token and...