We study trading of Bitcoin against US dollar (BTCUSD) on exchanges in three continents, Bitfinex, Bitstamp and Coinbase Pro. We use a high frequency dataset that contains transactions and order book information. The BTCUSD market is highly liquid in terms of bid-ask spreads and order book...

By the end of 2017, 27 cryptocurrencies topped a market capitalization of one billion USD. Bitcoin is still shaping market and media coverage, however, recently we faced a vibrant rise of other currencies. As a result, 2017 has also witnessed the advent of a large number of cryptocurrency-funds....

This paper makes use of spot and futures market data to carry out a thorough analysis of the dynamics of carbon price returns in the EU ETS for the whole first commitment period from 2008 to 2012. Understanding the properties of carbon price returns is especially crucial for industries which...