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Press Release
Berlin, 27th June 2013
FESE announces winners of the Josseph de la Vega Prize 2013
The Federation of European Securities Exchanges is delighted to announce that this year’s winners of
the De la Vega Prize 2013 are Laurence Lescourret and Sophie Moinas from ESSEC Business School and
Toulouse School of Economics, respectively, for their paper “Liquidity Supply across Multiple Trading
Venues”.
The paper looks at the impact of fragmentation with the help of an innovative model that analyses the
behaviour of global dealers in a fragmented market. The analysis shows that market spreads are
significantly impacted by the divergence of dealers’ global inventories. It also shows how market
spreads are related to the size and the direction of order flows routed to the other venue. The authors
describe that, when liquidity suppliers are active in different venues, they actually consolidate the
markets and therefore mitigate the negative effect of competition, while increasing not only intermarket competition on fees, but also intra-market competition between dealers.
The prize was awarded by FESE President Hans-Ole Jochumsen, President of NASDAQ OMX Nordic, and
Michel Maquil, Chairman of the De la Vega Steering Committee, on 26th June 2013 at the Gala Dinner of
the FESE Convention in Berlin.
De la Vega Advisory Jury 2013
Helena Beltrán-López, Research Fellow, Financial and Statistical Modeling Institut de Recherches
Economiques et Sociales, UCL, Belgium
Alain Durré, Principal Economist at the ECB and Associate Professor of Finance at IÉSEG - School of
Management, Lille Catholic University
Frank Fehle, Partner, BlueCrest Capital
Harald Hau, Professor of Economics and Finance, Swiss Finance Institute Senior Chair, University of
Geneva and GFRI
Peter Hoffmann, Economist, Financial Research Division, European Central Bank
Arman Khachaturyan, (PhD) CEO, National Competitiveness Council of Armenia
Richard Meier, Research Associate, Swiss Banking Institute of the Zurich University
Albert Menkveld, Professor Financial Economics - VU University Amsterdam
Ulf Nielsson, Assistant Professor (PhD) in Finance, Copenhagen Business School, Denmark
Ángel Pardo Tornero, Full Professor, Department of Financial Economics, University of Valencia, Spain
Roberto Pascual, Associate Professor of Finance, with tenure, University of the Balearic Islands, Spain
Ryan Ryordan, Assistant Professor, University of Ontario Institute of Technology (Canada), Faculty of
Business and Information Technology
Antonio Sáinz de Vicuña, General Counsel of the European Central Bank
Josseph de la Vega Prize
Every year the Federation of European Securities Exchanges (FESE) invites researchers, academics, and
practitioners to submit papers to the Josseph de la Vega Prize for an outstanding research paper related
to the securities markets in Europe. Papers about current developments in European securities markets
which promote public markets are particularly welcome.
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Further information and details about this prestigious prize can be found on the De la Vega Prize
website http://www.fese.eu/en/?inc=cat&id=16 or by contacting: Burçak Inel, Deputy Secretary
General, [email protected], or Sara Baldi, Junior Policy Advisor, [email protected].
Information for the Editor:
The Federation of European Securities Exchanges (FESE) represents 46 exchanges in equities, bonds, derivatives and
commodities through 21 full members from 30 countries, as well as 2 Observer Members from non European markets. FESE is a
keen defender of the Internal Market and many of its members have become multi-jurisdictional exchanges, providing market
access across multiple investor communities. At the end of 2012, FESE members had up to 9,000 companies listed on their
markets, of which 8% are foreign companies contributing towards the European integration and providing broad and liquid
access to Europe’s capital markets. Many of our members also organise specialised markets that allow small and medium sized
companies across Europe to access the capital markets; 1,442 companies were listed in these specialised markets/segments in
equity, increasing choice for investors and issuers.
For further information: FESE Secretariat, Ms Tracey Roberts, Communications & Policy Adviser
Tel: +32 2 551 01 87 - Email: [email protected]
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