We consider front-running to be a course of action where an entity benefits from prior access to privileged market information about upcoming transactions and trades. Front-running has been an issue in financial instrument markets since the 1970s. With the advent of the blockchain technology,...

Central banks around the world are evaluating the option of issuing a centrally banked digital currency (CBDC). There are a number of policy objectives attributed to offering a CBDC. Curiously, some of the stated objectives are contradictory. This confusion is a consequence of a very broad...