As trading in the dark serves an important part of total trading activities nowadays, how is the real economy impacted? We find that dark trading contributes to the corporate investment environment through the production of new information for managers. This leads to an increased managers’...

We show that exchange traded funds (ETFs) are used in a new form of insider trading known as “shadow trading.” Our evidence suggests that some traders in possession of material non-public information about upcoming M&A announcements trade in ETFs that contain the target stock, rather than...

This report examines the market landscape for digital assets, including digitally recorded traditional securities and cryptographically secured tokens that represent the building blocks of the future tokenized economy. It shows that markets for decentralized assets are currently more costly and...