Matteo Aquilina is a manager in the FCA Economics Department and represents it at ESMA’s Committee for Economic and Market Analysis (CEMA). Before this he worked in consultancy. He holds an MSc in Economics for Development from Oxford, and a PhD in Economics from the University of Rome.
The unprecedented growth in passive investment and of Exchange Traded Funds (ETFs) as a vehicle for both retail and institutional investors is one of the defining market trends of this century....
It’s not always easy to pinpoint the cause of a flash crash. But trade data gives us a good picture of what happens during periods of extreme price volatility.