Matteo Aquilina

Matteo Aquilina

Senior Economist

Bank for International Settlements


Welcome to my personal website. I am a senior financial economist who combines technical expertise with substantial policy and management experience. In this site you can find links to my published research and my working papers.


  • Financial Markets
  • Financial Stability
  • Regulation


  • PhD in Economics, 2006

    Roma Tre University

  • MSc in Economics for Development, 2002

    University of Oxford


The visible hand: benchmarks, regulation, and liquidity

Quantifying the high frequency trading 'arms race'

City goes dark: Dark trading and adverse selection in aggregate markets

Fixed income ETFs: Primary market participation and resilience of liquidity during periods of stress

The effects of regulating benchmarks

Liquidity in the U.K. Corporate Bond Market: Evidence from Trade Data

The Money’s Worth of annuities in the UK between 2006 and 2014

Factor Substitution, Average Firm Size and Economic Growth

An Empirical Study of the Determinants of Self-employment in Developing Countries

A Study on Labour Standards, International Trade and Economic Performance

Working Papers

Decentralised Finance (DeFi): A functional approach

Fixed Income ETFs: secondary market participation and resilience during times of stress

Asymmetries in Dark Pool Reference Prices