Matteo Aquilina

Matteo Aquilina

Adviser, Financial Stability

Bank for International Settlements (BIS)

Biography

Welcome to my personal website. I am a financial economist working at the intersection of research and policy. At the Bank for International Settlements (BIS) I lead the BIS’s contributions to the G20 and the Financial Stability Board (FSB). I joined the BIS in late 2022, initially in the Financial Markets Unit.

Before the BIS, I spent over two years at the FSB Secretariat working on non-bank financial intermediation, and about ten years at the UK Financial Conduct Authority in the Chief Economist’s Department. I also served as vice-chair of the IOSCO Committee on Emerging Risks.

My research has appeared in journals including the Quarterly Journal of Economics, the Journal of Economic Dynamics and Control and the Journal of Banking & Finance. On this site you can find my published research, working papers and policy publications.

Interests

  • Financial Stability
  • Financial Markets and Market Microstructure
  • Non-bank Financial Intermediation
  • Crypto, DeFi and Tokenisation
  • Financial Regulation

Education

  • PhD in Economics, 2006

    Roma Tre University

  • MSc in Economics for Development, 2002

    University of Oxford

Publications

Asset price bubbles and systemic risk in money market funds

Earlier version: BIS Working Paper 1358 (2026).

Tackling the risks in crypto: choosing among bans, containment and regulation

Decentralized finance (DeFi): a functional approach

Earlier version: CEPR Discussion Paper 17810 (2023).

Authorised participants as shock absorbers in fixed-income ETFs

Earlier version: FCA Research Note (2021).

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

Working Papers

Harnessing artificial intelligence for monitoring financial markets

The speed premium: high-frequency trading and the cost of capital

Through stormy seas: how fragile is liquidity across asset classes and time?

Decentralised dealers? Examining liquidity provision in decentralised exchanges

Regulation, information asymmetries and the funding of new ventures

Policy Publications

BIS Papers, Bulletins and Quarterly Review articles

Contact