date/vreme: 09/03/2026, 12:00
venue/mesto: Ogranak SANU, "Platoneum", Nikole Pašića 6, Novi Sad
Speakers / Predavači
Dr. Dragiša Žunić and Prof. Emilio Tuosto, Gran Sasso Science Institute, Italy
https://www.gssi.it/people/professors/lectures-computer-science/item/6408-tuosto-emilio (home page)
Title / Naslov:
Leveraging computer science methods to represent and design market models
Abstract / Sažetak:
In this talk we review the main market designs (market microstructure), discuss their limitations, and identify the underlying causes. In particular, we focus on the centralized limit order book (CLOB) and frequent batch auctions (FBA). Economists have shown that the drawbacks of the CLOB model originate from the combination of (a) sequential processing of orders and (b) a continuous-time assumption [Budish et al.]. Although FBA mitigates some of these drawbacks, it falls short of retaining the quality of price discovery associated with CLOB.
We then propose a new market model inspired by computer science principles; more precisely, we leverage on maximally parallel mechanisms for order processing. Following this approach, we devise a formal model based on a variant of reaction systems [Brodo et al.] and illustrate how it allows for the analysis and comparison of market models. Our approach enables the design of markets whose core behavior can be formally guaranteed. Finally, we discuss how the approach can be generalized to decentralized markets.
About the speakers.
Emilio Tuosto is a full professor in Computer Science at the Gran Sasso Science Institute (GSSI) in L'Aquila (Italy), where he is the coordinator of the PhD program. From 2005 to 2019 Emilio worked at the Department of Computer Science of the University of Leicester (UK) initially as lecturer and then as an associate professor. Before moving to UK, Emilio had been a research associate from 2003 to 2005 at the University of Pisa where he also got his PhD and MSc in Computer Science. Emilio's main research interests are in foundations of concurrent and distributed computations. Recently Emilio has been active in the area of behavioural specifications and distributed computations where he as co-authored pioneering work on design-by-contract for message-passing systems, bottom-up choreographic approaches, local-first principles in the design, analysis, and implementation of peer-to-peer systems.
Dragiša Žunić is a postdoctoral researcher at the Gran Sasso Science Institute (GSSI) in Italy, working in computer science and formal methods and their applications to economics. His research focuses on designing foundational systems for finance, primarily financial exchanges and trading venues, addressing known challenges in market and auction design. His current work explores parallel and concurrent systems. While maintaining focus on centralized financial systems (CeFi), his research also explores the decentralized paradigm (DeFi). He earned his PhD from the École Normale Supérieure de Lyon (ENS Lyon), France, and a BSc from the Faculty of Science at the University of Novi Sad. He is also a research associate at the Institute for Artificial Intelligence R&D of Serbia. He has held research positions at Carnegie Mellon University in Qatar and École Polytechnique Fédérale de Lausanne and has contributed to several international projects.