My primary area of research is market microstructure (the analysis, design and regulation of trading mechanisms for securities). In addition to teaching at Stern, I've served as a consultant to the New York Stock Exchange and the American Stock Exchange. I am an Advisory Editor of the Journal of Financial Markets, an Associate Editor of the Journal of Financial Econometrics, the Journal of Financial Intermediation, and Finance Research Letters, and a past editor of the Review of Financial Studies. I've served on the scientific advisory board of ITG, Inc. and Nasdaq's economic advisory board. I hold a Ph.D. from the University of Pennsylvania and a B.S. in Chemistry from Haverford College.