David A. Cimon

Senior Economist

David Cimon is a Senior Economist in the Financial Markets Department at the Bank of Canada. His current research focuses on financial market structure and the impact of regulation. Recent topics include: conflict of interest in the brokerage market, the impact of regulation on market making, latency delays, and crowdfunding.

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David A. Cimon

Senior Economist
Financial Markets
Market Structure and Regulation

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Latest

Order Flow Segmentation, Liquidity and Price Discovery: The Role of Latency Delays

Staff Working Paper 2018-16 Michael Brolley, David A. Cimon
Latency delays—known as “speed bumps”—are an intentional slowing of order flow by exchanges. Supporters contend that delays protect market makers from high-frequency arbitrage, while opponents warn that delays promote “quote fading” by market makers. We construct a model of informed trading in a fragmented market, where one market operates a conventional order book and the other imposes a latency delay on market orders.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, Financial system regulation and policies, Market structure and pricing JEL Code(s): G, G1, G14, G18

Banking Regulation and Market Making

Staff Working Paper 2017-7 David A. Cimon, Corey Garriott
We present a model of market makers subject to recent banking regulations: liquidity and capital constraints in the style of Basel III and a position limit in the style of the Volcker Rule.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, Financial system regulation and policies, Market structure and pricing JEL Code(s): G, G1, G14, G2, G20, L, L1, L10

Broker Routing Decisions in Limit Order Markets

Staff Working Paper 2016-50 David A. Cimon
The primary focus of this paper is to study conflict of interest in the brokerage market. Brokers face a conflict of interest when the commissions they receive from investors differ from the costs imposed by different trading venues.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, Market structure and pricing JEL Code(s): G, G2, G24, G28

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Education

  • BSocSci, University of Ottawa
  • MA, Carleton University
  • PhD, University of Toronto

Research Interests

  • Financial Economics
  • Financial Market Microstructure

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