February 6, 2025 (NO COMMENTS)

Researchers at the University of Oxford think market-makers at the European Union’s largest exchange are colluding to pick the pockets of exchange-traded fund (ETF) investors.

The bombshell claims were published last month in a paper titled ‘Anonymity, signalling and collusion in limit order books’, which presents evidence that market-makers covertly reveal themselves to each other by posting outsize orders that often end in the same two or three digits.

The authors – Alvaro Cartea, professor of