Financial Infrastructure Stability and Cyber-security (FISC) Center
The Goal of the Financial Infrastructure Stability and Cyber-security (FISC) Center at the University of Memphis (Carnegie R1 classification for very high research activity) is to identify systemic threats to financial infrastructure stability and market resiliency by applying big data analytics and advanced statistical techniques to financial data.
The center has the capacity to process large datasets, bring additional datasets, read distributed ledgers generated by blockchain technology (FINTECH) and extend the analysis to cyber-security applications by engaging full time faculty and PhD/graduate students in Finance, Statistics, and Computer Sciences. FISC's research projects include financial impact of regulations, market design, technology and its risks, social media, big data and analytics, Bayesian and non-Bayesian statistical modeling, illiquidity and loss-spirals, and institutional ownership and trades. FISC faculty are also interested in Cybersecurity research on topics currently being funded by government agencies and relevant to industry include Anonymous Networks & Currencies (Cryptocurrencies), Cyber Risk Economics (CyRiE), Cyber Security Forensics, Cybersecurity Competitions, Enterprise Level Security Metrics and Usability, and Insider Threats.
The Cook Analytics & Trading Lab hosts the security microstructure data sets, servers, and 12 Bloomberg terminals with real-time and historic information on a variety of markets including equities, fixed income, government securities, commodities and foreign currency markets. The size of the microstructure datasets, NYSE's Trade and Quote (TAQ) and Nasdaq's order message data (ITCH) together represent more than 1 TB of data per day. Datastream International provides international coverage. Additionally WRDS access is available for CRSP and Compustat. The Lab has the data for several years going back from the time before the 2008 Financial Crisis all the way to the current year.
FISC Faculty Expertise
Financial Market Design: Dr. PK Jain, George Johnson Professor of Finance
Market Microstructure and Trading: Dr. Tom McInish, Wunderlich Chair of Excellence in Finance
Statistical Modeling: E. Olúṣẹ́gun George, Professor and Graduate Coordinator, Statistics
Computer Science, Cybersecurity, and Bio-inspired computing: Dr. Dipankar Dasgupta, Dr. Pat E. Burlison Professor of Computer Science
Cyber-security science and managerial issues: Dr. Robin Poston, Professor and Chair, Department of Business Information and Technology
Computational analysis of political texts and the political implications of security intrusions: Dr. Leah Windsor, Research Assistant Professor, Institute for Intelligent Systems
Fintech and Cybersecurity: Dr. Konstantin Sokolov, Assistant Professor of Finance
- Neuromarketing and Consumer Behavior: Dr. George Deitz, Associate Professor, Department of Marketing & Supply Chain Management
Volunteer Industry Experts
Fixed Income, Capital Markets, Fintech and AI: Stephen K. Valadié, CFA. SVP, Fintech Strategy / AI. First Horizon Bank
Congratulations to coach Professor Napoleon Overton and his team of finance students
for their efforts in the Cook Analytics & Trading lab year-round! Recently, they have
been recognized with the TVA Investment Challenge Program award for significantly
outperforming the market in competition with 25 top Universities. Overton's students
now have a record of outperforming the S&P over the past 1-, 3- and 5-year horizons,
a result that most professional money managers would find extremely hard to match.
For more details, please visit https://lnkd.in/dPptKYwc
Congratulations to Dr. Konstantin Sokolov in receiving the Dimensional Fund Advisors
1st Place Prize for the Best Paper in The Journal of Finance at the American Finance
Association annual meeting. The Journal of Finance is consistently ranked as the best
finance journal. Its articles continuously define the next generations of finance
To read more, please visit https://lnkd.in/d8TMXfNu
Recorded paper presentations
- Christopher Butler: CFTC (Commodity Futures Trading Commission) municipal pension fund interest rate swap usage
- David Taylor: Organizational structure of stock exchanges around the world
- Kelley Anderson: Foreign institutional ownership and price efficiency
- Md Jobaer Hossain: Intra-day interconnectedness of leveraged ETF markets
- Rasheek Irtisam: Management tone and informed trading
- Wei Sun: Time clustering, leading indicators of stress, and collecting and standardizing financial data and summary metrics of TAQ and ITCH and other big data for public consumption.
Ransomware Activity and Blockchain Congestion, Konstantin Sokolov, Journal of Financial Economics, 2021. https://doi.org/10.1016/j.jfineco.2021.04.015
An Examination of the NYSE’s Retail Liquidity Program, Pankaj K. Jain, Jared Linna, Thomas H McInish, The Quarterly Review of Economics and Finance, 80, 367-373, 2021.
Commonality in Liquidity and Multilateral Trading Facilities. Pankaj K. Jain, M. Mekhaimer, Sandra Mortal, Financial Review 55(3), 1–22, 2020. https://doi.org/10.1111/fire.12225
Every Cloud Has a Silver Lining: Fast Trading, Microwave Connectivity, and Trading Costs. Andriy Shkilko and Konstantin Sokolov, Journal of Finance, forthcoming 2020. https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12969
Insights from Bitcoin Trading. Pankaj K. Jain, Thomas H. McInish, and Jonathan Miller. Fintech Special Issue, Financial Management, forthcoming, 2019.
Intraday price behavior of cryptocurrencies. Bill Hu, Thomas McInish, Jonathan Miller, Li Zeng, 2018, Financial Research Letters.
Permanent Price Impact Asymmetry of Trades with Institutional Constraints. Chiyachantana Chiraphol, Pankaj Jain, Christine Jiang, and Vivek Sharma, Journal Financial Markets, 2017, Lead Article.
Does High Frequency Trading Increase Systemic Risk? Pankaj Jain, Pawan Jain, and Thomas H. McInish, 2016, Journal of Financial Markets 31, 1-24. Lead Article.
Impact of Foreign Ownership on Price Efficiency. Kelley Anderson, Pankaj Jain, and Seung Won Woo. Southern Finance Conference. Key West, FL.
Materials from past FISC cross-disciplinary workshops
How Can You Support FISC?
Join major university supporters who help build FISC capacity by providing grants and scholarships for research faculty, students, capital acquisitions, data and softwares.
901.678.5930 | Email Rasheek