Dr. Micha Bender won the BAI science award.

Former efl member Dr. Micha Bender won the BAI (Bundesverband Alternative Investments) science award for his dissertation "The Impact of Regulation on Securities Trading". In his dissertation, he examines the effects of regulatory measures on securities trading, analyzing specific topics such as the impact of the MiFID II directive, soft commissions, trading fragmentation, index rule changes, and the increasing volume of closing auctions. The aim of his thesis is to deepen our understanding of the effects of regulation on market quality and price discovery. Thereby, he contributes to the current academic debate and offers valuable insights into the complex interactions between market rules and market behavior. Furthermore, he shows how index rule changes and trading mechanisms can influence the efficiency and stability of financial markets and what implications this has for market participants and regulatory authorities. Congratulations!