Arthur Gervais is an Assistant Professor of Computer Science at Imperial College London. Gervais received his PhD on the topic of "Proof of Work Blockchain Security, Privacy and Scalability'' from ETH Zurich. Gervais's research focuses on applied cryptography, network and distributed ledger security, privacy as well as their scalability properties.
Title of talk: Maleficience in Traditional and Blockchain based Financial Exchanges
Financial exchanges, such as the London Exchange, are fundamental to the world economy. Decades of trading have brought to light a broad set of creative market manipulation techniques: front-running, wash trading, bear raiding, pump and dump, latency fingerprinting, sniping, and more. While the emergence of blockchain enables users to maintain asset custody, their decentralized and public nature opens new forms of market manipulation. Whether cryptocurrency or traditional custodian exchange, traders often have no choice but to trust an exchange to act honestly.
Interestingly, cryptography may provide an opportunity to render financial exchanges more transparent and accountable. Instead of maintaining the status quo of costly, error-prone, manual supervisory exchange audits, exchanges could operate in a correct-by-default mode.
In this keynote we will discuss the state of the art of financial exchange security, and highlight issues affecting in particular blockchain based exchanges. We will discuss the dangers caused by front-running, and highlight potential solutions.