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Gillmore Centre - Academic Conference 2023

Warwick Business School Gillmore Centre Conference

DeFi & Digital Currencies - The Shard. London 27 & 28 October 2023

The conference will bring together an international group of leading scholars conducting innovative theoretical and empirical research on DeFi and digital currencies. Sessions include Liquidity on DEX and AMM, Digital Money, Settlement and AMM design, CBDC, yield farming and Decentralized Governance. The conference will continue to build on the growing Gillmore Centre research community and stimulate debate and future research on emerging financial technologies, practices, and regulation.

Organised by Olga Klein, Roman Kozhan, David Skeie, Ruslan Sverchkov and Ganesh Viswanath-Natraj 

Agenda Friday 27 October - recording link hereLink opens in a new window

09.20 - 09.30

Welcome and opening remarks - David Skeie (WBS Gillmore Centre)

Session 1 

Liquidity on DEX and AMM Session Chair: Olga Klein (WBS Gillmore Centre)

09:30 – 10.15  

Liquidity fragmentation on decentralized exchanges 

Marius Zoican (University of Toronto) with Alfred Lehar (University of Calgary) and Christine A. Parlour (UC Berkeley) PresentationLink opens in a new window

10.15 - 11.00

Learning from DeFi: Would Automated Market Makers Improve Equity Trading? 

11.00 - 11.30 Coffee break
Session 2

Digital Money Session Chair: Ruslan Sverchkov (WBS Gillmore Centre)

11.30 - 12.15

“Private vs Public Currency  

Bruno Biais (HEC) with Jean-Charles Rochet (TSE) and Stèphane Villeneuve (TSE) Presentation

12.15 - 13.00

Stablecoin Runs and the Centralization of Arbitrage 

Anthony Lee Zhang (University of Chicago) with Yiming Ma (Columbia University) and Yao Zeng (Wharton School, University of Pennsylvania) PresentationLink opens in a new window

13.00 - 13.15

WBS Gillmore Centre Crypto Dashboard Presentation: Wenjia Zhang and Moris Strub


13.15 - 14.15
Keynote Address - Chair: David Skeie (WBS Gillmore Centre)
14:15 - 15:15

KEYNOTE ADDRESS “e-CNY: CBDC and Narrow Banking in China.” 

15.15 - 15.45 Coffee break
Session 3

Settlement and AMM Design Session Chair: Kathy Yuan (LSE)

15.45 - 16.30

Battle of the Bots: Flash Loans, Miner Extractable Value and Efficient Settlement  

Discussant: Kaihua Qin (Imperial College London) 

PresentationLink opens in a new window

16.30 - 17.15

Automated Market Makers Designs Beyond Constant Functions 

Fayçal Drissi (University of Oxford) with Álvaro Cartea (University of Oxford), Leandro Sánchez-Betancourt (King’s College London), David Siska (University of Edinburgh), Lukasz Szpruch (University of Edinburgh) Presentation

Discussant: Wenqian Huang (BIS) 

PresentationLink opens in a new window

17.15 - 17.20
Day 1 Closing remarks - Roman Kozhan (WBS Gillmore Centre)
  Agenda Saturday 28 October - recording link hereLink opens in a new window
09.00 - 09.15 Registration and coffee
09.15 Welcome - Natasha de Teran (WBS Gillmore Centre)
Session 4 CBDC Session Chair: James Chapman (Bank of Canada) 
09.15 - 10.00

CBDC Policy Rules and Welfare 

Michael Kumhof (Bank of England) with Marco Pinchetti (Bank of England), Phurichai Rungcharoenkitkul (Bank of Thailand, BIS) and Andrej Sokol (Bloomberg) PresentationLink opens in a new window

10.00 - 10.45

CBDC and Financial Stability 

Peter Hoffmann (ECB) with Toni Ahnert (ECB), Agnese Leonello (ECB) and Davide Porcellacchia (ECB) Presentation

10.45 - 11.15 Coffee break
Session 5 Yield Farming and Decentralized Governance Session Chair: Ganesh Viswanath-Natraj (WBS Gillmore Centre)
11.15 - 12.00

Reaching for Yield in Decentralized Financial Markets 

Donghwa Shin (University of North Carolina at Chapel Hill) with Patrick Augustin (McGill University) and Roy Chen-Zhang (University of North Carolina at Chapel Hill) PresentationLink opens in a new window

Discussant: Felix Irresberger (Durham University) PresentationLink opens in a new window

12.00 - 12.45

DAO Governance 

Tao Li (University of Florida) with Jungsuk Han (Seoul National University) and Jongsub Lee (Seoul National University) Presentation

12.45 - 13.00 Closing remarks - Bazil Sansom (WBS Gillmore Centre)
13.00 - 14.00 Lunch

We thank the programme committee for its time in evaluating the submissions. 

Programme Committee: Joseph Abadi, Yackolley Amoussou-Guenou, Bruno Biais, Christophe Bisiere, James Chapman, Darrell Duffie, Irem Erten, Rod Garratt, Zhiguo He, Olga Klein, Roman Kozhan, Michael Kumhof, Alfred Lehar, Antoine Martin, Simon Mayer, Julien Prat, Fahad Saleh, Bazil Sansom, David Skeie, Ruslan Sverchkov, Ganesh Viswanath Natraj, Wei Xiong, Kathy Yuan. 

Conference Manager: Katherine Higton -

FURTHER INFORMATION: If you have any additional comments or questions, message us at

Call for Papers Page link.

The Gillmore Centre for Financial Technology is based in Warwick Business School but draws membership across the University of Warwick and beyond. The Gillmore Centre conducts world-class, cutting-edge research at the intersection of finance and technology. It aims to reinforce Warwick's already formidable interdisciplinary environment, helping to tie together further departmental excellence with the Centre as a research hub exploring the transformative impact of emerging technologies such as artificial intelligence, machine learning, blockchain, mobile payments, cryptocurrencies and crowdfunding platforms. The £3m donation by Clive Gillmore, founder and group chief executive of Mondrian Investment Partners, enables Warwick to continue attracting the world’s best academics and postgraduates. The Gillmore Centre builds on Warwick Business School’s global reputation and core disciplines while infusing the aligned fields of computer science, law and mathematics alongside deep tech innovation to drive applied research with industry partners and start-ups.