Richard Payne

Richard Payne is a Professor of Finance at Bayes Business School, City University London. His research focuses on empirical market microstructure and asset pricing, with emphasis on exchange rate determination, algorithmic trading, and liquidity dynamics. He holds a PhD in Economics from the London School of Economics and has held academic roles at leading institutions including LSE, University of Bristol, and Warwick Business School. Payne has extensive industry experience, consulting for financial regulators and institutions. His work explores topics like short selling impacts, high-frequency trading, and cross-market linkages between equities and forex markets.

Education:

• PhD in Economics, London School of Economics and Political Science
• MSc in Econometrics and Mathematical Economics, LSE
• BSc in Economics, University of Bristol

Research Interests:

• Equity and FX market microstructure
• Algorithmic trading effects
• Regulatory policy impacts (e.g., Dodd-Frank, short sale bans)
• Liquidity measurement and provision
• High-frequency trading dynamics

Publications Trends: His work spans over 31 journal articles and 2 books, with recent focus on long-horizon market skewness, centralized trading transparency, and ultra-fast trading impacts. Key themes include liquidity analysis across asset classes and regulatory interventions' empirical effects.

Professional Activities:

• Directed MSc in Finance programs
• Organized EMG microstructure conferences
• Consulted for UK regulators and financial firms
• Media commentator on market manipulation and high-frequency trading

Labs/Teams: Active in cross-disciplinary research groups exploring algorithmic trading, financial regulation, and market quality metrics.