“My intention has always been to understand whether markets are efficient, and if not, why. An effective way to do this is to analyze illiquidity, the visible tip of the iceberg of market inefficiencies,” says Prof. Angelo Ranaldo, SFI Senior Chair, Member of the Bank Council of the Swiss National Bank and, since August 2024, Full Professor of Finance and Financial Economics at the University of Basel.

In his research career than spans more than two decades, Prof. Ranaldo has primarily focused on the FX and money markets. More recently, he studies unique FX data from the Continuous Linked Settlement (CLS), which operates the world’s largest multi-currency cash settlement system. “So far we have studied the spot market on a global scale, as for instance in Ranaldo and Santucci de Magistris (2018). The next step is to shed light on the FX derivatives market. I have only scratched the surface for now,” says Professor Ranaldo.

His research has been published in leading finance journals such as Journal of Finance, Journal of Financial Economics and Review of Financial Studies. 

His personal website is available here.