{"id":90923,"date":"2021-06-16T09:53:00","date_gmt":"2021-06-16T13:53:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=90923"},"modified":"2022-11-21T09:47:38","modified_gmt":"2022-11-21T14:47:38","slug":"the-microstructure-of-cointegrated-assets","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/the-microstructure-of-cointegrated-assets\/","title":{"rendered":"The Microstructure of Cointegrated Assets"},"content":{"rendered":"\n<p class=\"has-background\" style=\"background-color:#daead5\">The paper &#8220;The Microstructure of Cointegrated Assets&#8221; is available via SSRN: <br><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3824298\">https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3824298<\/a><\/p>\n\n\n\n<p><strong>Authors:<\/strong><\/p>\n\n\n\n<p>Sasha Stoikov<br>Cornell Financial Engineering Manhattan<\/p>\n\n\n\n<p>Peter Decrem<br>Citibank, N.A. &#8211; Citi Fixed Income Currency &amp; Commodities<\/p>\n\n\n\n<p>Yikai Hua<br>Cornell Financial Engineering Manhattan<\/p>\n\n\n\n<p>Anne Shen<br>Cornell Financial Engineering Manhattan<\/p>\n\n\n\n<p>Date Written: April 11, 2021<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h3 class=\"has-text-align-left wp-block-heading\" id=\"h-abstract\">Abstract<\/h3>\n\n\n\n<h3 class=\"has-text-align-left wp-block-heading\" id=\"h-we-define-the-micro-price-of-multiple-cointegrated-assets-this-yields-a-notion-of-fair-prices-as-a-function-of-the-observable-state-of-multiple-order-books-we-compute-the-microprices-of-two-highly-cointegrated-assets-using-level-1-data-collected-on-interactive-brokers-we-design-an-execution-algorithm-based-on-this-two-dimentional-microprice-and-show-that-it-can-save-half-of-the-bid-ask-spread-cost\">We define the micro price of multiple cointegrated assets. This yields a notion of fair prices, as a function of the observable state of multiple order books. We compute the microprices of two highly cointegrated assets, using Level-1 data collected on Interactive Brokers. We design an execution algorithm based on this two dimentional microprice and show that it can save half of the bid-ask spread cost.<\/h3>\n\n\n\n<p class=\"has-text-align-left\" id=\"h-stoikov-sasha-and-decrem-peter-and-hua-yikai-and-shen-anne-the-microstructure-of-cointegrated-assets-april-11-2021-available-at-ssrn-https-ssrn-com-abstract-3824298-or-http-dx-doi-org-10-2139-ssrn-3824298\"><em>Stoikov, Sasha and Decrem, Peter and Hua, Yikai and Shen, Anne, The Microstructure of Cointegrated Assets (April 11, 2021). Available at SSRN:&nbsp;<a href=\"https:\/\/ssrn.com\/abstract=3824298\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/ssrn.com\/abstract=3824298<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/dx.doi.org\/10.2139\/ssrn.3824298\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/dx.doi.org\/10.2139\/ssrn.3824298<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The paper &#8220;The Microstructure of Cointegrated Assets&#8221;, available via SSRN, demonstrates computing the microprices of two highly cointegrated assets, using Level-1 data collected on Interactive Brokers.<\/p>\n","protected":false},"author":660,"featured_media":37173,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[340,338,341,352],"tags":[851,4922,1226,575,2099,9898,494],"contributors-categories":[13725],"class_list":{"0":"post-90923","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-api-development","8":"category-ibkr-quant-news","9":"category-quant-development","10":"category-quant-north-america","11":"tag-algo-trading","12":"tag-econometrics","13":"tag-financial-engineering","14":"tag-ibkr-api","15":"tag-interactive-brokers","16":"tag-microstructure-of-cointegrated-assets","17":"tag-quant","18":"contributors-categories-sasha-stoikov-research"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO 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