Norman Schürhoff is Professor of Finance at the University of Lausanne. Professor Schürhoff's work has been published in the top academic journals in finance and he has won several prestigious publication awards. He is a multiple-time winner of the CFA Institute Research Challenge in Switzerland and was World Champion for 2018.
Professor Schürhoff is studying how the transition from over-the-counter trading, in which investors trade in small groups via dealers in an opaque pricing environment, to electronic all-to-all trading systems, in which investors can trade with one another through a transparent trading mechanism, is impacting the corporate bond market. US data show that all-to-all trading systems offer many advantages, such as improving prices for investors based on a more transparent quote environment, pushing dealers to behave more aggressively, and increasing the number of bidding participants. The combination of these effects shows that all-to-all trading lowers trading costs by an economically meaningful amount—approximately 8 basis points. Despite these benefits, further analysis shows that investors still prefer to use dealers, which raises many questions on the role of market frictions, and on the importance of relationships and of behavioral traits such as impatience and expertise. Professor Schürhoff actively participates in SFI Knowledge Exchange activities that focus on liquidity in credit markets, and those on machine learning and artificial intelligence.