OneChronos established the “OneChronos Lab”, chaired by Professor Paul Milgrom, the 2020 Nobel Prize winner, to advance the research on a new type of “smart market” auction and matching mechanism for capital markets

New York, December 13, 2021--(BUSINESS WIRE)--OneChronos, a venture capital-backed financial asset trading electronic market operator, today announced the establishment of OneChronos Labs, an independent group of leading academics and industry practitioners , Focusing on multidisciplinary issues regarding the introduction of transformative auction formats into the capital market.

OneChronos ATS ("alternative trading system", also known as "dark pool") is a regular auction of US stocks launched in early 2022. It is a "smart market" that uses mathematical optimization and novel machine learning technology to seek buyers and buyers The best deal match between. Seller. It turns out that smart markets are transformative in many global industries, from telecommunications to manufacturing and logistics, because they can be optimized for pre-defined goals and expand possibilities by allowing users to express their business-specific restrictions (including where) The set of matching opportunities may differ between certain outcomes. The auction theory supporting the smart market is the subject of the 2020 Nobel Prize in Economics.

Professor Paul Milgrom is the chairman of the OneChronos laboratory. He won the 2020 Nobel Prize in Economics for inventing and commercializing the core auction format of OneChronos. Professor Milgrom is a professor of economics at Stanford University. His main research field is auction design. OneChronos is also honored to announce the other members of OneChronos Labs, who have been selected for their unique and diverse technical expertise, industry experience and contributions, including:

Nicole Immorlica, senior principal researcher at Microsoft Research, specializing in economics and computing, with special attention to market design and mechanism design

Scott Duke Kominers, associate professor at Harvard Business School, associate professor at Harvard Department of Economics and Harvard Center for Mathematical Sciences and Applications, research economist at the National Bureau of Economic Research, specializing in market design

Kevin Leyton-Brown, distinguished university scholar, professor of computer science at the University of British Columbia, specializing in the intersection of machine learning and game theory and electronic markets

David Pennock, Professor of Computer Science at Rutgers University, Director of the Center for Discrete Mathematics and Theoretical Computer Science, specializing in artificial intelligence economics and computing

Paul Milgrom said: “Facts have proven that multi-unit and combined auctions are transformative in the radio spectrum market. The auction design I launched from 1993 to 1994 was designed to meet the subtle requirements of spectrum market participants. The basis of the auction that allocates hundreds of spectrums. Global billions of dollars in rights. Market design can be said to be the greatest success of theoretical economics in the real world. Successful design begins by studying the needs of market participants, but capital Market conventions and matching mechanisms are organically generated, earlier than theory, earlier than failure to make full use of modern computing power. As part of the academic and real world success of market design in various industries, I have a good understanding of OneChronos Labs and the principles that will be proven I am excited about the prospect of applying it to the capital market."

To support its continued growth and R&D, OneChronos completed its Series A financing in June 2019. This round of financing was led by Simon Yoo of Green Visor Capital, who previously led OneChronos Seed. OneChronos is pleased to consider Box Group, DCVC, Y Combinator and famous angel investors as additional investors.

"The teams of Kelly, Stephen, Rich and OneChronos always see a bigger picture and work towards greater benefits. They not only understand that the'smart market' is the future of the capital market-where optimizing matching buy and sell orders will Everyone provides better liquidity-but the IP they develop can be used for breakthrough applications and use cases beyond stocks," Simon Yoo said.

"The computing and workflow challenges brought by smart markets have historically limited their use in infrequent high-risk auctions. OneChronos designed and built the first smart market ATS, which directly fits the existing broker's trading algorithm workflow," Co-founder Added Kelly Littlepage and CEO of OneChronos. "OneChronos Labs will strengthen the OneChronos R&D process and provide channels for collaborative research with cooperative academic institutions."

OneChronos Markets LLC is an independent FINRA registered broker-dealer that operates ATS. It submitted its publicly available ATS-N form to the U.S. Securities and Exchange Commission in February 2020 and has fulfilled its other regulatory obligations for its ATS in 2022. Preparing to go online at the beginning of the year. The team continues to work with the original 15+ brokerage dealers and liquidity providers to integrate them into their trading algorithms and systems, and prepare for the launch of the new year.

Related link website-https://www.onechronos.com/

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Media Contact Chris Sullivan / Patrick Phalon MacMillan Communications (212) 473-4442 chris@macmillancom.com

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