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Dr Arzé Karam

Assistant Professor in Finance


AffiliationRoom numberTelephone
Assistant Professor in Finance in the Business SchoolMHL 367+44 (0) 191 33 45460


Arzé holds a Msc in Finance from University of Toulouse 1, and a PhD in Finance from University of Paris X. Her main research interests are in Market Microstructure and span a wide range of topics including market transparency, high frequency trading, market liquidity and systemic risks. Her published works are of policy relevance on issues related to the role of non-anonymity in electronic markets and the incentives of market makers to provide liquidity in volatile markets. She also conducts research in Asset Pricing and Experimental Economics.
Her current research is focused on the impact of FinTech innovation on financial markets and the ongoing market disruptions in major futures electronic markets. In recent contributions, she examines the extreme events in financial markets, i.e. Covid-19 market crashes and flash crashes, to estimate the intraday systemic risk using advanced machine learning techniques. She discusses the underlying causes of these extreme events and their regulatory consequences on futures electronic markets, which resulted in an impact case study .
She presents her research in international meetings, to market regulators and central banks, and external seminars. Since 2014, she has designed, led and taught Market Microstructure module at the master level. She has been rewarded research grants and recognised for her teaching excellence. She is currently a research collaborator in the first crowd-sourced science project in Economics and Finance in collaboration with Deutshe Borse AG. More recently, her PhD student has been awarded the ESRC NINE DTP Doctoral studenship with an October 2021 start.
Mini Biography

Arzé's main interests are in Market Microstructure, Data Science, Machine learning applied to Finance.

Research interests

  • Market Microstructure
  • FinTech
  • Experimental Economics
  • Machine Learning
  • Asset Pricing
  • Information and Financial Markets


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