Research interests
My research studies how algorithms and artificial intelligence shape financial markets. I use theoretical, empirical, and experimental methods to examine:
- unintended consequences of AI in finance
- financial economics of AI
- market microstructure of algorithmic trading
More about me
I am a postdoctoral researcher at the Oxford-Man Institute, University of Oxford. I completed my DPhil in Mathematics at Oxford in 2025, with a thesis proving that algorithms can learn to collude by bridging the Folk theorem with learning in games. Before Oxford, I studied at the University of Cape Town, where I completed a master's in Statistics and an undergraduate degree in Actuarial Science.
Events
- 2024 – present — OMI Finance Seminar.
- 2021 – present — OMI Student Seminar.
- 2021 – present — OMI Crossroads Seminar.
- 2026 — Oxford-Man Institute Microstructure and Financial Economics Workshop.
- 2024 — Oxford-Man Institute Financial Economics and Microstructure Workshop.
- 2023 — Oxford-Man Institute Algorithmic Collusion and Learning in Games Workshop.
Media
- Crossed signals: row over collusion pits scholars against traders, by Luke Clancy and Mauro Cesa (Risk.net)
- Collusion claims cast a cloud over vital role of ETF market makers, by Chris Flood (ETF Stream)
- Debunking Collusion Claims in ETF Market Making: An Insider's Perspective, by Nicholas Phillips
- Market maker 'collusion' in ETF trades on Euronext Amsterdam exchange, by Chris Flood (ETF Stream)
- The curious case of the revealing orders, by Mauro Cesa and Luke Clancy (Risk.net)
- Can algos collude? Quants are finding out, by Faye Kilburn (Risk.net)
Contact
patrick (dot) chang (at) omi (dot) ox (dot) ac (dot) uk
Oxford-Man Institute, Eagle House, OX2 6ED, Oxford.