Andrei Kirilenko

Professor of Finance

Founding Director of the Cambridge Centre for Finance, Technology and Regulation (CCFTR)

PhD (University of Pennsylvania)

My research interests include the intersection of finance, technology, and regulation, fintech, asset pricing, data, digital technologies, and the design of automated financial markets. I previously served as Chief Economist of the US Commodity Futures Trading Commission (CFTC), where I used modern analytical tools and methods to design and enforce an effective regulatory regime of financial markets.

I’m a member of the Finance subject group at Cambridge Judge Business School, which focuses on the investment and financial decisions of institutions.

My details

Contact details

+44 (0)1223 765484

a.kirilenko@jbs.cam.ac.uk

@AKirilenko_True

Academic area

Finance

Professional experience

From 2010 to 2012, Professor Kirilenko served as Chief Economist of the US Commodity Futures Trading Commission (CFTC), where he used modern analytical tools and methods to design and enforce an effective regulatory regime of financial markets. Before CFTC Andrei spent 12 years at the International Monetary Fund working on financial crises around the world.

Previous appointments

Between August 2015 and July 2019, Professor Kirilenko was the Founding Director of the Centre for Global Finance and Technology at the Imperial College Business School. Prior to joining Imperial in August 2015, he was a Professor of the Practice of Finance at MIT Sloan and Co-Director of the MIT Center for Finance and Policy between January 2013 and August 2015.

Journal articles

Bartolucci, S. and Kirilenko, A. (2020) “A model of the optimal selection of crypto assets.” Royal Society Open Science, 7: 191863 (DOI: 10.1098/rsos.191863)
Baron, M., Brogaard, J., Hagströmer, B. and Kirilenko, A. (2019) “Risk and return in high-frequency trading.” Journal of Financial and Quantitative Analysis, 54(3): 993-1024 (DOI: 10.1017/S0022109018001096)
Kirilenko, A., Kyle, A.S., Samadi, M. and Tuzun, T. (2017) “The flash crash: high frequency trading in an electronic market.” Journal of Finance, 72(3): 967-998 (DOI: 10.1111/jofi.12498)
Cheng, I.-H., Kirilenko, A. and Xiong, W. (2016) “Convection risk flows in commodity futures markets.” Review of Finance, 19(5): 1733-1781 (DOI: 10.1093/rof/rfu043)
Yang, S.Y., Qiao, Q., Beling, P.A., Scherer, W.T. and Kirilenko, A.A. (2015) “Gaussian process-based algorithmic trading strategy identification.” Quantitative Finance, 15(10): 1683-1703 (DOI: 10.1080/14697688.2015.1011684)
Cohen-Cole, E., Kirilenko, A. and Patacchini, E. (2014) “Trading networks and liquidity provision.” Journal of Financial Economics, 113(2): 235-251 (DOI: 10.1016/j.jfineco.2014.04.007)
Elliott, M., Golub, B. and Kirilenko, A. (2014) “How sharing information can garble experts’ advice.” American Economic Review, 104(5): 463-468 (DOI: 10.1257/aer.104.5.463)
Kirilenko, A.A. and Lo, A.W. (2013) “Moore’s law versus Murphy’s law: algorithmic trading and its discontents.” Journal of Economic Perspectives, 27(2): 51-72 (DOI: 10.1257/jep.27.2.51)

Awards and honours

Best Paper Award, Commodity and Energy Markets Association, 2022
Harry Markowitz Special Distinction Award, Journal of Investment Management, 2018
Best Paper Award, The JP Morgan International Commodities Symposium, 2018
The Future of Finance Award, Centre for Finance, Technology and Entrepreneurship, 2018
Best Paper Award, Financial Management Association European Conference, 2012
Roger F. Murray First Prize for Excellence in Quantitative Research in Finance, Q Group, 2011
CFTC Chairman’s Award for Excellence (highest honour), 2010

News and insights

Rebuilding Ukraine’s financial sector

An executive education programme at Cambridge Judge Business School inspired by the National Bank of Ukraine has designed a strategy for rebuilding the country’s financial sector. As this blueprint is developed further, participants reflect on the programme and how it continues to influence decision makers. 

Helping Ukraine’s reconstruction

The National Bank of Ukraine and Cambridge Judge Business School launch unique training programme to foster innovations in Ukraine’s financial sector.

Crypto selection

Study co-authored by Dr Andrei Kirilenko of Cambridge Judge Business School, presented at CERF in the City event, develops app-based recommendation framework for investor adoption of crypto assets. Consumers regularly choose books, music, travel destinations and other activities based on recommendations by many people on e-commerce or social media platforms. A study co-authored by Andrei Kirilenko, Reader in Finance at Cambridge Judge Business School, as well as Founding Director of the School's Centre for Finance, Technology & Regulation, develops an app-based modelling framework for investors’ selection of crypto assets such as stable coins and cryptocurrencies grounded on a similar type of recommendation system. The study was published in the journal Royal Society Open Science, and Andrei presented the findings on 18 January at the CERF in the City event organised by the Cambridge Endowment for Research in Finance (CERF) at the University of Cambridge in collaboration with CCLA. The annual event, held online this year, allows finance practitioners to interact with academic researchers. “Platforms or apps of such companies as Amazon or Tripadvisor serve as a kind of filtering system based on previous recommendations,” says Andrei, whose research focuses on the intersection of finance, technology and regulation. “The study basically…