Marius Zoican profile photo

Dr. Marius Zoican


Associate Professor

Haskayne School of Business, Finance [FNCE]

Contact information

Phone number

Office: 403.220.4724


Office: SH154

For media enquiries, contact

Lauren Steeves
Senior Marketing and Communications Strategist

Phone: (403) 220-6153



Educational Background

PhD Finance, VU University Amsterdam, 2015

MPhil Finance, Tinbergen Institute Amsterdam, 2012

BSc Finance, Bucharest School of Economics, 2010


I am an Associate Professor of Finance at the Haskayne Business School, University of Calgary, since 2024. Previously, I served as an Assistant Professor at University Paris-Dauphine from 2015 to 2018 and at the University of Toronto from 2018 to 2024. My research focuses on the impact of technology on trading, securities exchanges, and asset management. I aim to leverage innovation to build better markets. My work has been published in leading academic journals, including The Review of Financial Studies, Management Science, and Journal of Financial Markets.


Areas of Research

Decentralized finance, Market structure, FinTech, Experimental finance


Course number Course title Semester
FNCE 449/668.02 Trading and Market Data Management Fall 2024
FNCE 559 - 01 Tokenomics Winter 2025


Fragmentation and optimal liquidity supply on decentralized exchanges

Research project with Alfred Lehar and Christine Parlour. We study the optimal design of automated maker maker exchanges (e.g., Uniswap) to democratize liquidity provision while enhancing market maker competition.

The paper was presented, among others, at the 2024 NYU Stern Market Microstructure Meeting, Tokenomics 2023, Gillmore Centre Annual Conference 2023, Financial Intermediation Research Society 2023, and the Northern Finance Association 2023.

Time priority queues and HFT inventory management

Research project with Vincent van Kervel and Corey Garriott. We show how time priority queues in modern limit order markets introduce a tension between intermediary risk sharing and aggregate market liquidity.

Reject and Resubmit at JFQA

The paper was presented, among others, at the 2022 Western Finance Association, 2022 Northern Finance Association, and the 2022 Paris December Meeting.


  • Distinguished Referee Award, Review of Financial Studies. 2024
  • Josseph de la Vega Award Runner-Up, Federation of European Securities Exchanges. 2021
  • Insight Development Grant: Technology and Information Supply in Modern Financial Markets, SSHRC. 2020
  • Best Paper in Microstructure Semifinalist, Financial Management Association. 2020
  • Research Grant: Delegated Asset Management in the Digital Age, Canadian Securities Institute. 2019
  • Insight Development Grant: Speed and Market Structure in the Digital Age, SSHRC . 2018
  • Outstanding Paper in Investments, Southern Finance Association. 2018
  • Best Paper Runner-Up, Toronto FinTech Conference. 2017
  • Josseph de la Vega Award Winner, Federation of European Securities Exchanges. 2016
  • Outstanding Paper in Investments, Eastern Finance Association. 2014