Students
Kimia Esmaili
Concordia University
Computer science
Program:
Masters
Supervisor:
Jeremy Clark
Start:
2025
End:
2027
Project
Title: Zeequent Batch Auctions: A zero-knowledge approach, providing verifiability without revealing quotes
Frequent batch auctions (FBAs) are an alternative market structure to continuous limit order books (CLOBs), replacing immediate trade execution with periodic clearing over short time intervals. By clearing orders together at a uniform price, FBAs reduce the value of sub-second latency advantages, which are exploited by high-frequency traders (HFTs). This research introduces a zero-knowledge approach to batch auctions, in which the operator commits to the order batch and proves with a custom zk-SNARK that the published clearing price and allocation satisfy the auction rule without revealing the underlying orders.
