University of Luxembourg, Faculty of Law, Economics, and Finance
Professor of Capital Markets and Post-Trade
The University of Luxembourg is a multilingual, international research University. The Faculty of Law, Economics, and Finance (FDEF) of the University of Luxembourg has an opening for 1 Professor of Capital Markets and Post-Trade (M/F):
- Ref: F2-Clearstream (to be mentioned in all correspondence)
- Permanent contract, full-time (40h a week)
- Employee status
ABOUT US: The Luxembourg School of Finance (LSF) is the finance group of the faculty of Law, Economics, and Finance at the University of Luxembourg. The University of Luxembourg, a public university funded by the Luxembourg government, has a strong research focus. Our core objective is to be an academic leader in the creation and dissemination of an integrated body of knowledge in finance. The LSF emphasizes high quality research and aims to be a leading finance group within Europe. The group at the LSF is growing and we aim to hire several senior and junior faculty positions over the next few years.
The LSF hosts the Luxembourg Asset Management Summit (http://wwwen.uni.lu/recherche/fdef/luxembourg_school_of_finance_research_in_finance/upcoming_events/4th_luxembourg_asset_management_summit_21_23_october_2015_final_program) and a top-quality seminar series (http://wwwen.uni.lu/recherche/fdef/luxembourg_school_of_finance_research_in_finance/seminars. The LSF is active in hiring on the junior job market at the AFA meetings. Our currently employed researchers have obtained PhD degrees from prominent universities and business schools in Europe and North America, such as Carnegie-Mellon University, the University of Chicago, Goethe University, Harvard University, HEC Montreal, INSEAD, New York University, HEC Paris, and Tilburg University.
Furthermore, the LSF has various highly successful teaching programs and is closely connected with the financial industry in Luxembourg. It has a very international faculty committed to top quality research which published in the top econ and finance journals. Comprehensive information is available on our website http://www.lsf.lu
ABOUT LUXEMBOURG: Luxembourg is a cosmopolitan country with the convenience of a metropolis in a tranquil setting. Additional information about Luxembourg can be found under http://www.euraxess.lu. Luxembourg's financial centre is the largest investment fund captive reinsurance centre in Europe and the largest private banking centre in the Eurozone. The financial sector is a major employer in Luxembourg and contributes over 30% of its GDP. There are international schools in English and other European schools offering diverse languages (e.g: French, German, Italian, Spanish, etc).
THE MISSION: The Luxembourg School of Finance is determined to continue its way to become a leading European Finance department. To accomplish this, the LSF can benefit from its location in a truly international country and in one of the main financial centres in Europe. The Professor is expected to be active in the fields of outreach, teaching, and research. The Professor shall work in the area of capital markets and post-trade, inter alia covering phenomena like high-frequency trading, over-night borrowing of banks (with a potential systematic risk effect), efficient usage and availability of collateral, post-trade clearing and settlement arrangements (including cross-country aspects in view of financial integration of markets) and related regulatory and oversight aspects. Furthermore, the usage and availability of collateral is affected by settlement and the underlying infrastructure which has substantial spill-over effects on the entire economy.
Financial market infrastructures are important backbones for the financial sector and consequently need to meet the highest levels of safety and efficiency. Sound financial market infrastructures are for example needed to support monetary policy operations and the smooth functioning of the money market. Moreover, financial market infrastructures need to adapt to technological advances (e.g. FinTech in general and distributed ledger technologies in particular) and to the corresponding changes in user expectations. Despite its relevance, there exists little research on post-trade finance and market infrastructures. It is one of the areas in which academic knowledge is behind industry needs and experiences and we expect to see a fruitful interaction between the real world and academic research. This lack of knowledge is particularly problematic for regulators and financial oversight authorities. An example of the current importance of post-trade finance and market infrastructure comes from TARGET2-Securities, a securities settlement platform developed by the Eurosystem.
JOB DESCRIPTION: The Professor is expected to:
- Stimulate research about the capital markets and post-trade industry, to establish a strong research centre of European nature and to establish a European research network which could also enter into a dialogue with equivalent non-European research networks and/or centres;
- Foster increased cooperation between the financial institutions/the financial industry and ancillary service providers on the one side and the academic world on the other side;
- Create a new academic profile with a strong knowledge of capital market infrastructure issues and financial stability, which could encompass both theoretical aspects and empirical analysis;
- Generate awareness of the importance of the capital market infrastructures for finance and the economy.
The position is an endowed chair sponsored by a consortium of donors closely linked to the post-trade industry (The European Central Bank, Clearstream International S.A., Allen & Overy L.L.P., Deloitte General Services SaRL, Brown Brothers Harriman (Luxembourg) SCA, Lombard Odier (Europe) SA, and State Street Bank Luxembourg S.C.A.). The chair holder can benefit from the industry experience and contacts of the donors.
Information about the position can be obtained from the head of the LSF, Jang Schiltz (e-mail: firstname.lastname@example.org), or the director of research at the LSF, Ulf von Lilienfeld-Toal (e-mail: Ulf.Lilienfeld@uni.lu).
- Entrepreneurial spirit, team player, and good communication skills are required.
- The University of Luxembourg is set in a multilingual context. It is desired that the English must be excellent and a good working knowledge in at least one of the two following languages: French and German. However, it is also possible to obtain proficiency in a second language after being hired as the University provides access to language classes. A basic knowledge of French had to be acquired during the first two years.
- The candidate should have research and teaching interests in the relevant fields, for example post-trade finance, capital markets, central clearing, systemic risk, high-frequency trading, international finance, TARGET2 framework, security settlement, interbank markets, overnight borrowing, Fintech (in particular on distributed ledger technologies), use and availability of collateral, and oversight and regulation of financial markets, to name a few.
Additional requirements include:
- A PhD in Finance or Economics or related disciplines, like law and computer science, completed at least three years ago.
- Excellence in research in any field of finance manifested by, among others, being published in the top finance (JF, JFE, RFS), top general interest economics journals (AER, QJE, JPE, RESTUD, ECMA).
APPLICATION PROCEDURE: Applications should contain a motivation letter and a detailed curriculum vitae. Copies of three papers or publications that the candidate considers most representative of his or her research may be added if this is useful.
All applications should be sent both by post and e-mail before 28/02/2017 to the following address:
Professeur Stefan Braum
Doyen de la Faculte de Droit, d'Economie et de Finance
Universite du Luxembourg
4, rue Alphonse Weicker
All applications will be handled in strict confidence.
The University of Luxembourg is an equal opportunity employer.
Posted: 23 Dec 2016