"I have spent my academic lifetime building quantitative, game-theoretic models of speculative trading which try to capture how asset managers process information and trade on it."
Professor Albert Kyle
Albert Kyle
Charles E. Smith Chair Professor of Finance, University of Maryland
Albert S. (Pete) Kyle has been the Charles E. Smith Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business since 2006. He earned is B.S. degree in mathematics from Davidson College (summa cum laude, 1974), studied philosophy and economics at Oxford University as a Rhodes Scholar from Texas (Merton College, 1974-1976, and Nuffiled College, 1976-1977), and completed his Ph.D. in economics at the University of Chicago in 1981. He has been a professor at Princeton University (1981-1987), the University of California Berkeley (1987-1992), and Duke University (1992-2006).
Kyle’s research focuses on market microstructure, including topics such as high frequency trading, informed speculative trading, market manipulation, price volatility, the informational content of market prices, market liquidity, and contagion.
His teaching interests include market microstructure, institutional asset management, venture capital and private equity, corporate finance, option pricing, and asset pricing.
He is a Fellow of the American Finance Association in (2013) and a Fellow of the Econometric Society (2002) . He has been a board member of the American Finance Association (2004-2006). He holds an honorary doctoral degree from the Stockholm School of Economics (2013). He was a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission, 1987), a consultant to the SEC (Office of Inspector General), CFTC, and U.S. Department of Justice, a member of NASDAQ’s economic advisory board (2004-2007), a member of the FINRA economic advisory board (2010-2014), and a member of the CFTC’s Technology Advisory Committee (2010-2012).
The CME Group-MSRI Prize in Innovative Quantitative Applications was founded in 2006 by CME Group’s Chairman Emeritus, Leo Melamed. CME Group, in partnership the esteemed Mathematical Sciences Research Institute, awards this prize annually to a recipient with exemplary work in the field of mathematical sciences and who recognizes the vital impact quantitative research and application play in shaping global financial markets. It recognizes an individual or group who has contributed and applied original and significant ideas and concepts to quantitative fields such as mathematics, statistics and computing for the study of market’s behavior and global economics.
The 2018 CME Group-MSRI Prize will be presented to Albert Kyle at the annual award luncheon in Chicago on April 8, 2019.
Read the OpenMarkets series on CME Group-MSRI Prize winners.
The Mathematical Sciences Research Institute (MSRI) is one of the world’s preeminent centers for collaborative research in mathematics. Since 1982, MSRI’s topic-focused programs have brought together emerging and leading minds in mathematics, in an environment that promotes creativity and the interchange of ideas. Over 1,700 mathematical scientists spend time at MSRI’s Berkeley, California-based headquarters each year. MSRI is known around the world for the quality and reach of its programs and its leadership in basic research, mathematics education, and programs for the public understanding of mathematics. www.msri.org
* Past CME Group-MSRI Prize winners have included distinguished luminaries in economics and mathematics. Five out of 10 of these past recipients have gone on to receive the Nobel Prize in Economic Sciences.
2017 | Paul Milgrom
Shirley and Leonard Ely professor of Humanities and Sciences in the Department of Economics and professor, by courtesy, at both the Department of Management Science and Engineering and the Graduate School of Business at Stanford University
2016 | Robert Wilson
Adams Distinguished Professor of Management, Emeritus, Stanford Graduate School of Business, 2016 CME Group-MSRI Prize in Innovative Quantitative Applications Recipient
2015 | Douglas Diamond
Fischer Black Visiting Professor of Financial Economics, MIT Sloan School of Management, 2015-2016 and Merton H. Miller Distinguished Service Professor of Finance, University of Chicago
2014 | José A. Scheinkman
Charles and Lynn Zhang Professor of Economics at Columbia University and Theodore A. Wells ‘29 Professor of Economics Emeritus at Princeton University
2013 | Bengt Holmstrom
Nobel Laureate in Economic Sciences (2016), Paul A. Samuelson Professor of Economics, Massachusetts Institute of Technology
2012 | Robert J. Shiller
Nobel Laureate in Economic Sciences (2013), Sterling Professor of Economics,Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management
2011 | Thomas J. Sargent
Nobel Laureate in Economic Sciences (2011), William R. Berkley Professor of Economics and Business, Stern School of Business, New York University, and Senior Fellow at the Hoover Institution
2010 | Jean Tirole
Nobel Laureate in Economic Sciences (2014), Scientific Director of the Industrial Economics Institute at the University of Toulouse Capitole, Member of the Toulouse School of Economics
2009 | Sanford J. Grossman
Chairman and CEO, Quantitative Financial Strategies, Inc.
2008 | Lars Peter Hansen
Nobel Laureate in Economic Sciences (2013) and David Rockefeller Distinguished Service Professor in Economics and Statistics, University of Chicago
2007 | David M. Kreps
Adams Distinguished Professor of Management, Stanford University Graduate School of Business
2006 | Stephen A. Ross
Franco Modigliani Professor of Financial Economics, MIT Sloan School of Management
Throughout history, CME Group has continually embraced change and fostered an entrepreneurial spirit that has enabled the futures industry to grow and prosper. To a greater extent, the power of innovation has proven its ability to transform business, influence the direction of civilization and alter its reality for the better. CME Group’s Center for Innovation (CFI) creates and sponsors thought-provoking original programming that identifies, showcases and fosters examples of significant innovation and creative thinking across multiple industries in both the public and private sectors. Each program explores and communicates the principles behind innovation, and more importantly, showcases their application to a broad and diverse audience.
The CME Group-MSRI Prize in Innovative Quantitative Applications is a signature program of the CFI. Read more about CFI here.
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