{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,6,18]],"date-time":"2025-06-18T04:16:09Z","timestamp":1750220169382,"version":"3.41.0"},"publisher-location":"New York, NY, USA","reference-count":24,"publisher":"ACM","license":[{"start":{"date-parts":[[2022,10,26]],"date-time":"2022-10-26T00:00:00Z","timestamp":1666742400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.acm.org\/publications\/policies\/copyright_policy#Background"}],"content-domain":{"domain":["dl.acm.org"],"crossmark-restriction":true},"short-container-title":[],"published-print":{"date-parts":[[2022,11,2]]},"DOI":"10.1145\/3533271.3561685","type":"proceedings-article","created":{"date-parts":[[2022,10,20]],"date-time":"2022-10-20T22:20:22Z","timestamp":1666304422000},"page":"199-206","update-policy":"https:\/\/doi.org\/10.1145\/crossmark-policy","source":"Crossref","is-referenced-by-count":0,"title":["Can maker-taker fees prevent algorithmic cooperation in market making?"],"prefix":"10.1145","author":[{"given":"Bingyan","family":"Han","sequence":"first","affiliation":[{"name":"University of Michigan, US"}]}],"member":"320","published-online":{"date-parts":[[2022,10,26]]},"reference":[{"key":"e_1_3_2_1_1_1","doi-asserted-by":"publisher","DOI":"10.1145\/3490354.3494372"},{"key":"e_1_3_2_1_2_1","doi-asserted-by":"publisher","DOI":"10.1080\/14697680701381228"},{"key":"e_1_3_2_1_3_1","doi-asserted-by":"publisher","DOI":"10.1137\/19M1277412"},{"key":"e_1_3_2_1_4_1","volume-title":"Protecting consumers from collusive prices due to AI. Science 370, 6520","author":"Calvano Emilio","year":"2020","unstructured":"Emilio Calvano , Giacomo Calzolari , Vincenzo Denicol\u00f2 , Joseph\u00a0 E Harrington , and Sergio Pastorello . 2020. Protecting consumers from collusive prices due to AI. Science 370, 6520 ( 2020 ), 1040\u20131042. Emilio Calvano, Giacomo Calzolari, Vincenzo Denicol\u00f2, Joseph\u00a0E Harrington, and Sergio Pastorello. 2020. Protecting consumers from collusive prices due to AI. Science 370, 6520 (2020), 1040\u20131042."},{"key":"e_1_3_2_1_5_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20190623"},{"key":"e_1_3_2_1_6_1","volume-title":"Why do NASDAQ market makers avoid odd-eighth quotes?The Journal of Finance 49, 5","author":"Christie G","year":"1994","unstructured":"William\u00a0 G Christie and Paul\u00a0 H Schultz . 1994. Why do NASDAQ market makers avoid odd-eighth quotes?The Journal of Finance 49, 5 ( 1994 ), 1813\u20131840. William\u00a0G Christie and Paul\u00a0H Schultz. 1994. Why do NASDAQ market makers avoid odd-eighth quotes?The Journal of Finance 49, 5 (1994), 1813\u20131840."},{"key":"e_1_3_2_1_7_1","volume-title":"Policy watch: Did NASDAQ market makers implicitly collude?Journal of Economic Perspectives 9, 3","author":"Christie G","year":"1995","unstructured":"William\u00a0 G Christie and Paul\u00a0 H Schultz . 1995. Policy watch: Did NASDAQ market makers implicitly collude?Journal of Economic Perspectives 9, 3 ( 1995 ), 199\u2013208. William\u00a0G Christie and Paul\u00a0H Schultz. 1995. Policy watch: Did NASDAQ market makers implicitly collude?Journal of Economic Perspectives 9, 3 (1995), 199\u2013208."},{"key":"e_1_3_2_1_8_1","doi-asserted-by":"publisher","DOI":"10.1111\/mafi.12295"},{"volume-title":"Virtual competition","author":"Ezrachi Ariel","key":"e_1_3_2_1_9_1","unstructured":"Ariel Ezrachi and Maurice\u00a0 E Stucke . 2016. Virtual competition . Oxford University Press . Ariel Ezrachi and Maurice\u00a0E Stucke. 2016. Virtual competition. Oxford University Press."},{"volume-title":"Proceedings of the 2nd Annual Conference on Learning for Dynamics and Control, Alexandre\u00a0M","author":"Fan Jianqing","key":"e_1_3_2_1_10_1","unstructured":"Jianqing Fan , Zhaoran Wang , Yuchen Xie , and Zhuoran Yang . 2020. A Theoretical Analysis of Deep Q-Learning . In Proceedings of the 2nd Annual Conference on Learning for Dynamics and Control, Alexandre\u00a0M . Bayen, Ali Jadbabaie, George\u00a0J. Pappas, Pablo\u00a0A. Parrilo, Benjamin Recht, Claire\u00a0J. Tomlin, and Melanie\u00a0N. Zeilinger (Eds.). Vol .\u00a0120. 486\u2013489. Jianqing Fan, Zhaoran Wang, Yuchen Xie, and Zhuoran Yang. 2020. A Theoretical Analysis of Deep Q-Learning. In Proceedings of the 2nd Annual Conference on Learning for Dynamics and Control, Alexandre\u00a0M. Bayen, Ali Jadbabaie, George\u00a0J. Pappas, Pablo\u00a0A. Parrilo, Benjamin Recht, Claire\u00a0J. Tomlin, and Melanie\u00a0N. Zeilinger (Eds.). Vol.\u00a0120. 486\u2013489."},{"key":"e_1_3_2_1_11_1","unstructured":"Sumitra Ganesh Nelson Vadori Mengda Xu Hua Zheng Prashant\u00a0P. Reddy and Manuela Veloso. 2019. Reinforcement learning for market making in a multi-agent dealer market. In Advances in Neural Information Processing Systems.  Sumitra Ganesh Nelson Vadori Mengda Xu Hua Zheng Prashant\u00a0P. Reddy and Manuela Veloso. 2019. Reinforcement learning for market making in a multi-agent dealer market. In Advances in Neural Information Processing Systems."},{"key":"e_1_3_2_1_12_1","first-page":"84","article-title":"Machine learning for trading","volume":"30","author":"Gordon Ritter","year":"2017","unstructured":"Ritter Gordon . 2017 . Machine learning for trading . Risk 30 , 10 (2017), 84 \u2013 89 . Ritter Gordon. 2017. Machine learning for trading. Risk 30, 10 (2017), 84\u201389.","journal-title":"Risk"},{"key":"e_1_3_2_1_13_1","doi-asserted-by":"publisher","DOI":"10.1007\/s11579-012-0087-0"},{"key":"e_1_3_2_1_14_1","unstructured":"Bingyan Han. 2021. Cooperation between independent market makers. Quantitative Finance(2021) 1\u201315.  Bingyan Han. 2021. Cooperation between independent market makers. Quantitative Finance(2021) 1\u201315."},{"key":"e_1_3_2_1_15_1","doi-asserted-by":"publisher","DOI":"10.1287\/mksc.2020.1276"},{"key":"e_1_3_2_1_16_1","doi-asserted-by":"publisher","DOI":"10.1111\/1756-2171.12383"},{"key":"e_1_3_2_1_17_1","volume-title":"Human-level control through deep reinforcement learning. Nature 518, 7540","author":"Mnih Volodymyr","year":"2015","unstructured":"Volodymyr Mnih , Koray Kavukcuoglu , David Silver , Andrei\u00a0 A Rusu , Joel Veness , Marc\u00a0 G Bellemare , Alex Graves , Martin Riedmiller , Andreas\u00a0 K Fidjeland , Georg Ostrovski , 2015. Human-level control through deep reinforcement learning. Nature 518, 7540 ( 2015 ), 529\u2013533. Volodymyr Mnih, Koray Kavukcuoglu, David Silver, Andrei\u00a0A Rusu, Joel Veness, Marc\u00a0G Bellemare, Alex Graves, Martin Riedmiller, Andreas\u00a0K Fidjeland, Georg Ostrovski, 2015. Human-level control through deep reinforcement learning. Nature 518, 7540 (2015), 529\u2013533."},{"volume-title":"Game Theory and Multi-agent Reinforcement Learning","author":"Now\u00e9 Ann","key":"e_1_3_2_1_18_1","unstructured":"Ann Now\u00e9 , Peter Vrancx , and Yann- Micha\u00ebl\u00a0De Hauwere . 2012. Game Theory and Multi-agent Reinforcement Learning . In Reinforcement Learning, Marco\u00a0A. Wiering and Martijn van Otterlo (Eds.). Adaptation, Learning , and Optimization, Vol.\u00a012. Springer , 441\u2013470. https:\/\/doi.org\/10.1007\/978-3-642-27645-3_14 10.1007\/978-3-642-27645-3_14 Ann Now\u00e9, Peter Vrancx, and Yann-Micha\u00ebl\u00a0De Hauwere. 2012. Game Theory and Multi-agent Reinforcement Learning. In Reinforcement Learning, Marco\u00a0A. Wiering and Martijn van Otterlo (Eds.). Adaptation, Learning, and Optimization, Vol.\u00a012. Springer, 441\u2013470. https:\/\/doi.org\/10.1007\/978-3-642-27645-3_14"},{"key":"e_1_3_2_1_19_1","volume-title":"Proceedings of the 17th International Conference on Autonomous Agents and MultiAgent Systems, AAMAS 2018","author":"Spooner Thomas","year":"2018","unstructured":"Thomas Spooner , John Fearnley , Rahul Savani , and Andreas Koukorinis . 2018 . Market Making via Reinforcement Learning . In Proceedings of the 17th International Conference on Autonomous Agents and MultiAgent Systems, AAMAS 2018 , Stockholm, Sweden , July 10-15, 2018, Elisabeth Andr\u00e9, Sven Koenig, Mehdi Dastani, and Gita Sukthankar (Eds.). 434\u2013442. Thomas Spooner, John Fearnley, Rahul Savani, and Andreas Koukorinis. 2018. Market Making via Reinforcement Learning. In Proceedings of the 17th International Conference on Autonomous Agents and MultiAgent Systems, AAMAS 2018, Stockholm, Sweden, July 10-15, 2018, Elisabeth Andr\u00e9, Sven Koenig, Mehdi Dastani, and Gita Sukthankar (Eds.). 434\u2013442."},{"key":"e_1_3_2_1_20_1","volume-title":"Advances in Neural Information Processing Systems, D.\u00a0Touretzky, M.\u00a0C. Mozer, and M.\u00a0Hasselmo (Eds.). Vol.\u00a08","author":"Sutton S","year":"1995","unstructured":"Richard\u00a0 S Sutton . 1996. Generalization in Reinforcement Learning: Successful Examples Using Sparse Coarse Coding . In Advances in Neural Information Processing Systems, D.\u00a0Touretzky, M.\u00a0C. Mozer, and M.\u00a0Hasselmo (Eds.). Vol.\u00a08 . MIT Press . https:\/\/proceedings.neurips.cc\/paper\/ 1995 \/file\/8f1d43620bc6bb580df6e80b0dc05c48-Paper.pdf Richard\u00a0S Sutton. 1996. Generalization in Reinforcement Learning: Successful Examples Using Sparse Coarse Coding. In Advances in Neural Information Processing Systems, D.\u00a0Touretzky, M.\u00a0C. Mozer, and M.\u00a0Hasselmo (Eds.). Vol.\u00a08. MIT Press. https:\/\/proceedings.neurips.cc\/paper\/1995\/file\/8f1d43620bc6bb580df6e80b0dc05c48-Paper.pdf"},{"key":"e_1_3_2_1_21_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2008.01.003"},{"key":"e_1_3_2_1_22_1","doi-asserted-by":"publisher","DOI":"10.1007\/BF00992698"},{"key":"e_1_3_2_1_23_1","doi-asserted-by":"publisher","DOI":"10.1145\/3490354.3494397"},{"key":"e_1_3_2_1_24_1","unstructured":"Shangtong Zhang and Richard\u00a0S Sutton. 2017. A deeper look at experience replay. arXiv preprint arXiv:1712.01275(2017).  Shangtong Zhang and Richard\u00a0S Sutton. 2017. A deeper look at experience replay. arXiv preprint arXiv:1712.01275(2017)."}],"event":{"name":"ICAIF '22: 3rd ACM International Conference on AI in Finance","sponsor":["ACM Association for Computing Machinery"],"location":"New York NY USA","acronym":"ICAIF '22"},"container-title":["Proceedings of the Third ACM International Conference on AI in Finance"],"original-title":[],"link":[{"URL":"https:\/\/dl.acm.org\/doi\/10.1145\/3533271.3561685","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/dl.acm.org\/doi\/pdf\/10.1145\/3533271.3561685","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,6,17]],"date-time":"2025-06-17T19:00:38Z","timestamp":1750186838000},"score":1,"resource":{"primary":{"URL":"https:\/\/dl.acm.org\/doi\/10.1145\/3533271.3561685"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,10,26]]},"references-count":24,"alternative-id":["10.1145\/3533271.3561685","10.1145\/3533271"],"URL":"https:\/\/doi.org\/10.1145\/3533271.3561685","relation":{},"subject":[],"published":{"date-parts":[[2022,10,26]]},"assertion":[{"value":"2022-10-26","order":2,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}]}}