Egle Karmaziene

Egle Karmaziene's research focuses on how financial markets work in practice. She studies how trading mechanisms, market structure, and financial regulation influence liquidity, price discovery, market transparency, and investor behaviour. Her work examines how trading is distributed across exchanges, dark pools, and alternative trading venues, and how market design affects financial market efficiency.

A central theme of her research is the role of ETFs in modern financial markets. She investigates how ETFs contribute to price discovery, transmit information across markets, and affect the resilience of financial markets during periods of stress. Her current research also explores market fragmentation, consolidated tape initiatives, short selling, and the effects of financial regulation on trading behaviour, often in collaboration with regulators, central banks, exchanges, and market infrastructure providers.

Her research combines unique proprietary datasets with modern empirical methods and causal inference to generate evidence that is relevant both for academic research and for policymakers seeking to strengthen the efficiency and integration of European capital markets.

Egle Karmaziene teaches undergraduate and graduate courses in finance at Vrije Universiteit Amsterdam. She has also taught finance courses at the Stockholm School of Economics, the University of Groningen, Vilnius University, and Vilnius Tech, reflecting broad international teaching experience across Bachelor’s and Master’s programmes.

Egle coordinates the MSc Finance thesis trajectory, as well as supervises MSc and Phd theses. She has introduced several educational innovations, including oral thesis defences and practitioner-based learning, to strengthen students' analytical, communication, and research skills and to better prepare them for careers in academia and the financial industry.

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