Thierry Foucault is Professor of Finance at the HEC School of Management where he received his Ph.D in Finance in 1994. He is a research fellow of the Centre for Economic Policy (CEPR), a senior research fellow of the Europlace Institute of Finance and a member of GREGHEC (CNRS). He has taught in various institutions such as Carnegie Mellon University (USA), the Nordic Finance Network, Oxford (Said Business School), Pompeu Fabra University (Spain), the Studienzentrum Gerzensee (Switzerland), and the Tinbergen Institute (Netherlands. His research focuses on the determinants of financial markets liquidity and the industrial organization of the securities industry. He has worked on various topics such as the role of volatility in limit order markets, the implications of automation for financial markets liquidity, competition among Stock Exchanges and cross-listings. His work is published in top-tier scientific journals such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies or the Rand Journal of Economics. He serves on the scientific committees of the Autorité des Marchés Financiers (the French public agency in charge of financial markets regulation), the Research Foundation of the Banque de France and on the board of the French Finance Association (AFFI). He is also a member of the editorial board of the Review of Finance. He received the best young French researcher award in Finance by the scientific committee of Europlace Institute of Finance in 2005 and the Research Prize of the Foundation HEC in 2006.