Market Quality of Automated Market Makers

Johnson, Luke J.

Market Quality of Automated Market Makers

Johnson, Luke J.

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Publication Type:: Thesis
Issue Date:: 2026

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Field	Value	Language
dc.contributor.author	Johnson, Luke J.
dc.date.accessioned	2026-08-06T06:03:05Z
dc.date.available	2026-08-06T06:03:05Z
dc.date.issued	2026
dc.identifier.uri	http://hdl.handle.net/10453/195952
dc.description	University of Technology Sydney. Faculty of Business.	en_US.UTF-8
dc.description.abstract	Automated market makers (AMMs) promise to be the next evolution in market design, offering a new approach to trading, enabling passive liquidity provision and automated price discovery governed by mathematical functions. This dissertation examines the market quality of AMMs, analysing their liquidity, price discovery, and market integrity, assessing whether AMMs will be the next step in market design. The findings of this dissertation suggest AMMs offer a viable market structure, with the potential to improve liquidity resilience in traditional markets. However, the findings of this dissertation underscores the substantial regulatory challenges posed by decentralised exchanges which function with AMMs, highlighting vulnerabilities to market abuse and the difficulty of enforcement in pseudonymous blockchain environments.	en_US.UTF-8
dc.format	Thesis (PhD)
dc.language.iso	en_US	en_US.UTF-8
dc.relation	https://opus.lib.uts.edu.au/bitstream/10453/195952/1/thesis.pdf
dc.rights	info:eu-repo/semantics/openAccess
dc.rights	The author owns the copyright in this thesis including all reproduction and reuse rights for the work. The work may not be altered without the permission of the copyright owner. Attribution is essential when quoting or paraphrasing from this thesis.
dc.rights	© 2026 Luke J. Johnson
dc.rights	au.edu.uts.lib/cph
dc.title	Market Quality of Automated Market Makers	en_US.UTF-8
dc.type	Thesis
utslib.copyright.status	open_access	*

Abstract:

Automated market makers (AMMs) promise to be the next evolution in market design, offering a new approach to trading, enabling passive liquidity provision and automated price discovery governed by mathematical functions. This dissertation examines the market quality of AMMs, analysing their liquidity, price discovery, and market integrity, assessing whether AMMs will be the next step in market design. The findings of this dissertation suggest AMMs offer a viable market structure, with the potential to improve liquidity resilience in traditional markets. However, the findings of this dissertation underscores the substantial regulatory challenges posed by decentralised exchanges which function with AMMs, highlighting vulnerabilities to market abuse and the difficulty of enforcement in pseudonymous blockchain environments.

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http://hdl.handle.net/10453/195952