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Expertise

Market structure and prudential regulation of repo, bond and derivatives markets.

Jobs

2024–now — Supervisor of research, Office of Financial Research, US Treasury

2021–2024 — Head of product research, Montréal Exchange, TMX Group

2014–2020 — Principal researcher, Bank of Canada

2011–2014 — Senior economist, Bank of Canada

Degrees

2006–2012 — Ph.D. Economics, UCLA

2005–2006 — M.Phil. Economics, University of Cambridge

2001–2005 — B.A. Philosophy, University of South Carolina

Academic publications

Garriott, C., and Riordan, R. (2026). The price impacts of informed investors. Journal of Financial Markets, 101058.

Garriott, C., van Kervel, V. and Zoican, M. (2025). Queuing and inventories in limit order markets. Journal of Financial Markets, 75, 100982.

Chen, M. and Garriott, C. (2020). High-frequency trading and institutional trading costs. The Journal of Empirical Finance 56, 74–93.

Garriott, C., Lefebvre, S., Nolin, G., Rivadeneyra, F. and Walton, A. (2020). Alternative futures for Government of Canada debt management. The Journal of Financial Economic Policy 12(4), 659–685.

Cimon, D. and Garriott, C. (2019). Banking regulation and market making. The Journal of Banking and Finance 109: 105653.

Brogaard, J. and Garriott, C. (2019). High frequency trading competition. The Journal of Financial and Quantitative Analysis, 54(4), 1469–1497.

Garriott, C. and Walton, A. (2018). Retail order flow segmentation. The Journal of Trading 13(3), 13–23.

Chin, F. and Garriott, C. (2017). Options decimalization. The Journal of Derivatives 25(1), 88–103.

Policy articles

Cenicola, A. and Garriott, C. (2025). How the Treasury clearing rule might affect SOFR. The OFR Blog 25-01.

Fontaine, J.S., Garriott, C., Johal, J., Lee, J., and Uthemann, A. (2021). COVID-19 Crisis: Lessons Learned for Future Policy Research. Bank of Canada Staff Discussion Paper 2021-2.

Berger-Soucy, L., Garriott, C. and Usche, A. (2018). Government of Canada fixed-income market ecology. Bank of Canada Staff Discussion Paper 2018-10.

Garriott, C. and Johal, J. (2018). Customer liquidity provision in Canadian bond markets. Bank of Canada Staff Analytical Notes 2018-12.

Feunou, B., Garriott, C., Kyeong, J. and Leiderman, R. (2017). The impacts of monetary policy statements. Bank of Canada Staff Analytical Notes 2017-22.

Garriott, C., Hyun, D. and Johal, J. (2017). Do Canadian broker-dealers act as agents or principals in bond trading? Bank of Canada Staff Analytical Notes 2017-11.

Fontaine, J.S., Garriott, C. and Gray, K. (2016). Securities financing and bond market liquidity. Bank of Canada Financial System Review June 2016.

Garriott, C. and Gray, K. (2016). Canadian repo market ecology. Bank of Canada Staff Discussion Paper 2016-8.

Garriott, C., Pomeranets, A., Slive, J. and Thorn, T. (2013). Fragmentation in Canadian equity markets. Bank of Canada Review Autumn 2013.

Podcasts

TMX Crossing Intents, co-hosted with Doug Clark.

  1. The SEC market structure proposals (Feb 2023: Apple, Spotify)
  2. Is market structure broken? (May 2023: Apple, Spotify)
  3. A TMX solution for adverse selection (Oct 2023: Apple, Spotify)

TMX POV: The future of short-term interest rates in Canada (July 2022: Apple, Spotify)

Invited presentations

An asterisk indicates a co-author presented.

Garriott, C. A first look at the non-centrally-cleared bilateral repo data collection.

  • 2026: Financial Stability Oversight Council, Washington, D.C.
  • 2025: Securities and Exchange Commission, Washington, D.C. International Monetary Fund, Washington, D.C. Federal Reserve Board, Washington, D.C. Inter-Agency Working Group on Treasury Market Surveillance, Washington, D.C. FSOC Principals (before Sec. Scott Bessent and Chairman Jerome Powell), Washington, D.C.

Garriott, C., van Kervel, V. and Zoican, M. Queueing and inventories in limit-order markets.

  • 2022: Paris December Finance, Paris, France.* Northern Finance Association, Banff, AB.* Western Finance Association, Portland, OR.* The Microstructure Exchange, online.*

Fireside chat with Ian Pollick, Canadian Annual Derivatives Conference. (2023)

Garriott, C. and Riordan, R. The price impacts of informed investors.

  • 2020: Paris December Finance, online. Northern Finance Association, online. Plato Market Innovator, online. Western Finance Association, online.
  • 2019: Telfer School of Business, University of Ottawa. 15th Central Bank Conference on the Microstructure of Financial Markets, Sveriges Riksbank, Stockholm, Sweden. Third SAFE Market Microstructure Conference, Frankfurt, Germany. University of Graz, Austria.* HEC Montréal.* Wilfrid Laurier University, Waterloo, ON.

Garriott, C., Lefebvre, S., Nolin, G., Rivadeneyra, F. and Walton, A. Alternative futures for Government of Canada debt management.

  • 2019: Public Debt Management Conference, OECD Headquarters, Paris, France.*
  • 2018: Toronto Stock Exchange, Toronto. Vanguard Investments, Toronto.
  • 2017: Department of Finance, Ottawa.

Chen, M. and Garriott, C. High-frequency trading and institutional trading costs.

  • 2018: Telfer School of Business, University of Ottawa. 2nd European Capital Markets Conference, Cass Business School, London, UK.
  • 2017: Canadian Annual Derivatives Conference, Montreal Exchange, Quebec City, QC. Ontario Securities Commission, Toronto, ON.

Cimon, D. and Garriott, C. Banking regulation and market making.

  • 2017: Paris December 2017 Finance Meeting, Paris. Canadian Economics Association, St. Francis Xavier, Antigonish, NS. SAFE Market Microstructure Conference, Frankfurt, Germany.* Northern Finance Association, Halifax, NS.* 13th Central Bank Conference on the Microstructure of Financial Markets, Bank of England, London, UK.* Bank of Canada – Banco de España Conference, Ottawa.* Financial Management Association, Boston, MA.* Wilfrid Laurier University, Waterloo, ON.*

Brogaard, J. and Garriott, C. High-frequency trading competition.

  • 2017: Vienna HFT: Curse or blessing, Vienna, Austria.*
  • 2016: Stockholm Business School, Stockholm, Sweden.*
  • 2015: Canadian Imperial Bank of Commerce, Toronto, ON.
  • 2014: Western Finance Association, Seattle, WA. SFS Cavalcade, Georgia Tech, Atlanta, GA. 8th Financial Risks International Forum, Louis Bachelier Institute, Paris.
  • 2013: Canadian Economics Association, HEC Montreal. ITG Canada, Toronto. Ontario Securities Commission, Toronto.

Garriott, C. and Walton, A. Retail order flow segmentation.

  • 2017: 10th Financial Risks International Forum, Louis Bachelier Institute, Paris.
  • 2016: SEC Conference on Financial Regulation, Securities and Exchange Commission, Washington, DC.* Northern Finance Association, Mont Tremblant, QC.* Fellowship and Learning Exchange, Bank of Canada, Ottawa.
  • 2015: Canadian Economics Association, Ryerson University, Toronto.

Conferences organized

2018 — Bank of Canada – Wilfrid Laurier Workshop on Market Structure, Bank of Canada, Ottawa, ON

2017 — Bank of Canada Workshop on Market Structure, Bank of Canada, Ottawa, ON

2013 — 8th Annual Central Bank Conference on Market Microstructure, Bank of Canada, Ottawa, ON

Press coverage

2025

2020

2018

2017

2014