MPC Joins The Dark Side

John Cartlidge; Nigel Smart; Younes Talibi Alaoui

doi:10.1145/3321705.3329809

MPC Joins The Dark Side

John Cartlidge, Nigel Smart, Younes Talibi Alaoui

Research output: Chapter in Book/Report/Conference proceeding › Conference Contribution (Conference Proceeding)

26 Citations (Scopus)

1109 Downloads (Pure)

Abstract

We consider the issue of securing dark pools/markets in the financial services sector. These markets currently are executed via trusted third parties, leading to potential fraud being able to be conducted by the market operators. We present a potential solution to this problem by using Multi-Party Computation to enable a trusted third party to be emulated in software. Our experiments show that whilst the standard market clearing mechanism of Continuous Double Auction in lit markets is not currently viable when executed using MPC, a popular mechanism for evaluating dark markets, namely the volume matching methodology, is viable. We present experimental validation of this conclusion by presenting the expected throughputs for such markets in two popular MPC paradigms; namely the two party dishonest majority setting and the honest majority three party setting.

Original language	English
Title of host publication	Asia CCS 2019: Proceedings of the 2019 ACM Asia Conference on Computer and Communications Security
Publisher	Association for Computing Machinery (ACM)
Pages	148-159
Number of pages	12
ISBN (Print)	9781450367523
DOIs	https://doi.org/10.1145/3321705.3329809
Publication status	Published - 12 Jul 2019
Event	2019 ACM Asia Conference on Computer and Communications Security, AsiaCCS 2019 - Auckland, New Zealand Duration: 9 Jul 2019 → 12 Jul 2019

Conference

Conference	2019 ACM Asia Conference on Computer and Communications Security, AsiaCCS 2019
Country/Territory	New Zealand
City	Auckland
Period	9/07/19 → 12/07/19

Research Groups and Themes

Cyber Security

Keywords

cryptographic protocols
financial markets
Financial Engineering
AUCTION DESIGN

Access to Document

10.1145/3321705.3329809

Full-text PDF (accepted author manuscript)
This is the accepted author manuscript (AAM). The final published version (version of record) is available online via ACM at https://doi.org/10.1145/3321705.3329809 . Please refer to any applicable terms of use of the publisher.
Accepted author manuscript, 309 KBLicence: Other

https://eprint.iacr.org/2018/1045

Handle.net

Persistent link

Cite this

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title = "MPC Joins The Dark Side",

abstract = "We consider the issue of securing dark pools/markets in the financial services sector. These markets currently are executed via trusted third parties, leading to potential fraud being able to be conducted by the market operators. We present a potential solution to this problem by using Multi-Party Computation to enable a trusted third party to be emulated in software. Our experiments show that whilst the standard market clearing mechanism of Continuous Double Auction in lit markets is not currently viable when executed using MPC, a popular mechanism for evaluating dark markets, namely the volume matching methodology, is viable. We present experimental validation of this conclusion by presenting the expected throughputs for such markets in two popular MPC paradigms; namely the two party dishonest majority setting and the honest majority three party setting.",

keywords = "cryptographic protocols, financial markets, Financial Engineering, AUCTION DESIGN",

author = "John Cartlidge and Nigel Smart and {Talibi Alaoui}, Younes",

year = "2019",

month = jul,

day = "12",

doi = "10.1145/3321705.3329809",

language = "English",

isbn = "9781450367523",

pages = "148--159",

booktitle = "Asia CCS 2019: Proceedings of the 2019 ACM Asia Conference on Computer and Communications Security",

publisher = "Association for Computing Machinery (ACM)",

address = "United States",

note = "2019 ACM Asia Conference on Computer and Communications Security, AsiaCCS 2019 ; Conference date: 09-07-2019 Through 12-07-2019",

}

Cartlidge, J, Smart, N & Talibi Alaoui, Y 2019, MPC Joins The Dark Side. in Asia CCS 2019: Proceedings of the 2019 ACM Asia Conference on Computer and Communications Security. Association for Computing Machinery (ACM), pp. 148-159, 2019 ACM Asia Conference on Computer and Communications Security, AsiaCCS 2019, Auckland, New Zealand, 9/07/19. https://doi.org/10.1145/3321705.3329809

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T1 - MPC Joins The Dark Side

AU - Cartlidge, John

AU - Smart, Nigel

AU - Talibi Alaoui, Younes

PY - 2019/7/12

Y1 - 2019/7/12

N2 - We consider the issue of securing dark pools/markets in the financial services sector. These markets currently are executed via trusted third parties, leading to potential fraud being able to be conducted by the market operators. We present a potential solution to this problem by using Multi-Party Computation to enable a trusted third party to be emulated in software. Our experiments show that whilst the standard market clearing mechanism of Continuous Double Auction in lit markets is not currently viable when executed using MPC, a popular mechanism for evaluating dark markets, namely the volume matching methodology, is viable. We present experimental validation of this conclusion by presenting the expected throughputs for such markets in two popular MPC paradigms; namely the two party dishonest majority setting and the honest majority three party setting.

AB - We consider the issue of securing dark pools/markets in the financial services sector. These markets currently are executed via trusted third parties, leading to potential fraud being able to be conducted by the market operators. We present a potential solution to this problem by using Multi-Party Computation to enable a trusted third party to be emulated in software. Our experiments show that whilst the standard market clearing mechanism of Continuous Double Auction in lit markets is not currently viable when executed using MPC, a popular mechanism for evaluating dark markets, namely the volume matching methodology, is viable. We present experimental validation of this conclusion by presenting the expected throughputs for such markets in two popular MPC paradigms; namely the two party dishonest majority setting and the honest majority three party setting.

KW - cryptographic protocols

KW - financial markets

KW - Financial Engineering

KW - AUCTION DESIGN

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DO - 10.1145/3321705.3329809

M3 - Conference Contribution (Conference Proceeding)

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SP - 148

EP - 159

BT - Asia CCS 2019: Proceedings of the 2019 ACM Asia Conference on Computer and Communications Security

PB - Association for Computing Machinery (ACM)

T2 - 2019 ACM Asia Conference on Computer and Communications Security, AsiaCCS 2019

Y2 - 9 July 2019 through 12 July 2019

ER -

MPC Joins The Dark Side

Abstract

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Research Groups and Themes

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Professor John Cartlidge

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MPC Joins The Dark Side

Abstract

Conference

Research Groups and Themes

Keywords

Access to Document

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Fingerprint

Profiles

Professor John Cartlidge

Cite this