Jose Penalva is associate profesor with tenure (titular) in the Business department of the Universidad Carlos III, Madrid. Prof. Penalva received his PhD from UCLA and now teaches Financial Economics in the PhD program (Information in Markets and Market Microstructure) as well as Financial Mathematics to undergraduates. He is Director of the Master in Business and Quantitative Methods that represents the first two years of coursework in the PhD program. He has published in top academic journals, most notably in Econometrica, on issues of High Frequency Trading, information economics, the financial and legal aspects of insurance, and game theory. He is recent recipient of the 2015 BBVA individual grant for Researchers, Innovators, and Cultural Creators to do research on market microstructure issues. He worked for 9 months in an investment bank in New York in 1998 but has otherwise been involved in academic and research work at the Universidad Carlos III, Universitat Pompeu Fabra, Institut d'Analisi Economico (CSIC) and the Bank of Spain. Most recently he has authored (together with Alvaro Cartea and Sebastian Jaimungal) the book "Algorithmic and High-Frequency Trading", published by Cambridge University Press (august 2015).