COST Action CA19130: The Network Behind the Project
How a CHF 236K Swiss Grant Gained Access to EUR 964K European Infrastructure
When the SNSF Narrative Digital Finance project began in July 2023, it didn't start from zero. Three years earlier, COST Action CA19130 had launched - a pan-European network that would grow to become the second-largest COST Action in Europe, connecting 420+ researchers across 47 countries. The SNSF project's Principal Investigator served as the Action's Chair, creating a unique position to leverage European infrastructure for Swiss research objectives.
This wasn't coincidence - it was strategy. The dual role meant that when the SNSF project needed collaborators, they were already connected. When it needed a conference platform, venues were already booked. When it needed data access or industry partnerships, introductions were already made. This is what research leverage looks like in practice.
Research funding bodies often ask: what did we get for our investment? For the SNSF Narrative Digital Finance project, the answer involves multiplication, not just addition.
Swiss national funding
European network budget
Resource leverage ratio
"The SNSF funding enabled the research. The COST network enabled the scale. Together they produced impact that neither could achieve alone."
- Illustrative quote reflecting the synergy benefit
Prof. Joerg Osterrieder serves as both SNSF Project Principal Investigator and COST Action Chair. This dual role is rare - and strategically powerful. It meant that every COST meeting, every training school, every collaborative publication also served SNSF research objectives. The network's infrastructure became the project's infrastructure.
What SNSF Gained from COST
- Instant network access: 420+ researchers already connected, already collaborating
- PhD training infrastructure: COST FinAI PhD School 2024 at Twente provided doctoral training
- Conference platforms: 7th and 8th European Conferences hosted at BFH Bern
- Joint publications: 30+ co-authors from network for key papers
- Industry partnerships: Deutsche Borse, ING Group, Quoniam connections
What SNSF Contributed to COST
- Network leadership: Action Chair role driving 4-year strategic direction
- Flagship events: Bern conferences (2023, 2024) as network highlights
- Research methods: TOPol framework and HFT classification shared with network
- EU bridge: Connection to MSCA Industrial Doctoral Network (EUR 4.5M)
- Training content: Research case studies for PhD schools and seminars
The SNSF project's work packages align with COST Action working groups, enabling collaborative research across the network.
| SNSF Work Package | COST Working Group | Alignment |
|---|---|---|
| WP1: Text Data & Text Analytics | WG1 | Strong - Both focus on ML/NLP for financial transparency |
| WP2: Structural Breaks & Bubbles | WG3 | Strong - Time series analysis and interpretable ML |
| WP3: Narratives for Structural Breaks | WG1, WG2 | Moderate - Narrative analysis uses XAI concepts |
| WP4: Multidimensional AI/ML | WG3 | Strong - Market microstructure and HFT analysis |
WG1: Transparency in FinTech
Leader: Prof Wolfgang Hardle
Participants: 281
WG2: Transparent versus Black Box Decision-Support Models in the Financial Industry
Leader: Prof Petre Lameski
Participants: 254
WG3: Transparency into Investment Product Performance for Clients
Leader: Prof Peter Schwendner
Participants: 223
The COST network didn't just provide access to names - it provided access to specific expertise and resources that directly shaped SNSF research outputs. These collaborations produced concrete outcomes:
Prof. Wolfgang Karl Hardle
Humboldt-Universitat Berlin | WG1 Leader
Contribution: Co-authored the flagship "Mitigating Digital Asset Risks" paper (33 authors), provided QuantLet platform infrastructure for reproducible research, and served as senior advisor for PhD training at the Twente School. His blockchain research expertise directly informed WP3 narrative analysis methods.
Dr. Stefan Schlamp
Deutsche Borse AG - Head of Quantitative Analytics | Industry Partner
Contribution: Provided access to nanosecond-resolution trading data from the Frankfurt Stock Exchange - the foundation for WP4's HFT analysis. This industry partnership enabled research that would be impossible with academic datasets alone. Continues collaboration on market microstructure analysis.
Prof. Daniel Traian Pele
Bucharest University of Economic Studies | WG1 Co-Leader
Contribution: Bridged Romanian research community with SNSF project through joint publications and STSM hosting. His expertise in econometric time series analysis contributed to WP2 structural break detection methods. Mentored Romanian young researchers visiting Swiss institutions.
Prof. Codruta Mare
Babes-Bolyai University | Grant Coordinator
Coordinated STSM and VM grant allocation, ensuring ITC researchers could visit Swiss institutions.
Dr. Karolina Bolesta
SGH Warsaw | VM Co-Coordinator
Co-authored multimodal influence paper with SNSF doctoral researcher Gabin Taibi.
The SNSF project didn't just benefit from COST infrastructure - it benefited from infrastructure that was already mature. When the SNSF project started in July 2023, the COST Action had been running for three years. The network was already built. The working groups were already functioning. The conference series was already established. This timing was deliberate:
Network building begins during pandemic - virtual meetings establish initial connections across 47 countries.
Working groups mature, conference series establishes, mobility grants flow, industry partnerships form. Network reaches 380+ researchers.
Perfect timing: SNSF project begins with mature network already in place. Collaborators already connected, venues already booked, relationships already established.
First flagship conference after SNSF start - hosted at BFH, showcasing SNSF-COST synergy. 100+ attendees, industry panels, doctoral presentations.
15 doctoral students trained by Wolfgang Hardle and network leaders. SNSF PhD researcher Gabin Taibi among participants.
Final flagship conference, again at BFH. Action culmination with 120+ attendees, research showcase, industry partnerships solidified.
Action ends with all 8 MoU objectives achieved. But relationships, platforms, and collaborations continue beyond funding period.
Key insight: The SNSF project captured 18 months of overlap with COST Action - enough time to leverage established infrastructure while the network was still actively funded and organizing events. This overlap period was when the synergy benefits were strongest.