The Capital Markets Cooperative Research Centre (CMCRC) has been awarded more than $32M of funding over the next five years from the Australian Government’s Cooperative Research Centres programme. The funding, which will be amplified by industry and university partner contributions of more than $60m, will support the CMCRC’s continued research in finance and allow it to increase its efforts into the health market.
The CMCRC’s work addresses two critically important social objectives. The first is to underpin the efficiency and integrity of securities markets, which are fundamental to the retirement savings of millions of Australians as much of this money is invested in these markets. The second objective is to contain and enhance the effectiveness of health expenditure, which represents the single largest challenge to national budgets in Australia and across the world. Deploying skills in data management, mining and visualisation, research into both of these domains is integrated through the CMCRC’s Market Quality Framework. This identifies and measures the metrics that determine fair and efficient markets. This foundation underpins the CMCRC’s technology solutions. These include : • The SMARTS market surveillance system, now in use by more than 40 national exchanges and regulators as well as 200 brokers across 50 countries • The CMC-HIBIS and I+Plus health solutions used by 85% of all private health insurers in Australia Professor Michael Aitken, CEO and Chief Scientist of the CMCRC, said, “We are exceptionally pleased with this award from the Cooperative Research Centre’s program which represents the highest per annum funding amongst all of the CRCs funded. “This is the third time the program has awarded funding to the CMCRC – a testament to the quality and industry relevance of our research as well as our ability to turn that research into operationalised solutions that embed good practice and deliver significant commercial returns to the CMCRC and its partners. No less important are our strides in developing human capital which includes 110 completed PhDs and 200+ new jobs, the annual tax take from which fully repays the investment of the Commonwealth Government. We look forward to expanding our research and continuing to drive innovation and social and economic outcomes in the areas of health and finance.” For interviews with Professor Michael Aitken: Heather Gascoigne, The Continuum Partners +61 410 297 111.
Source: CMCRC