Research in finance
CMCRC's Market Quality – Finance program assesses impact and relationship of the five "key elements" (regulation, information, participants, instruments, technology) and structures that affect Market Quality.
- Market efficiency – transaction costs and price discovery
- Market integrity – insider trading, market manipulation and broker-client conflict.
CMCRC has historically concentrated on the needs of regulators, exchanges and brokers. Our research is now broadening to include the needs of listed companies and asset managers, unlisted OTC companies and exchanges, and new digital asset holders and managers.
What are the outcomes?
- Intelligence to inform policy makers and industry stakeholders.
- Better outcomes for users of capital markets.
- Optimal market design (regulators are required to attest that all market design changes, such as changes to the five key market elements, pass the dual tests of fairness and efficiency).
- Ability to realise the commercial benefits from innovation.