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Progress in the Application of the Scientific Method to Enforcement

A recent case in the NSW Supreme Court is a challenge for industry players that intend to respond to investigations and enforcement actions with the usual industry rules of thumb.

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Training in Market Micro-Structure, Regulation and Compliance, Surveillance, Big Data Analytics

We offer bespoke training for regulators, financial institutions and other market participants, from introductory sessions for non-finance audiences to leading edge sessions with Ph.Ds.

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How to Tackle Issues of Trust and Security in Crypto

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Whitebox Trading: Important clarifications about key concepts in securities market litigation

In Justice Yates’ judgement in the Whitebox matter, there are several clarifications of key legal concepts in securities law, including clarifications about the meaning of the terms “likely”, “market”, “transactions” and “acts” for the purposes of...
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End-of-Day Price Manipulation Affects M&A Premiums

Dr Shan Ji and colleagues show that the presence of end-of-day (EOD) target price manipulation prior to M&As increases the probability of an M&A deal withdrawal, and decreases the premium paid. Having looked at M&As from over 45...
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Are fixed-income markets integrity challenged?

Mike Aitken and Kumar Venkataraman compare the microstructure of the equity and fixed-income markets, and explain the consequences of the lack of transparency in fixed-income markets before pointing to solutions in order to improve the fairness of fixed-income markets.

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Professor Venkataraman examines the impact of order routing to affiliated ATSs on execution outcomes.

Their analysis offers perspectives on how brokers handle the tension between the incentives to route to their ATS and their obligations to provide best execution to their clients, shedding light on the relation between venue ownership, broker routing and execution outcomes.

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The DaVinci Case: Spoofing and Layering.

“Australian technology and analysis has been used to crack a case involving traders using high-frequency strategies to manipulate markets in Europe and the UK.” – MondoVisione

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The Warminger case: What is manipulative trading?

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Cases

Capital Markets Consulting’s expertise and supporting technology delivers unrivalled credibility in complex cases. These include:

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Atanaskovic Hartnell v Birketu Pty Ltd, [2019] NSWSC 1006

Expert: Michael G. Hains We provided expertise in the context of the claim for the recovery of legal fees and interest in the wake of the fraud perpetrated by junior solicitor Brody Jack Clarke against media mogul Bruce Gordon, a long-time client of Atanaskovic...

“Professor Mike Aitken of CMCRC is impressive in his own right as an expert witness. When backed up with the data from his brainchild SMARTS, he is a surveillance icon.”

Patrick L Young

Author of The Exchange Invest 1000: The World’s Most Influential People In Market Structure (EI1000)