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Evidence based on whole-of-day trading rejected by the Supreme Court as it quashes a verdict of market manipulation

In the appeal brought by Daniel Schlaepfer in a matter involving allegations of market manipulation, three Justices of the NSW Court of Appeal Court rejected the expert evidence they described as “indirect and ultimately somewhat speculative evidence” that...
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GoldZero: ESG Innovation of the year (funds & portfolios)

Hailed as "truly innovative and a leading example of the nexus of sustainability, technology and finance", GoldZero is the Innovation of the Year (funds and portfolios) at the Environmental Finance Sustainable Investment Awards 2021. GoldZero is commercialised by...
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Announcing a new $181M digital finance research centre

Our experts are part of the new Digital Finance CRC (DFCRC) which focusses on the digitisation of real world assets, including the Trovio net-zero gold coin and other digitised commodities. The DFCRC has been awarded $181 million from the Federal government and...
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We are part of the Universal Protocol Alliance, the block chain coalition trading digital tokens of carbon dioxide

Our experts are part of the Universal Protocol Alliance, a coalition of block chain companies that announced the Universal Carbon (UPCO2) token Tuesday. Each block chain-based UPCO2 token represents a certified measure of carbon dioxide. They can be bought and held...
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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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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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The impact of order routing to affiliated ATSs on execution outcomes

The 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 Warminger case: What is manipulative trading?

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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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Now available: Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation

Released on 13 May, the handbook is grounded in market practice.

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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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Cases

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

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“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)