Capital Markets Cooperative Research Centre

Professor Mike Aitken, Professor of Management at the MGSM, leads the activities of the Capital Markets Cooperative Research Centre (CMCRC), one of 36 national research centres which focus the attention of academics on an industry research agenda. Professor Alex Frino, Professor Andrew Lepone and Dr Vito Mollica also participate in the CMCRC.

The CMCRC focuses on fraud detection in the finance and health domains. The CMCRC developed the SMARTS real-time market surveillance system which is one of the five key technologies used by securities markets around the world. 30 national exchanges and regulators and 100+ international brokers across 50 countries deploy the technology making it the market leader. In a nutshell the technology identifies prima facie instances of insider trading, market manipulation, broker-client conflict and breaches of continuous disclosure. Today more than 50% of the world’s financial transactions are monitored by SMARTS helping to safeguard the financial investments of millions of investors across Australia and the world.

The CMCRC has also developed a unique symbiotic relationship between industry and university surrounding its technology with a range of PhD and postdoctoral researchers to ensure that the technology is used effectively in the businesses in which it operates. This in turn secures access to unique data which demonstrates how industry engagement and first class scholarship can combine. To date more than 50 industry funded PhD scholarships funded at 80k per year have been created and are benefiting the CMCRC’s university partners. There are already 14 scholarships benefiting Macquarie University with the possibility of this number doubling in the next three to four years.