In The News

Prize for finance cyber whizzes

Sydney Morning Herald
19 January 2001
Deborah Smith

Imagine the number of deals done on financial markets around the world every day, every minute, every nanosecond.

A world-leading research centre in Sydney with access to supercomputing power to analyse enormous amounts of financial information is one of the winners of major Federal Government research grants announced yesterday.

The Securities Industry Research Centre of Asia-Pacific (SIRCA) is a key member of the new Co-operative Research Centre for Technology Enabled Capital Markets, which will receive $14.2 million over seven years.

In a move welcomed by scientists, the Minister for Industry, Science, and Resources, Senator Minchin, announced a total of $325 million for 19 co-operative research centres (CRCs) exploring areas ranging from wheat production and inflammatory disease to smarter Internet.

SIRCA's chief executive, Professor Michael Aitken, said its database held every share transaction on the Australian Stock Exchange made since 1987.

Professor Aitken said a key aim of the CRC would be to improve the efficiency of Australian capital markets by, for example, studying the impact on other markets of regulation changes.

Identifying unusual trading behaviour amid the vast number of deals would help Australian traders identify new opportunities, he said.

He predicted that eventually they would be able to sit in Sydney and deal in real time on any world market.

The Prime Minister is expected to announce a further $150 million for the CRC program, which draws together industry, universities and science agencies, in his January 29 innovation statement.