SIRCA Industry Forum
September 2004
How is the ASX maintaining market efficiency and integrity?
SIRCA is pleased to invite you to a SIRCA Lunch Forum to discuss
the results of our latest research, The Importance of Market
Integrity - An Analysis of ASX Self Regulation, and the impact
it will have in the market.
Presenters: Dr Carole Comerton-Forde, SIRCA Research
Director and Senior Lecturer, Finance Discipline , School of Business
at University of Sydney and James Rydge, PhD Candidate, Finance
Discipline , School of Business at University of Sydney.
| Date |
Wednesday, 1st September, 2004 |
| Time |
12.30pm start. The forum will conclude at 1.45pm. Sandwich
lunch will be provided. |
| Where |
Level 2, 9 Castlereagh Street, Sydney. |
| RSVP |
Frances Carlow, Business Development Manager
Email: fcarlow@sirca.org.au
Tel: +61 2 9236 9114 |
 Download
Research Paper (PDF, 264KB)
Download
Research Paper Summary (PDF, 23KB)
Download
Presentation Slides (PDF, 336KB)
What makes the study interesting?
This seminar considers the issue of market integrity in the context
of the Australian Stock Exchange (ASX). In particular it will discuss
new independent research examining alleged market manipulation on
the ASX during the period 1989 to 2002 using ASX Surveillance data.
Evidence presented indicates that improved detection methods, enhancements
to ASX Business Rules, education campaigns and other initiatives
have improved broker behaviour and industry compliance over time.
Summary of the findings of this research
Maintaining market efficiency and integrity are central objectives
of exchanges around the world. A large volume of academic research
has assessed the success of exchanges in meeting the first of these
objectives. However, there is little empirical research assessing
exchange success in enhancing market integrity. In an era of exchange
demutualisation some market commentators have indicated that exchanges
no longer have sufficient incentive to maintain market integrity.
The SIRCA Research Forum Series aims to encourage the dissemination
of research to a wider audience and to provide a unique forum for
interaction between industry and academia to facilitate increased
collaboration. Places are deliberately limited to ensure frank and
open discussion.
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