AUSTRALIA - Senator Nick Sherry, minister for superannuation and corporate law has formally launched the Capital Markets Co-operative Research Centre, designed to focus on market manipulation and fraud.
Underlining the importance of its duties, the Centre highlighted the fact that avoiding 0.01% of manipulation in Australian markets would save AUS$98 million a year.
Nick Sherry said: "The Rudd Government's ongoing support of the Centre illustrates the importance we attach to market-focused research and development and to the Government's policy of positioning Australia as a global financial services hub.
"The Centre's focus on new technology to enhance the efficiency and integrity of equity markets complements the Government's policies in these areas."
The centres two research programmes focus on the development a cross-market surveillance capability, based on trading data from exchanges, and the creation of an overall surveillance capability, using non-trading 'unstructured' data sources, such as free-text and corporate reports.
The two programs together would help the centre ascertain whether fraudulent or abusive activity has taken place by correlating unusual trading activity with primary information sources.
The Centre was supported by a Commonwealth grant of $26m to fund its activities until 2014.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.