Management Team

The CMCRC management team is comprised of the following people, led by Professor Michael Aitken, Chief Executive Officer.

Dr Michael Aitken AM, CEO

Mike’s was the driving force behind the establishment of the Securities Industry Research Centre of Asia Pacific ( in 1997 and the CMCRC in 2001. 

Mike first venture into the world of commercial enterprise came with the development of the Reuters Tick History Service. This service ingests more than 2 million transactions a second from the world’s financial markets and makes it available to the commercial and academic enterprise, with the former funding the later.

Following this early work he then established the SMARTS Group, a private Australian company that set the standard in real-time security market surveillance which he sold to NASDAQ in 2010.
With some of the returns from the SMARTS sale he established Capital Market Technologies (CMT) which is now investing in start-up enterprises that enhance market transparency with a view to increasing the fairness and efficiency of a range of different marketplaces. At present this includes investments in mortgage (, supply chain (, building management ( and digital currency trading marketplaces (    
More recently he has moved from securities to health markets with his path breaking work in the detection of fraud in the health and general insurance markets ( Associated with his work in both areas he has established an expert witness business (Capital Markets Consulting) providing specialist services for legal cases involving insider trading, market manipulation and continuous disclosure breaches. He was also a major driver behind a recoveries practice in the health domain.
His latest work (Market Quality Dashboard – moves from fraud to the efficacy of security market design and similar work is ongoing in the health domain where he is moving from the detection of fraud to the efficacy of health intervention.
Mike has a PhD from the University of New South Wales and first class Honours and Masters, degrees from Massey University (NZ).
In recognition of his contributions to business and academia in 1999 he was awarded the Business and Higher Education Round table Award for Outstanding Achievement in Collaboration in Education and Training. In 2010 he was named Ernst and Young (E&Y) ICT Entrepreneur of the Year, as well as NSW and Prime Minister Exporter of the Year. In recognition of his significant service to the education, business and finance sectors of the nation, he was inducted as a member of the Order of Australia in 2014. In 2016 he was awarded the Prime Minister’s prize for Innovation in Science. Mike's career achievements are now featured in "Who's Who in Australia".

David Jonas, Head of Market Quality—Health

David leads the CMCRC's Health Market Quality research, development and commercialisation program which he started in 2013. He was the founding CEO of CMCRC's healthcare solutions subsidiary, Lorica Health for 6 years and remains on its Board. David has formerly served as the Chief Operating Officer of the CMCRC and the CEO of Capital Markets Technologies.

David is a non-executive director of Infoxchange, a major provider of technology to the not-for-profit sector and social welfare agencies of governments.  He founded and led Australia's largest privately held electronic commerce consulting firm, Electronic Trading Concepts (ETC), which was acquire by Securenet (now part of Verizon) in 2000. His ground-breaking involvement in electronic commerce has seen him appointed to a range of Australian and European Union Government bodies. David's background includes 7 years as CTO of a large multinational group of companies.


Ann Leduc, Head of Regulatory Practice

Ann leads our regulatory practice and consulting activities, building on her wide-ranging experience in capital markets. Prior to joining us, she was the founding Secretary General of the CSA, the council of securities regulators in Canada. In addition to her regulatory experience, she led the management and trading of bond and currency portfolios for some of the largest Canadian banking institutions and pension funds, as well as teaching finance at McGill University. Ann holds an MBA from York University, a BA in Economics from McGill University and is fluent in English and French.

David Wright

David Wright, Chief Operating Officer

David leads CMCRC’s finance, legal, HR and operations teams and is responsible for the overall design and delivery of CMCRC's strategy. He is also the Company Secretary and General Counsel for the CMCRC Group Companies.

David’s career has encompassed academia, telecommunications, IT, government research and start-ups both in Australia and internationally. He has served in C-suite positions at firms including Macquarie University, NICTA and T3 Communications.

Prior to joining CMCRC, David founded education strategy and design firm HECG, one of ten start-ups he has been involved with. These include education accessibility not-for- profit the Global Access Project, as well as a public affairs and investment firm, Aqua Ventures (formerly Wright Corporate Group).

David holds a BComm and LLB from the University of Canberra and a GDLP from the Australian National University. He is admitted to practice as a Barrister and Solicitor in the High Court of Australia and Supreme Court of the ACT.

Dr Andrew Lepone, Head of Education and Partnerships

Andrew leads the education program at the CMCRC. He manages all matters associated with the interaction between the CMCRC and its university and industry partners. His portfolio includes implementation and management of agreements with all partners, provision and audit of cash and in-kind resources from external partners, selection and industry placement of PhD students in the Finance Market Quality Program, administration of policy and procedures governing the interaction between PhD students and staff on-site at industry partner offices, and communication of research findings to all partners where appropriate.


Andrew has a Ph.D. from the University of Sydney and First Class Honours from the University of Wollongong. He is currently Professor in Finance and Accounting at Macquarie Graduate School of Management. He is actively involved in industry-oriented research in equity and futures market microstructure, particularly related to the areas of market design and market quality, for which he has won significant government grants.

Dr Shan Ji, CIO

Shan leads the activities of the central development team at the CMCRC. Prior to joining the Centre, Shan was the Lead Business Analyst at SMARTS Group International, the world leading provider of securities markets surveillance technology. He also pursued research in securities market manipulation and in maintaining market integrity and was awarded a PhD in Finance from University of New South Wales (UNSW) and a Bachelor of Commerce (Honours) in Finance from University of Western Australia.

Dr Vito Mollica, Head of Market Quality—Finance

Vito leads the CMCRC’s Finance Market Quality program, which covers foreign exchange, derivative, real estate, equities, digital currency and OTC markets. He is the Director of Higher Degree Research at the Macquarie University Graduate School of Management. 

Vito has provided policy advice around the over-the-counter swap markets for residential real estate for the Australian Financial Markets Association and to the Financial Services Council in response to regulatory proposals surrounding issues of dark pools and minimum ticks. His research has contributed to the development of a patented index methodology which tracks the performance of Australian residential real estate. 

Dr Mollica was a foundation member of a real estate funds management group and a senior research analyst. He received a PhD and Joint 1st Class Honours (Accounting & Finance) from the University of Sydney, and awarded a Marie Curie Fellowship.

Steve Clark

Dr Steve Clark, Director of eLearning

Steve leads the Health and Finance eLearning program, which ensures CMCRC PhD candidates are are fully prepared and equipped with technical, analytical and professional communication skills to conduct applied industry-based real world research, on the key issues and needs of our industry partners.

Prior to joining the CMCRC, Steve was the Academic Advisor eLearning at the Sydney Business School, The University of Sydney, Academic Fellow in Learning and Teaching at UNSW Arts and Design (College of Fine Arts, UNSW), and Academic Advisor in eLearning at the Royal College of Pathologists of Australasia. Steve has published extensively on the use of elearning in international journals and conference papers. He is a member of the Centre for Research on Learning and Innovation (CRLI), The University of Sydney.

Steve received a PhD in Design Computing and Cognition from The Faculty of Architecture, Design and Planning, The University of Sydney, a Masters of Fine Arts from University of NSW, and Masters of Education in Technology in Learning and Teaching from The University of Wollongong.

Lee-Ann Breger

Lee-Ann Breger, Head of Partner Relations - Health

Lee-Ann is the partner relations representative in the Health Market Quality Program, drawing on her experience in deploying transformational technologies at some of the largest Australasian public and private institutions, including Medibank, Australia Post, the Auckland District Health Board and the Auckland Regional Public Health Service. She leads the development of over 20 projects within the CMCRC Health Market Quality Program, combining the collective efforts of our industry and academic partners in delivering research on the efficacy and integrity of health interventions that fuel the technology solutions developed by the CMCRC.

Lee-Ann is a specialist in transformational management focussed on the duty of care, having previously implemented such projects as a new model of care for paediatric diabetes and the overhaul of the delivery of health services within the Refugee Health Service iAuckland. Her activities brought new technology, new referral pathways, new models of care and support, quite apart from the ROI multipliers for the agencies involved and the government funding she helped secure.

She is a graduate of the University of the Witwatersrand in Psychology and Law.

A/Prof Federico Girosi, Head of Research-Health

Federico Girosi is an Associate Professor in Population Health at the School of Medicine, Western Sydney University and a health economist and a data scientist whose interests span a wide range of topics.
He is currently working in collaboration with federal and state organizations, as well with the private sector, on projects that apply data analytics to the solution of problems of immediate interest. Examples of his current projects include the development of a microsimulation for the prediction of health and health care utilization under different policy scenarios, the detection of clusters and anomalies in health trajectories, the design of customizable catchment areas and the analysis of the role of chronic conditions in the DRG hospital payment system. He is also a Chief Investigator in three NHMRC sponsored projects: two that studies ways to manage ear infections in urban Aboriginal children and one that looks at immediate versus delayed care for gestational diabetes diagnosed at booking. Federico is also involved in research in the burden of eating disorders and in the evaluation of labor and birth programs.

He earned a Ph.D. in Health Policy from Harvard University in 2003, and worked 8 years at the RAND Corporation (Santa Monica, U.S.A.). His best known RAND project was the development of the COMPARE microsimulation, which was used to evaluate the impact of health care reform commonly known as “Obamacare”. He also holds a Ph.D. in Physics from the University of Genoa, Italy, and conducted research for 10 years at the Artificial Intelligence Laboratory at the Massachusetts Institute of Technology (MIT) in the areas of machine learning and computer vision.

Federico has published in a number of peer-reviewed international journals, including the New England Journal of Medicine, Health Affairs, Nature, Science and the Proceedings of the Institute of Electrical and Electronics Engineers. He is also the author of a book, published by Princeton University Press in 2008 and co-authored by Gary King, entitled "Demographic Forecasting".

Jodi Watson COO

Jodi Watson, Chief Financial Officer

Jodi is a degree qualified CPA with over 20 years experience in public practice and corporate accounting roles. Jodi’s corporate experience has been in the IT sector, over the past 14 years she has held CFO roles at SMARTS Group, SIRCA and a small technology investment business.
Jodi was responsible for all accounting and finance functions, providing strategic advice to management and board reporting at SMARTS Group, a global stock market surveillance company. Over a 6 year period, the company grew to 130 staff in 5 countries around the world, and was later acquired by NASDAQ OMX in the US.
Prior to her corporate roles, Jodi worked for many years in a medium sized accounting firm.
Jeff Wong

Dr Jeff Wong, Head of Energy Research

Jeff leads the CMCRC’s Energy Markets Research Centre and is responsible for engaging with government, regulators and industry stakeholders to enable evidence based decisions. He has previously worked for Singapore Exchange and held senior positions in the funds management industry. His research outcomes have contributed to a better understanding of the complex relationship between cross-border exchanges and assisted in shaping the rules and regulations governing securities market design. Using his experience in financial and other markets, he seeks to incorporate advance techniques into energy markets to optimise security and reliability.

Jeff has a Ph.D. and Honours from the University of Sydney, won significant government funding (from Australian Research Council) and consulted with the NSW government on energy research projects.


Elvira Sojli

Elvira Sojli, Head of Digital Currency Research

Elvira is an Associate Professor of Finance and a Scientia Fellow at UNSW. Previously, she was an Associate Professor of Finance at Erasmus University Rotterdam and a Fellow of the Duisenberg School of Finance. Elvira’s backgrounds spans accounting, finance and economics, with a PhD in Finance, MSc in Economics and Finance (with distinction) both from University of Warwick and a BSc in Accounting and Finance from LSE. She has worked extensively with central banks like Norges Bank and Bank of Canada on exchange rate modeling and market microstructure research. Elvira has a long track record of publishing in top finance and economics journals and presenting in the top finance and economics conferences.

Capital Markets CRC Limited,
Level 3, 55 Harrington Street, Sydney NSW 2000, Australia.
t. 61 (2) 8088 4200