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, Head of Scholarships and Training

Steve leads the Health and Finance PhD Scholarships and Training program at the CMCRC. He manages all matters associated with the financial administration and management of scholarship students, post doc researchers and academic supervisors between the CMCRC and University partners. He manages the CMCRC PhD Training Program to prepare students for industry engagement including the development, implementation and delivery of blended and eLearning courses. He provides strategic leadership on the governance and policies for the PhD program including reporting to the CMCRC Board and Commonwealth government. .

Prior to joining the CMCRC, Steve 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 and Developer in eLearning at the Royal College of Pathologists of Australasia. 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.

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