Find an Expert

The research team work on the CMCRC's core range of research and development programs. The team comprises experts in the fields of Securities Market Design, Wealth Management, Language Technology and Data Mining.

Market Design - Securities Markets

Prof Michael Aitken AM, CEO

Among the top 1000 authors publishing in the finance literature over the last 50 years, Mike Aitken is also a successful entrepreneur who founded both the CMCRC and its predecessor organisation SIRCA ( Uncanny business acumen led him to establish the SMARTS Group, a private Australian company that set the standard in real-time security market surveillance and sold to NASDAQ-OMX in 2010. Mike also initiated the development of the Reuters Tick History Service, a service providing tick data to the world’s academic and financial markets communities as well as path breaking technology in the detection of fraud in the health and general insurance markets ( He also established an expert witness business providing specialist services for legal cases involving insider trading, market manipulation and continuous disclosure breaches.

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 Roundtable Award for Outstanding Achievement in Collaboration in Education and Training. In 2010 he was named 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.


Professor Terry Walter, Research Leader

Terry Walter is Professor of Finance in the of Discipline of Finance, The University of Wollongong Business School and Chief Research Officer at the CMCRC Limited and Director of Equities Research at Sirca. His teaching and research interests are in the areas of empirical tests of finance theory as it relates to the behaviour of capital markets, market microstructure, executive compensation, takeovers and mergers and initial public offers, anomalies in empirical capital market evidence, behavioural finance, and the performance and fees structures of mutual funds. His research has been supported with several ARC Discovery Grants, Linkage Grants, Infrastructure Grants and a Cooperative Research Centre Grant. He previously has held professorial appointments at the University of Sydney, the University of New South Wales, the University of Western Australia, Macquarie University and the University of Technology, Sydney.


Professor Andrew Lepone

Andrew Lepone is a Professor of Finance at the Macquarie Graduate School of Management, and is Head of Partner Relations. He completed his Ph.D. at the University of Sydney in 2007. He is actively involved in research in the areas of equity and futures market microstructure, particularly related to the areas of market design and market quality. In particular, he has examined how particular market designs affect market quality, including the structure of off-market block trading facilities and the effect of minimum tick-size reductions for futures contracts. He has published numerous articles in leading internationally refereed journals, including the Journal of Banking and Finance, Journal of Financial Markets and the Journal of Empirical Finance.


Market design - Wealth management

Professor David Gallagher, Research Leader

David R. Gallagher is a Research Director at the Capital Markets CRC Limited and a Professor of Finance at the University of Wollongong.  His previous roles include leading the Centre of Excellence in International Finance and Regulation (CIFR) as Chief Executive Officer, and professorial roles at UNSW Business School and the University of Technology, Sydney. He has also served as a visiting scholar at the Investment Company Institute in Washington DC, and a visiting professor at the University of Texas at Austin.  Prior to his academic career he was a Financial Analyst at Towers Perrin Inc. (now Willis Towers Watson) in the Asset Consulting division.  Dr Gallagher's research interests and expertise are in the fields of investment management and capital markets. His research has been widely cited in various forms, and he has consulted widely to both industry and Government.  Professor Gallagher graduated with a doctorate from The University of Sydney Business School in 2002.

Associate Professor Jerry Parwada

Dr. Jerry Parwada is the Associate Professor and Head of Banking and Finance in the Australian School of Business at the University of New South Wales, Sydney, Australia. Jerry attended St. Ignatius College in Zimbabwe. His undergraduate honours degree in finance is from the National University of Science and Technology and he was awarded a PhD in finance from Edith Cowan University, where he also took his MBA. Jerry's research specializes in investment management and financial markets. His works have been published in internationally renowned finance journals, including Journal of Financial & Quantitative Analysis and Financial Management. Jerry is an active consultant to industry on issues relating to managed funds and valuation and, since 2012, has served on the Credit Suisse Endowment Advisory Council. He is a regular speaker at local and international finance conferences.

Data Mining

Professor Chengqi Zhang, Research Leader

Chengqi Zhang is currently a Research Professor of Information Systems at the University of Technology, Sydney. His research interests include data mining and multi-agent systems. He has been awarded a DSc (Higher Doctorate) degree in 2002 for his excellent achievements in multi-agent system research.

He has supervised ten PhD students successfully and is supervising eight on-going PhD students now. He has also published extensively in a number of international journals.

Professor Sanjay Chawla

Sanjay Chawla is the Professor of Pattern and Data Mining at the University of Sydney, Australia. In 2012, he was an Academic Visitor in the Advertising Science group at Yahoo! Labs, Bangalore, India. He served as the Head of School (Department Chair) of the School of Information Technologies from 2008 to 2011. During 2005-06, he served as the Chief Scientist of DTecht, a start up in health insurance surveillance software.

He serves on the editorial board of IEEE TKDE and Data Mining and Knowledge Discovery and has been a member of program commmittees of leading data mining conferences. He has co-authored a textbook: Spatial Databases, A Tour (Prentice Hall, 2003) which has also been translated into Chinese and Russian. Sanjay's recent research emphasis is on outlier detection, imbalanced classication and adversarial learning. His research has been recognized by ve best paper awards ( most recently in 2012) . He received his PhD in Mathematics (1995) from the University of Tennessee, Knoxville.

Professor Longbing Cao, Research Leader

Longbing Cao is a Research Only Professor of Information Technology and the Director of Data Sciences & Knowledge Discovery Lab at the University of Technology Sydney. His research interests include business intelligence, data mining, multiagent and complex systems, behavior informatics and analytics.

In particular, he is specialised in smart trading and surveillance such as proposing the new topic of Market Microstructure Pattern Analysis and Actionable Trading Agents. He is leading and investigating both projects and consultancy in a few domains such as governmental services, crime, market surveillance, trading strategy optimization, and fraud and risk control.

Language Technology

Professor Mark Johnson, Research Leader

Mark Johnson is a Professor of Language Science (CORE) in the Department of Computing at Macquarie University. He was awarded a BSc (Hons) in 1979 from the University of Sydney, an MA in 1984 from the University of California, San Diego and a PhD in 1987 from Stanford University. He held a postdoctoral fellowship at MIT from 1987 until 1988, and has been a visiting researcher at the University of Stuttgart, the Xerox Research Centre in Grenoble, CSAIL at MIT and the Natural Language group at Microsoft Research.

He has worked on a wide range of topics in computational linguistics, but his main research area is parsing and its applications to text and speech processing. He was President of the Association for Computational Linguistics in 2003, and was a professor from 1989 until 2009 in the Departments of Cognitive and Linguistic Sciences and Computer Science at Brown University.

Market design Health

Professor Jane Hall, Research Leader

Jane Hall is the Director of Strategy for the Centre and Professor of Health Economics in the UTS Business School. She was the founding Director of CHERE and held that position until 2012. She is a Fellow of the Academy of Social Sciences in Australia. In 2012 she was recognized with a UTS Vice-Chancellor's Award for Research Excellence in Research Leadership. In 2011 she was awarded the inaugural Professional Award made by the Health Services Research Association of Australia and New Zealand, for her outstanding contributions to research, developing the field and mentoring others. She is currently leading the APHCRI funded Centre of Research Excellence in the finance and economics of primary care. She is actively involved in policy analysis and critique, and is a regular commentator on health funding and organisational issues in Australia. Jane has represented Australia in many international health policy forums.

Jane is a member of the Board of the Bureau of Health Information; and a member of the Independent Hospital Pricing Authority. She is the Australian representative of the Harkness Fellowship in Health Policy and Practice; and Director of the Australian-American Health Policy Program. She is an Associate Editor of Health Economics, and of Health Policy.

Professor Rosalie Viney, Research Leader

Rosalie Viney is the Director of the Centre for Health Economics Research & Evaluation (CHERE) and Professor of Health Economics at UTS. She holds an honorary Senior Lectureship in the Faculty of Medicine at the University of Sydney and is a Research Associate of the Centre for Applied Economics Research at the University of New South Wales. Rosalie has a PhD in economics from the University of Sydney. Her PhD research focused on the use of discrete choice experiments to value health outcomes and investigate the assumptions underlying Quality Adjusted Life Years (QALYs). She is a member of the Pharmaceutical Benefits Advisory Committee's Economics Sub-Committee.

Dr Federico Girosi, Research Leader

Federico Girosi holds a PhD in Health Policy from Havard University and worked at the RAND Corporation between 2003 and 2011 as a health economist and modeller. At RAND he was the leader of the modelling team that developed the COMPARE micro-simulation model for the analysis of health insurance reform. He has also contributed to the development of the Future of the Elderly Model (FEM), a micro-simulation model that can be used to predict the health status and the medical expenditures of the US population age 51 and older. In 2006, he led the modelling effort for a Gates Foundation project aiming to evaluate the benefits of introducing new diagnostic tools in the developing world. In addition, he was part of a RAND team that quantified the cost and benefits of widespread adoption of electronic medical records systems in health care. He also holds a PhD 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).

Capital Markets CRC Limited,
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