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Market Integrity and Surveillance Effort

Journal of Financial Services Research, Vol. 29, pp. 149-172, 2006

Posted: 29 Aug 2006

See all articles by Carole Comerton-Forde

Carole Comerton-Forde

University of Melbourne - Department of Finance; Centre for Economic Policy Research (CEPR)

James Rydge

Grantham Research Institute on Climate Change and the Environment

Abstract

Maintaining and enhancing market integrity is a central objective of exchanges worldwide. However, there is relatively little research examining the efforts of exchanges in achieving this objective. Using unique data, this paper presents evidence on Australian Stock Exchange surveillance effort and the characteristics of alleged market manipulation. The evidence reveals significant and enhanced surveillance effort over time. Significant changes in the characteristics of alleged manipulation are also evident. Analysis of these changes indicates improved integrity outcomes in areas of persistent and targeted Surveillance effort.

Keywords: Market integrity, surveillance, market manipulation

JEL Classification: G38

Suggested Citation

Comerton-Forde, Carole and Rydge, James, Market Integrity and Surveillance Effort. Journal of Financial Services Research, Vol. 29, pp. 149-172, 2006, Available at SSRN: https://ssrn.com/abstract=927132

Carole Comerton-Forde (Contact Author)

University of Melbourne - Department of Finance ( email )

198 Berkeley Street
Carlton VIC 3010
Australia

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

James Rydge

Grantham Research Institute on Climate Change and the Environment ( email )

Houghton Street
London, WC2A 2AE
Great Britain

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