Michael J. Aitken | |
---|---|
Born | 1957 |
Alma mater | Massey University, University of New South Wales |
Known for | Commercialising academic research; empirical measures of the quality of financial and health markets; SIRCA, Thomson Reuters Tick History, SMARTS, Market Quality Framework, Market Quality Dashboard, HiBIS, I+Plus |
Awards | Outstanding manuscript award, AAANZ (1991), Best manuscript in Australian Journal of Management (1995), BHERT Award for Outstanding Achievement in Collaboration in Education and Training (1999), SIRCA Prolific Career Contribution to Financial Markets Research (2009), Prime Minister ICT Exporter of the Year (2010), Member of the Order of Australia (AM) (2014) |
Scientific career | |
Fields | Finance, Accounting, Microstructure, Financial Markets, Financial Regulation, Entrepreneurship |
Institutions | Capital Markets Cooperative Research Centre, Macquarie University, University of New South Wales, University of Sydney |
Thesis | The Effects of Deregulation on the Australian Securities Industry |
Website | www.cmcrc.com |
Michael James Aitken is a New Zealand author who specializes in the area of security market microstructure and design. He is listed among the top 1000 authors publishing in the finance literature over the last 50 years. [1] His research has contributed to the understanding of market microstructure and its impact on market efficiency and, in particular, on market integrity. [2] [3] [4] [5]
This results in great part from his role in the design of information systems for real-time fraud detection in securities markets (e.g., insider trading, market manipulation). [6]
Early in his career, he designed courses and computer programs to support the curriculum for fourth year honours and PhD programs. Along with "Trading and Dealing in Securities Markets" and "Broking and Market-Making", he developed “REPLAY”, a program that enables the dynamics of any automated security market to be replayed in its entirety, providing access to the working dynamics of securities markets for research and training purposes. Aitken then provided the software and exercise manual to universities through SIRCA which he founded in 1997. He also designed the software program “EVENTS”, that allows any major market event (e.g., a market crash) to be reconstructed, allowing a common research design used in finance, event studies, to be produced in a matter of hours and proved an innovation in academia, as explained below. Both programs are now part of SMARTS, the world-leading software for market surveillance, sold to NASDAQ OMX in 2010. [7]
With infrastructure funding, he also led the development of physical research infrastructure (super-computers, data, software; culminating in the current SIRCA and Thomson Reuters Tick History) and developed an innovation in academia called the “work-based” learning model designed for post-graduate students. The model was awarded the Business Higher Education Roundtable (BHERT) [8] [ failed verification ] Outstanding Achievement in Collaboration in Education and Training in a program over 3 years in duration in 1999. The award noted the research's innovativeness; the strength of the relationship between collaborating partners; its outreach inclusion (e.g. overseas - to other groups, companies, its national benefits; and cultural impact on the partner/organisation.
Aitken pioneered the Market Quality Framework [9] and Market Quality Dashboard, [10] designed to estimate the impact of market design change on market quality. [11] He has led the development of a suite of commercial software services to the securities, broking, health insurance and accounting and audit industries as part of his work for the CMCRC. [12] [13] [14] [15] He has recently extended R&D into a new domain in order to detect fraud in the health sector, giving rise to the HiBiS and I+Plus technology to detect waste, errors and fraud in the health sector. [16] [17]
Aitken acts as an expert witness and has applied the technologies developed at the CMCRC to assist Courts, regulators and market participants in allegations of insider trading, market manipulation and breaches of disclosure, establishing new standards in the process. Since 1998, he has acted as an expert in matters involving insider trading, market manipulation, the impact of information, front-running and broker-client conflict in Australia, New Zealand, the UK, Singapore, Hong Kong and has provided expert reports on issues of market microstructure, market efficiency and market integrity to regulators, exchanges, brokers, intermediaries and other institutions concerned with financial markets. [18]
In 2014, Aitken was appointed a Member of the Order of Australia in recognition of his significant service to the business and finance sector, particularly to market surveillance and fraud detection technologies, and to education. [19]
Home automation or domotics is building automation for a home. A home automation system will monitor and/or control home attributes such as lighting, climate, entertainment systems, and appliances. It may also include home security such as access control and alarm systems.
TradeStation Group, Inc. is the parent company of online securities and futures brokerage firms and trading technology companies. It is headquartered in Plantation, Florida, and has offices in New York; Chicago; Richardson, Texas; London; Sydney; and Costa Rica. TradeStation is best known for the technical analysis software and electronic trading platform it provides to active traders and certain institutional trader markets. TradeStation Group was a Nasdaq GS-listed company from 1997 to 2011, until it was acquired by Monex Group, a Tokyo Stock Exchange-listed parent company of one of Japan's leading online securities brokerage firms.
Information and communications technology (ICT) is an extensional term for information technology (IT) that stresses the role of unified communications and the integration of telecommunications and computers, as well as necessary enterprise software, middleware, storage and audiovisual, that enable users to access, store, transmit, understand and manipulate information.
Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, and seven European stock exchanges: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius. It is headquartered in New York City, and its president and chief executive officer is Adena Friedman.
Renaissance Learning, Inc. is a software as a service and learning analytics company that makes cloud-based, Pre-K–12 educational software and adaptive assessments. Renaissance employs about 1,000 employees in nine U.S. cities and subsidiaries in Canada, the United Kingdom, Korea, and Australia. Renaissance's solutions are used in one-third of U.S. schools and more than 90 countries around the world.
Algorithmic trading is a method of executing orders using automated pre-programmed trading instructions accounting for variables such as time, price, and volume. This type of trading attempts to leverage the speed and computational resources of computers relative to human traders. In the twenty-first century, algorithmic trading has been gaining traction with both retail and institutional traders. A study in 2019 showed that around 92% of trading in the Forex market was performed by trading algorithms rather than humans.
Verint Systems Inc. is a Melville, New York–based analytics company which was founded in 2002. The company sells software and hardware products for customer engagement management and business intelligence. Their products are designed to assist clients in data analysis, specifically large data sets.
The following outline is provided as an overview of and topical guide to finance:
Market microstructure is a branch of finance concerned with the details of how exchange occurs in markets. While the theory of market microstructure applies to the exchange of real or financial assets, more evidence is available on the microstructure of financial markets due to the availability of transactions data from them. The major thrust of market microstructure research examines the ways in which the working processes of a market affect determinants of transaction costs, prices, quotes, volume, and trading behavior. In the twenty-first century, innovations have allowed an expansion into the study of the impact of market microstructure on the incidence of market abuse, such as insider trading, market manipulation and broker-client conflict.
An automated trading system (ATS), a subset of algorithmic trading, uses a computer program to create buy and sell orders and automatically submits the orders to a market center or exchange. The computer program will automatically generate orders based on predefined set of rules using a trading strategy which is based on technical analysis, advanced statistical and mathematical computations or input from other electronic sources.
ILOG S.A. was an international software company purchased and incorporated into IBM announced in January, 2009. It created enterprise software products for supply chain, business rule management, visualization and optimization. The main product line for Business Rules Management Systems (BRMS) has been rebranded as IBM Operational Decision Management. Many of the related components retain the ILOG brand as a part of their name.
Samsung SDS Co., Ltd., Established in 1985 as a subsidiary of Samsung Group, is a provider of Information Technology (IT) services, including consulting, technical, and outsourcing services. SDS is also active in research and development of emerging IT technologies such as Artificial Intelligence (AI), Blockchain, Internet of Things (IoT) and outsourcing in engineering. In 2019, Samsung SDS reported a net profit of 750.4 billion won, an increase of 17.5% year-on-year. The company is estimated to have the 11th most valuable brand among global IT service companies, at US$3.7 billion as of January 2020. Samsung SDS has headquarters in South Korea and eight other overseas subsidiaries, one in America, Asia-Pacific, China, Europe, Latin America, Middle East, India, and Vietnam.
High-frequency trading (HFT) is a type of algorithmic trading in finance characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, co-location, and very short-term investment horizons in trading securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second.
Kaleil Isaza Tuzman is a former entrepreneur associated with digital media, who spent more than 20 years in that industry before being convicted of multiple counts of fraud in 2017. Tuzman started his career at Goldman Sachs, was co-founder of GovWorks.com, served as President of JumpTV, and then as chief executive officer and chairman of KIT Digital, Inc. On September 7, 2015, he was arrested in Colombia and held in a Bogotá prison until being extradited to the United States to face charges of fraud and market manipulation in connection with the defrauding of investors in KIT Digital and two investment funds. He was convicted on all counts in December 2017.
David Alan Easley is an American economist. Easley is the Henry Scarborough Professor of Social Science and is a professor of information science at Cornell University.
In finance, a failure to deliver is the inability of a party to deliver a tradable asset, or meet a contractual obligation. A typical example is the failure to deliver is when a purchaser of a security does not have the cash, or shares as part of a short transaction. The Securities and Exchange Commission publishes "fails-to-deliver" data regarding transactions in the United States.
SIRCA is a provider of online services to support finance and other data-intensive research at universities, Government and financial market participants world-wide.
Craig Woodworth Holden was the finance department chair and Gregg T. and Judith A. Summerville Chair of Finance at the Kelley School of Business at Indiana University. His research focused on market microstructure. He was secretary-treasurer of the Society for Financial Studies. He was an associate editor of the Journal of Financial Markets. His M.B.A. and Ph.D. were from the Anderson School of Management at UCLA. He received the Fama-DFA Prize for the second best paper in capital markets published in the Journal of Financial Economics in 2009, the Spangler-IQAM Award for the best investments paper published in the Review of Finance in 2017-2018, and the Philip Brown Prize for the best paper published in 2017 using SIRCA data. His research has been cited more than 4,300 times. He has written two books on financial modeling in Excel: Excel Modeling in Investments and Excel Modeling in Corporate Finance. He has chaired 22 dissertations, been a member or chair of 62 dissertations, and serves on the program committees of the Western Finance Association and European Finance Association.
In finance, quote stuffing refers to a form of market manipulation employed by high-frequency traders (HFT) that involves quickly entering and withdrawing a large number of orders in an attempt to flood the market. This can create confusion in the market and trading opportunities for high-speed algorithmic traders. The term is relatively new to the financial market lexicon and was coined by Nanex in studies on HFT behavior during the 2010 Flash Crash.
Smart cities seek to implement information and communication technologies (ICT) to improve the efficiency and sustainability of urban spaces while reducing costs and resource consumption. In the context of surveillance, smart cities monitor citizens through strategically placed sensors around the urban landscape, which collect data regarding many different factors of urban living. From these sensors, data is transmitted, aggregated, and analyzed by governments and other local authorities to extrapolate information about the challenges the city faces in sectors such as crime prevention, traffic management, energy use and waste reduction. This serves to facilitate better urban planning and allows governments to tailor their services to the local population.
{{cite web}}
: |author=
has generic name (help)