The Dashboard is the world’s most comprehensive tool for reviewing the impact of market design changes on capital markets, providing more than 50 metrics representing fairness and efficiency across with no limit to the number of markets that can be analysed. It can be also used to compare markets at a point in time.

SGX has used the Dashboard to compile statistics for its half yearly Securities Market Quality Indicators report which provides information on trading activity, liquidity and volatility on SGX securities market. This report provides investors with a quantitative overview of trading activity and market dynamics to help them better evaluate market quality on SGX.

Jenny Chiam, Head of Securities, SGX, said: “We are pleased to have this opportunity to work closely with CMCRC. Leveraging on the Market Quality Dashboard, we will be able to assess the quality of our market more quickly and efficiently. This will in turn improve our proposition as a leading fund-raising venue and investment hub.”

Lead researcher and CEO of the CMCRC, Professor Michael Aitken, said the Dashboard was designed to help regulators meet the universal mandate to ensure that markets, and changes made to them, pass the dual tests of fairness and efficiency.

He said, “The Dashboard is a tool to help frame debate about market design changes (both before a change is made and after it has been implemented) with actual data rather than opinions and vested interests. Ultimately it seeks to validate that new market design changes lead to the outcomes that regulators intended, including outcomes in terms of fairness.”

The Dashboard enables users to quickly and effectively visualise the results of changes made to markets, such as the introduction of new regulations (e.g. tick size changes, short sale restrictions), the entry of new market participants/instruments, or the opening of new marketplaces. It provides a history of major market design changes for 40 markets and allows users to choose metrics representing fairness and efficiency and display the change, if any, in these metrics pre and post particular changes. The Dashboard draws on all publicly available data, but also allows uses to import private data and customise the metrics. While it doesn’t replace careful academic studies, it is capable of producing a basic result in a fraction of the time that academic studies are produced. A recent use of the technology to study market design change in Singapore is available athttps://www.youtube.com/watch?v=Foxd3fEk2dQ&list=UUnyU9-4WAduJhlYOGTHTf3w

The Dashboard is the culmination of more than five years’ work and investment of several millions of dollars of Australian Government funding. The CMCRC is continuing to develop the Dashboard by building new metrics and markets. Derived data is downloadable into the “R” open source statistical package for more detailed analysis and a fourth generation language based on Python is being readied to enable users to design their own metrics.

The Dashboard is available under a software as a service delivery model in which an internet connection is the only requirement. Research associates accompany the technology where required.