The failings of financial markets

金融市场未能为社会服务。最近成立的皇家金融服务不当行为调查委员会强调了许多例子，还有针对澳大利亚银行的大规模市场操纵的重大诉讼案件。随着交易的自动化，市场正变得越来越脆弱，在为公司融资方面也在失败，在股市上市的公司越来越少。这个项目将调查金融市场是如何以及为什么失败的，这些失败的真正影响是什么，以及应该采取什么措施。该项目将制定政策解决方案，以缓解这些缺陷，从而促进澳大利亚的经济繁荣，使退休储蓄受益，并提高监管效率。

Financial markets are failing to serve society. The recent Royal Commission into Misconduct in Financial Services has highlighted many examples, as have major litigation cases against Australia’s banks for market manipulation at enormous scale. Markets are becoming increasingly fragile with the automation of trading and are failing in funding companies, with fewer companies listing on stock markets. This project will investigate how and why financial markets are failing, what are the real effects of these failings, and what should be done about them. The project will develop policy solutions to mitigate the failings, thereby enhancing Australia’s economic prosperity, benefitting retirement savings, and improving regulatory efficiency.