{"links":{"self":"http://dataportal.arc.gov.au/NCGP/API/grants/DE260100325"},"data":{"type":"grant-details","id":"DE260100325","attributes":{"code":"DE260100325","administering-organisation":"Adelaide University","announcement-administering-organisation":"The University of Adelaide","scheme-name":"Discovery Early Career Researcher Award","grant-status":"Active","funding-commencement-year":2026,"years-funded":3,"project-start-date":"2026-08-03","anticipated-end-date":"2029-08-02","grant-summary":"Assessing the quality of financial benchmarks. Australians who pay a mortgage or contribute to superannuation rely on financial benchmarks being fair and efficient. When benchmarks are distorted or manipulated, trust in markets declines, leading to costly inefficiencies and legal disputes. This project aims to assess the quality of financial benchmarks in Australia by developing new methods to detect and reduce price distortions. By analysing key debt, equity, and fund benchmarks, it seeks to improve market fairness, efficiency, and robustness. Expected outcomes include a monitoring tool for regulators, benchmark design recommendations, and policy insights to enhance transparency, strengthen oversight, and increase trust in financial markets.","funding-current":532899.00,"funding-at-announcement":528670,"investigators-current":[{"title":"Dr","firstName":"Marta","familyName":"Khomyn","roleName":"Discovery Early Career Researcher Award","roleCode":"DECRA","isFellowship":true,"orcidIdentifier":"0000-0002-4244-6663 "}],"investigators-at-announcement":[{"title":"Dr","firstName":"Marta","familyName":"Khomyn","roleName":"Discovery Early Career Researcher Award","roleCode":"DECRA","isFellowship":true,"orcidIdentifier":"0000-0002-4244-6663 "}],"organisations-current":[{"organisationName":"Adelaide University","roleName":"Administering Organisation","state":"SA"}],"organisations-at-announcement":[{"organisationName":"The University of Adelaide","roleName":"Administering Organisation","state":"SA"}],"field-of-research":[{"isPrimary":true,"code":"3502","name":"Banking, Finance and Investment","type":"FOR20"},{"isPrimary":false,"code":"350202","name":"Finance","type":"FOR20"},{"isPrimary":false,"code":"350204","name":"Financial Institutions (Incl. Banking)","type":"FOR20"}],"socio-economic-objective":[{"code":"110201","name":"Finance Services","type":"SEO20"},{"code":"110202","name":"Investment Services (Excl. Superannuation)","type":"SEO20"},{"code":"110203","name":"Superannuation and Insurance Services","type":"SEO20"}],"international-collaboration":[],"lief-register":[],"achievement-summary":null,"national-interest-test-statement":"Financial benchmarks play a critical role in Australia's financial markets. Indicators like The Bank Bill Swap Rate (BBSW), the Cash Rate and the Australian Stock Exchange (ASX) closing prices determine the prices for trillions of dollars in mortgages and superannuation. Even small errors in these rates can lead to billions in mispriced transactions, directly impacting superannuation funds, home loan repayments and business investments. Given these high stakes, there is an urgent need for systematic evaluation of the quality of financial benchmarks across Australian debt and equity markets. \nTo address this challenge this project employs an innovative noise detection methodology that uses state-space modelling to estimate the benchmark quality. Two key outcomes will be delivered: a tool for regulators to monitor and evaluate benchmark prices, and a set of benchmark quality metrics to shape policy on benchmark design. \nThe project will benefit Australia by increasing investors’ trust in benchmarks and financial market transparency, leading to greater public confidence in the financial system, and promoting financial stability and economic growth. \nTo maximise impact beyond academia, findings will be shared with regulators - the Australian Securities and Investment Commission and the Reserve Bank of Australia to support better benchmark oversight. The research team will also engage with benchmark administrators at the ASX to promote best practices in benchmark design.\n\n"}}}