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Market integrity is fundamental to well-developed financial markets. We consider it important to measure and monitor market cleanliness to provide an overview of market integrity in order to better inform our regulatory work.

In this report, we have measured Australian equity market cleanliness using a number of methods, evaluated their efficacy and examined their differences through time and across segments of the market. Specifically, we have:

• estimated an established measure of market cleanliness that has been widely applied in regulatory and academic settings;

• assessed changes in the established measure over time and evaluated the statistical significance of any changes in market cleanliness;

• developed and applied a new methodology for measuring market cleanliness; and

• conducted detailed analysis into these measures to examine their correlation and variation across listed equity market segments.

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