New Zealand's FMA reports a decline in pre-announcement market abnormality based on 2004-2024 analysis.
The Financial Markets Authority (FMA) of New Zealand released a report on market cleanliness in the equity market from 2004 to 2024. The study analyzes trading behavior before announcements, using the Market Cleanliness Statistic (MCS) and Abnormal Trading Volume Ratio (ATVR) to identify potential information leakage or manipulation. Findings indicate a downward trend in pre-announcement abnormality over 20 years. The FMA plans biannual reviews to ensure market integrity and transparency.
October 30, 2024
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