UWA research uncovered a price bias and an exploitable trade advantage in the 100 year old mechanism used to set the daily benchmark price of precious metals globally. The London Fixing, which had been run by a handful of “member” banks, formed an integral part of a US$30 trillion dollar annual market, impacting metal prices, financial instruments and contracts. Following publication of the research, multiple civil and criminal trials were launched against the banks. Regulatory investigations began and fines were issued. Benchmarking regulations were overhauled and manipulation was criminalised. The research has led to the London Fixings being replaced with modern electronic auctions that provide fairer and more transparent systems of commodity price benchmarking.
The University of Western Australia (UWA) has played a critical role in enhancing policy-making, public debate and progress on the future of Perth and Australian cities. An important part of this has been an innovative, longstanding partnership with the Committee for Perth. This partnership has focused on major urban policy concerns related to globalization, economic development, demographic change, urban liveability and social equality. This research stimulated debate across business, community, government and individuals about the future of cities. The partnership draws on an active and ongoing strategy of engagement with stakeholders. In addition, the partnership actively seeks to inform policy by improving the quality of evidence used by urban decision-makers.