Now only 75 daysto commissioning of the crushing plant.
Max,
The Weekend Australian has an article on CommSec using its own DARK POOL. This was brought to the attention of the Annual meeting of the ASX when a shareholder said he was being "forced "to use the CommSec DARK POOL to trade his shares.
He had protested to his broker that he wanted all trades through the "lit"market operated by the ASX but was that he did not have any choice. Ïf they can internalise the order,that is what they will do". If he placed a phone order ,he could direct CommSec to use the "lit"market.
A representative from CommSec said that internet clients did not have a choice where their shares traded, and said the broker's own market would only be used if the price was equal to or better than those available elsewhere .
He went on to say '"The use of the internal market saved the firm money in trading fees paid to the exchange, but also resulted in better prices for its customers". He adds "Our best execution policy says that we only execute in the internal marketif we get the same price as in the lit market".
The ASX has been criticised for the proliferation of high frequency trading and is fighting a rear guard action against the spread of Dark Pools. It is encouraging its shareholders to lobby for changes to the rules governing DARK POOLS.
The ASX is moving in self interest to protect its territory so hopefully we will see some regulatory action follow .
=======================================I believe there will be some very embarrassed journos and others and very happy shareholders when the first production starts and that's another day closer.
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