New type of stock manipulation in IRESS (manual BUY/SELL order approvals by CommSec staff), page-11

My advice would be to use a full service broker. Yes you may pay $100 per trade instead of $20, but you will get access to quality IPOs once you build a good relationship with your broker. Also I had an experience where one of the stocks I owned was in a trading halt and once the news came out I decided that I wanted to sell when the stock reopened the next day. Now my mate was also in the same stock and he wanted to sell as well and he immediately put his sell order into his online broker (Etrade)and I rang my broker the next morning before the market opened and instructed him to sell on the open. Upon the open my trade went through before my mates even though he had joined the sell queue the day before and as such I got a substantially higher price for my stock.
The moral to the story is that online brokers are for cheapskates and poor people. You wont see any of the worlds biggest investors using online brokers, that's why they are wealthy.