jojosydney - re bots, page-20

Hi,

and first of all many thanks for all your comments and reactions !!

I and all the other German shareholders that I´m connected with have read this and it´s good to know that many of you have taken some action or will do so in the future !

I totally agree with Portable that a NASAQ-listing would be the best for Biota, it would bring this company the attention it deserves.

But I think this will take some time and in the meantime I´ve received a very disppointing email from the ASX today...

They have answered very quickly and although they say that my "observations in relation to BTA were passed onto the relevant supervisory department of ASX Ltd who reviewed the issues you have raised" it looks to me more like a
"standard"-mail and I ABSOLUTELY disagree that these are
"normal" trading-acitivties...

Please find the complete email below.

Probably they don´t want to give in to small shareholders ?

But I wanted to inform you that we in Germany definitely won´t stop now, but send further emails to Hunter Hall, one of the funds that´s invested in Biota.
CEO Mr. Buckland & Marketing Manager Mr. Hordern should probably have more impact on the ASX and they should have a great interested in an adequate share-price !

It would be great if you could do the same.
The system may be a bit slow sometimes, but I think that some people may realize the problem the more complaints they receive !

Also some more emails to the ASX would be helpful - when you
read their reply carefully, it should be possible to find some "reasonable doubts" against their arguments...

We´re all looking forward to tomorrow´s Annual Report - and to a fair market for all of us in the near future !

Many thanks & all the best

Eric
____________
RE: DMA trading.

Thank you for this information regarding BTA. ASX Ltd appreciates information that is gathered from the public as
it assists us in our role of maintaining market integrity by requiring compliance with the obligations set out in the
ASX Operating Rules.
Your observations in relation to BTA were passed onto the relevant supervisory department of ASX Ltd who reviewed the issues you have raised.
You may be aware that most brokers now use trading applications such as trading algorithms to enter orders
into the market. These algorithms have varying styles and execution strategies based on the historical data on
which they are modelled and allow orders to be sent directly on to a trading platform without human intervention.
One form of DMA trading involves a strategy whereby a single order might be split up into several smaller orders
which are submitted periodically (say, every 3 minutes).
This type of DMA trading is normally unremarkable and has no impact on the price or volume of a stock.
However, occasionally market observers may see small volume orders being submitted to a trading platform in a
less liquid stock which result in small volume trades. This does not necessarily mean that a low execution trade
size, even as low as one share itself, is manipulative. Repeated one share executions may be part of a broader
legitimate algorithmic execution strategy. Small execution trade sizes (by definition) are unlikely to give a
misleading appearance for a product, particularly of active trading.
In this regard ASX does not set rules or limits concerning the minimum trade size or order size1, allowing ASX
Participants to enter orders of any size, with the size of the order being left to the discretion of the broker or its
client.
However ASX does require brokers to have in place appropriate electronic pre-execution order filters to ensure
that their DMA trading does not interfere with the conduct of an orderly market or facilitate manipulative trading.
ASX’s experience indicates that when a client seeks to manipulate a stock, and has a particular motive for doing
so, manipulative trading is easier to carry out if the client has active control of their orders. That is, manipulation is
easier to achieve if the client submits orders to the market manually at the time and price at which they will
achieve maximum price impact. Algorithmic trading usually does not allow this, given that it is programmed
trading, executed without the intervention of a broker.
1 New opening positions cannot be created of a value below $500.
Further details and articles regarding DMA trading can also be found by searching under "DMA Trading" on the
ASX website.
The following link provides additional information on the Surveillance function:
http://www.asx.com.au/supervision/participants/surveillance.htm
If you have any further queries, please do not hesitate to contact ASX Customer Service on 131 279 or
+61 2 9338 0000 if calling from overseas.
Yours sincerely,