As usual, no significant problem is found, but consider the explosion in wash trades:
Number of Crossing Trades Cancelled:
2007 -- 2008 -- 2009
126854 195677 338951
.. due to same beneficial owner.
So can someone please tell me how ASIC and the ASX allow an algorithmic piece of LOGIC to sell at the same price it is buying???
Just what do they take me for? Some kind of mug?
How EASY would it be to have that piece of CODE remove buys at the level it is about to sell to (or vice-versa)? Or are we supposed to believe it is some kind of uncontrollable ethereal soup of orders?
I guess propping and capping an allowable market practice now. And if for some, then surely for all!
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asx reveiw document on algo/bot trading, page-3
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