otherperspective
Do you reckon there is any merit in emailing MSB requesting them to investigate a potential breach of s1041A of the Corporations Act 2001? Not sure if they'll even read it, but it is a crime to be manipulating the market.
What the shorters have done in the past few weeks is, IMHO, predominantly to undermine market confidence by creating "artificial prices".
As I pointed out last night, the relevant section in the Corps Act reads:
"A person must not take part in, or carry out...
: (a) a transaction that has or is likely to have.... the effect of creating an artificial price for trading in financial products on a financial market..."Note 1: Failure to comply with this section is an offence (see subsection 1311(1)).
Mason J in North v Marra, in High Court:
"the forces of 'genuine supply and demand' are those forces that are created in a market by buyers whose purpose is to acquire at the lowest available price and sellers whose purpose is to sell at the highest realisable price"
"artificial price" under s 1041A should be construed as including transactions .... for the sole or dominant purpose of setting or maintaining the price at a particular level -- which would not reflect the forces of genuine supply and demand in an open, informed and efficient market."
(20min delay)