For people wondering about the 1 share trades, I found a couple of lengthy but informative articles:
http://www.abc.net.au/news/2012-04-11/kohler-high-frequency-trade-parasites-at-heart-of-asx/3943052
http://www.smh.com.au/money/investing/share-wars-how-the-robots-are-robbing-you-20120825-24t4t.html
And a short article abstract from the Journal of Banking & Finance:
https://www.sciencedirect.com/science/article/pii/S0378426616302035
Keep in mind this happens across the market, not just the penny stocks.
Cheers, 1
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