General Discussion, page-88

See Catch's explanation DB...that's correct

It is the single most archaic, moronic and downright shameful practice

The ASX is effectively condoning, and, indeed, encouraging, blatant share price manipulation and criminal conduct

There are a number of brokers who, because they know precisely what time the orders will match at the close, deliberately manipulate the close to suit their agendas

You also often end up with a situation where a stock will close at a price at which IT NEVER ONCE TRADED during regular hours....utterly disgraceful

In this case, investors who took risks at 75-77c are not only losing money, but those who simply sat at 74 have unjustly benefited at their expense because of this brain dead system

I know for a fact other international markets have recognised this problem and have solved it by closing the market at a computer generated random time between 4pm and 4.10pm.....this negates the ability of brokers to manipulate the close as they don't know the precise time....They have been using this system since the nineties!!

But of course Australia, driven by the greed of the ASX ( coupled with the natural aversion to adopt any system which has a modicum of fairness, modernity and common sense) persists with this outrageous practice and then has the temerity to claim that it seeks to eliminate manipulation from trading