I see my online broker this morning is reminding its clients about "unacceptable market practices" informing us that the ASX places an obligation on the broker to ensure that each order placed into the market does not interfere with the "integrity of the market."
Among the unacceptable practises mentioned were:
"Placing orders that are uncommercial (e.g. small value;
brokerage may be higher than trade value)."
My comment:
Hello there ASX. How about putting your own house in order and stopping these absurd sales which you apparently consistently allow day after day such as trades of one share by institutions.
Some other examples given which we see happen on a regular basis were:
"Placing orders to deliberately increase or decrease the last sale price."
"Placing orders, then cancelling them within a few minutes of entry without apparent reason (at any time, but especially prior to the market open, just after market open, or in the period before or during ASX’s daily Closing Single Price Auction).
My comment:
In my opinion all the ASX need do is monitor the trading of the institutions and most of this activity will cease to exist or do we have one trading rule for the retail investors and another trading rule for the institutions?
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