As it's a high Beta stock, APT is one of the better markets to trade on the ASX, however neither the liquidity or spread are great (at least in comparison to U.S. markets like NASDAQ, NYSE etc).I expect this is due to a relatively small share float, and whoever the Lead Market Maker is. It would be child's play for a predatory HFT Fund to push this up or down as they see fit - this is what gives you the wild intraday swings. Keeping the spread wide, and having relatively small bid/offers at the top of the order book also allows them to intercept and front-run any decent size positions. You try openly placing 5000+ limit or market orders on APT and you will influence the price somewhat. Now try doing it with AAPL...that's why you see so many odd lots being traded.
Given it's current trajectory, I wouldn't be surprised to see a potential buyout offer made before a NASDAQ listing, however it is dependent on a number global macro factors.
From my own analysis, Afterpay could easily achieve similar success to Atlassian if it listed in the U.S. I expect it will do exceptionally well in any case.
APT Price at posting:
$38.61 Sentiment: Buy Disclosure: Held
