I think your main question about "level playing fields" would be one of my main questions too.
However I think the key point that has been made consistently, and needs the most serious attention is the one about deliberately manipulating SP values to create or maintain an artificial price in breach of the corporations act.
Its unlikely there will ever be a level playing feild due to the power and size of the big tradres, but they should at least be penalised if caught in the act of deceptive or artificial SP manipulation.
I also got further correspondance back from ASIC saying that they might look into it - very weak response:
Date Sent: Fri 09/04/10 11:36 AM
Hi David,
That is correct. It is an offence under section 1041A of the Coporations Act 2001 for a person to engage in market manipultaion. ASIC will consider the issues you have raised in relation to possible market manipulation concerning MEO Australia Limited on 1 April 2010, and determine whether any further action is necessary.
Regards Romina ASIC
I had originally replied to the ASIC standard email response about them not being the legislator on algorithmic trading. I had replied with:
Date Sent: Thur 08/04/2010 02:55 PM Hi Romina,
Yes that was the issue I was wanting to raise. I now understand ASIC cannot make the legislative changes about Algorithmic trading in general, but I assume that they can look to investigate companies manipulating price in contravention of the Corporations Act 2001.
Would this be correct?
Kind Regards,
MEO Price at posting:
36.0¢ Sentiment: LT Buy Disclosure: Held
