Egosbar, You are Spot on. Section 792 of the Corporations Act talks of a “fair, orderly and transparent market”. It’s also stipulated as a requirement under market participants’ AFSL’s. Funny that such a contradiction exists….
Section 1041 (Market Manipulation) stipulates a 15 year gaol term PER OFFENCE. So 10 “manipulative” trades placed by bots in a minute is 150 years’ gaol. How many directors of global fund managers instructing these trades have gone to gaol? ZERO! This means one of two things - Either the ASX is as pure as the driven snow and share price manipulation has never ever happened; or…; ASIC is so inept in enforcing the laws of Australia that it has effectively enabled the biggest scam in Australia’s history - every Australian with a super account is out of pocket. If you think I am talking BS, look at the Parliamentary Inquiry into ASIC. It was proven that ASIC investigated LESS THAN 1% of reports of market manipulation it received. Imagine what society would look like if the police only investigated 1% of crimes… ASIC is so inept it can barely dress itself in the morning. I can make such statements because I can profess this to be true (truth is a legal defence). They can’t sue me, they don’t have a leg to stand on! How many people have been sentenced to the stipulated 15 years’ gaol for market manipulation in Australia?
ZERO!
The ASX is the Wild West and ASIC as sheriff has been absent since 2010. ASIC’s primary role is trying to convince retail investors that it is doing a good job as regulator, rather than actually doing a good job as regulator, something they have no intention of doing!
Apologies as this isn’t a great link and the point verified is right at the end (ASIC investigates less than 1% of reports of market manipulation). Hence why I think that Australia’s financial regulator ASIC has enabled the biggest scam in Australian history - by not enforcing the laws of this country, every Australian citizen with a superfund is out of pocket. Joe Longo hang yourself in shame.
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