Ann: Response to ASX Query, page-7

Wait.

Hang on one second.

So HML exclusively use JBFG as their broker, right? And have paid $1.4m in brokerage fees in FY17/18, according to the IER and this response, right?  Let's ignore the fact their brokerage triples their trading earnings for the year.

And since HML own shares in JBL, shares which they informed the ASX were sold back to JBL on-market, they would have had to instruct JBFG (as their exclusive broker) to either place, or use a nominee, to place the on-market sell order on the NSX for shares in JBL, right?

They should have received a trade confirmation for this, right? From their broker, to whom they've paid $1.4m in commissions in a year in order to earn $500k from trading?

Or did JBL, as the investment manager of HML, manage the sale of shares in JBL on the NSX to... JBL?

I mean... HML made an announcement that the sale of JBL shares had been completed in accordance with the on-market buy back being run by JBL, meaning the transaction had to have taken place on the NSX market. There is no ambiguity on this point. Did HML not obtain any confirmation on this point?

How can these genius traders not even know if a trade went through? I am struggling to see how this works.

The thing is, trades on the NSX settle via the ASX's settlement system. ASX should be able to see, via its settlement system, whether or not the trade took place and work out whether or not it happened.