it is an absolute joke what these bots get away with.
My trading buddy and I, tried to emulate one of these algorithm closing programs, you know the ones that always close with 1 share being traded only at the top of the cue with the rest being traded to the "algorithm". 99% of the time the algorithm matches it at the cheaper price,
What we did was set up 10 sell orders for 1000 shares (with our core amount staying put on the sell depth) on the match with the view to amend them continuously and pull them so we would get the higher "match price" like the alorgorithms do. It was on SBM spread was 27cents to 27.5 we wanted it to close 27.5 the alorgorithm wanted 27cents.
Well i am sure you can guess what happened, both of us got reprimanded by our brokers and new restrictions or "filters" were put on our account. Yet these algorithms get away with it every single day.
Basically what the ASX/ASIC are saying with this $100,000 fee is, if you can bribe us, we will let you get away with anything. Annoying and a Joke. At least allow us to compete asx.
