I also complained to comsec about the BOTS and asked them to complain to the ASX or ASIC on my and their clients behalf a few weeks ago, here is my email and THEIR reply. I also sent them MY reply to THEIR reply, which remains unanswered to this day, it is all below.
ATTENTION COMSEC CLIENT RELATIONS
URGENT
Hi,
I am a comsec client for the past few years, and it's got to the stage where i am finding it impossible to make any money, i am being squeezed out by algorithmic or BOT trading. It is actually encouraged by the asx, as it increases their turnover from the institutions, who simply pay one flat fee brokerage for their "trouble" of breaking up a 1 million order into minnescule lots. 95% of stocks have this type of trading, and as i understand the ASX rules, it cant be done for manipulation purposes. Well check out trades in companies like WTP CDU BCC on Tuesday SLV for many months the list is endless basically look at ANY asx stock, the trades are there usually in their HUNDREDS, and it's the little people like me that are getting hurt. I have to pay brokerage on each trade i do, if i want to sell a million shares at 2 cents, as much as i'd like to break up the order, i dont as it would cost me $21.90 each trade, not so for the manipulators. This is an official protest to you, to complain on my behalf and your 10's of thousands of Comsec clients who are being disadvantaged by these illegal trades.
That's not the customer service or the answer that i was expecting from Comsec. I have been a loyal comsec client for several years, probably have forked out somewhere in the vicinity of $40K in brokerage during that time buying and selling shares (this can be verified by checking my account) I asked you to complain on my behalf because me as a lone voice has no clout, but they MIGHT listen to a big organisation like Comsec that services tens of thousands of clients. I have emailed both the ASX AND ASIC several times and got nowhere, here is the latest example... their reply, also a reply from govt minister Hon Chris Bowen MP. Why should i have to play by the rules and buy marketable parcels $500 and over, while these bots are allowed to run rampant doing millions of tiny trades as low as ONE CENT IN VALUE, paying only one lump sum in fees to the ASX per days trade, and MANIPULATING the share prices in the process, sending people like me slowly but surely broke. I am asking you again to complain on my behalf, i have tried but to no avail, the problem has got 5 times worse in the past 6-12 months. It is manipulation and you know it, please look at the trades in WTP WATPAC on Thursday and Friday, what do you think of them ????
