I don't know the answer to this either, but I can 100% guarantee not all those using the system are doing so according to the rules.
Even the rules effectively facilitate abuse more or less within the guidlines.
Whilst large orders broken into smaller ones and executed randomly throughout the day may, at a stretch, be accetable...but when they are specifically programmed to react to other trades, either with a counter "sell" to a buy...or conversely, a "buy" against a sell...then it is clear we are looking at specifically manipulative settings designed to impact the natural trading of the stock in question.
Whilst not of great influence in ASX200 stocks, in the micro caps, they should be banned....PERIOD!
Cheers!
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