asx revenue raising experiment

  1. 25 Posts.
    dear hot copper members
    my reasons for publishing on hot copper is to provide answers to technical trading difficulties being experienced and reasons why financial losses incurred through no fault of your own,by exposing the asx revenue raising experiment that runs all stock brokers Internet share trading platforms

    i thank the community members who show interest and i am sorry for members who have unfortunately taken serious financial losses without any avenue for recourse when i receive a reply from asic i will keep members posted


    20th January 2008
    to financial industries complaint services
    and
    Australian security and investment commission
    fics ref no

    Asx revenue raising experiment and legislative compensation mechanism under the corporations act 2001 the national guarantee fund
    **************************
    dear sir/madam
    before proceeding the exhibits a to h tendered for fics and asic members perusal is the only evidential material
    available in Australia i recommend to the board of fics and asic to employ professional share traders who can communicate and interpret the tendered exhibits of the effect to the detriment of all Internet share traders

    the exhibits exposes the very essence of the unreliability and failure of integrity of the asx electronic trading programming systems called the "integrated trading system" (i.t.s) also known as the "click xt"without the (i.t.s) there would be no Australian share market as we know it today

    there is no difference in where stems the cause of the asx/sfe outage in July/Aug 2007 which wiped out $ billions of dollars of the value of shares and the class action initiated by "Global Marketing pty ltd" against asx/sfe and my claim against etrade

    the ongoing flood of complaints to asic and fics with frequent outages by all stock brokers because simply the Asx programming cannot even do basic arithmetic calculations correctly let alone perform the functions to run an international stock exchange

    ****************************

    the Hon Minister approved the Asx untried and untested (i.t.s) experiment,implimented by all stock brokers and imposed on all Internet share traders

    example Asic's paper 86
    the (i.t.s) which replaced the old "seats"system was an untried and untested,similarly the integrity under normal trading conditions by the asx service provider web iress the argument submitted by Mr Harvey M Pitt of Kalorama legal services ,typifies the general view to support asics papwer 86 by commsec,ambro morgan,asx,macquarie etc for the hon ministers approval

    the argument to the minister was to implement this experiment upon all share traders without the effect being known argument by Mr Hill was that new innovative advanced technology was stifled at a huge financial cost to the market innovators by government regulators denying the benefits to all active share traders

    the Asx revenue raising experiment was officially implemented in Sept/Oct 2006 to the financial detriment of all share traders who picked up the cost and also reap the large returns to the Asx and participants

    Etrade requiring to know what effects the impact had on Internet share traders nationally posted notices to all client pc screens requiring "feed back" however Etrade and all participating stock brokers have covered up the general discontent through out the community

    section 794c and 923c of the corporations act 2001 asic must assess how well a licensed market operator is complying with its obligations and whether it has adequate arrangements in place for supervising the markets

    if i may make comment from observation for what it is worth
    as a member of 2 specialized share trading forums numbering approx 100k 2 of numerous forums the general discontent and lack of confidence is that the asx electronic trading systems programming (i.t.s) is a substandard and unreliable with frequent outages and all stock brokers providing poor services to remedy complaints and no financial compensation for financial losses incurred through no fault of the individual share trader,unlike "Global Marketing pty ltd" who have unlimited legal resources and finances to match Asx/Sfe

    i assume because the asx will not respond that the Asx guarantee fund of $93 million dollars was set up for just this purpose under the corporations act 2001 for unregulated experiments where i have personally incurred financial losses of $500-$1,000 in the time it takes in the blink of an eye lid so that stock brokers can be reimburse share traders claims the same way the national electricity act 2000 (no 14 of 2005)to protect consumers similarly the telecommunications acts

    the (i.t.s) which runs all Australian stock brokers Internet share trading platforms is unreliable at random outages from market order volume over load during normal trading hours identical to a house hold electrical fuse tripping from surges or electrical shortages

    ******************************
    history of the claimant as an Internet share trader

    2 years ago with my life savings of approx $31,000 and later another $25,000 $56,000 in total is now reduced to $8500 i entered etrade Internet share trading and though my financial security would be safe in the hands of etrade with meticulously faultless processes and services for which i paid fees to etrade of up to $3,500 a month to discover quite the opposite incurring regular financial losses through no fault of my own as a consequence of the asx running experimental programming and regularly being mislead by etrades continued to all clients PC screens of fixing and repairing the technical trading difficulties being experienced only to discover after scheduled maintenance are still occurring

    i developed a unique one of a kind share trading system in Australia to monitor a section of the resource sector share price fluctuations to the volatility of the dow Jones and the all ordinaries indexes reconfigured my PC to take snapshots ( print out copies) of a very large watch list of approx 50 companies including course of trades and depth chart to record and analyze correlations

    between June and July 2006 glitches started to appear which would effect my ability to share trade, by late Sept/Oct/these t4echnical trading experiences occurring on a frequent daily basis that on some days my trading was untenability's sort of glitches were depriving me of income and where possible to do 2 things at once i took snapshots to record the glitches/irregularities'annomalies which currently exist today

    *************************************

    # snapshots could record most glitches but there is one frequent occurring one that requires to be videoed to show a continuous flow of evolving trading effect of the failure /denying share traders instructions and executions

    i have compiled a file of multiple exhibits a to h to show and prove the following

    exhibit a) i am surprised my Internet trading financial account has reduced to $0 vanish,disaapeared

    exhibit a1) simultaneously my buy/sell limit market orders
    from etrade's watch list would also vanish

    exhibit b) parcels of random large numbers of buy orders vanished ,disappeared from the watch list to cause an imbalance identical to the sfe crash

    exhibit c) from out of thin air large financial amounts are being deposited into my financial account for available trading which did not belong to me

    exhibit d)discovered i had random access to other share traders holdings with my share trading identification number attached to that other share traders market order in the depth chart it appears i have placed 2 market orders when i have only placed 1 there should be only 1 blue bar showing

    exhibit e)what i term "etrades millenium bug" the experimental programming would not round off to the next dollar $.00 .....ie $.99 cents to $1.00.....$1.99 cents to $2.00....$9.99 cents to $10.00

    exhibit f)etra would accept my buy/sell limit orders and incorrectly make basic arithmetic errors,etrade would send notices declining my limit orders giving the wrong reasons that my order was to far from the market limit

    exhibit g)the wrong % percentage share price change calculations are shown and or would not adjust with the share price change

    # exhibit h) my limit buy/sell orders shown in the depth chart would not open to allow access to amend or cancel my order and or where i have access i was denied being able to amend or cancel my market order

    and or any combination of the above at the same time

    ***************************************

    i have been deprived by etrade income,have lost many valuable opportunities and incurred substantial financial losses through no fault of my own with too numerous examples to list here which shows contrary to etrades claims of inherently cannot be fixed or repaired

    seek orders of Asic and Fics board for compensation in the amount of $47,000 against etrade being the difference in entering etrade with $56,000 and exiting etrade with $8,500

    i seek orders for $47,000
    yours sincerely
    matross
 
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