Hi fontii, yes i did. They (ASX) are a bunch of liars and suit...

Hi fontii, yes i did. They (ASX) are a bunch of liars and suit themselves when they follow "their rules"

Here is their response, and the relevent part of the rules i have copied and pasted it below their reply.

Dear FactorThis,

Thank you for raising your concerns with the ASX Group. ASX appreciates information that is received from the public, as it assists with our function as a Market Operator.

In accordance with the link to ASX's Operating Rules provided to you yesterday, ASX Operating Rules Procedure 4070 indicates that orders with a price threshold of less than 20c are not purged and accordingly are carried over to the next trading day.

As your complaint is alleging market manipulation we would normally suggest that you raise your concerns with ASIC as ASIC is responsible for supervising the market and investigating market manipulation, from 1 August 2010. As your complaint indicates that you have already referred the matter to ASIC, ASX is unable to assist you further with your complaint.

Kind regards,
Rebecca Tse | Customer Service Officer
ASX Limited | 20 Bridge Street | Sydney NSW 2000
t: +131 279 | e: [email protected] | f: +61 2 9227 0885
w: www.asx.com.au



Removal or retention of orders at end of day

Procedure 4070

Unless otherwise determined by ASX:

(a) all unmatched orders in respect of cash market transactions in Tradematch at the end of each trading day will be carried over to the next trading day, with the exception of the following orders which are purged by ASX at 18.40pm :

(i) Orders which are more than 60% away from the best bid and offer, with a price threshold of 20 cents.

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

Houston, we have a problem....they say this rule only applies to shares priced over 20 cents. So basically they are allowing the most vulnerable stocks to be manipulated by fake orders, it has the biggest effect on the penny stocks and the sub 20c shares, as most logical thinkers would realise. There is currently still a seller on the screen for VIL at 16 cents, last trade today was 1.4 cents, that's 11 times more. That's like BHP which last traded at $40.74 today, having a buyer or seller on screen for $460.00. But the difference is, it doesnt make a difference to big blue chips and ASX200 stocks, how come they police the 60% rule for them ? Ah....but i have caught them out telling blatant porkies, i just found a few stocks that i have on my watch list that are OVER 20c in price, check these figures out...relating to TODAY's final prices. I'm sure there are hundreds of others too, i couldn't be bothered looking, just these are on my list.

AGS Alliance Resources last trade 43c, there is a buyer at 20 cents and also 21 cents, why is that ?

TGS Tiger Resources last trade 35.5c, a buyer at 12.5c, another at 15.5c, and a 100k prop buyer at 17.5c....why is that please ASX?

MEO last sale 50.5c, a buyer for 100,000 at 26c, why is that ?

PGL Progen last sale 33c, a buyer for 50,000 at 10 cents, AND THE TOTAL BUY VOLUME IS 87,000, most of it is the 10c prop, why is that ?

FMG Fortescue, last sale $6.00, there is a BOT BUYER on the screen NOW at $2.75 buying just 363 shares, why is that ?

PDN Paladin last sale $3.64, a BOT BUYER on the screen now buying 342 shares at $2.11

ALK Alkane last sale 84c, 8 seperate buy orders still there between 35c and 42c, why is that ?

all the above stocks are over the "threshold 20c" as per ASX rules, so they allow bots and selected stocks over 20c to have prop bids, but the most vulnerable of stocks, the penny dreadfuls, are open slather for manipulation, if a stock is 1.4c like VIL, for all i know, one could probable put in a huge sell order at 50 cents, being with comsec i cant even try it as the 60% rule is very strict there, perhaps someone with a broker that allows any order could do a test, put on a sell order for a small amopunt of VIL at 50 cents and see if it's still there after 7pm. May i suggest a few others here ask ASX why the "threshold" is allowd to be randomly broken, and why is there NO THESHOLD for vulnerable stocks ? Everyone has their own writing style and their own way of firing in complaints, maybe they will take more notice if a few others get on their case. These ***** are costing us money by allowing this practice, and not just in VIL. Make these ***** accountable and either enforce the 60% rule for ALL STOCKS be they 1.4c VIL or BHP/RIO, or DONT HAVE IT AT ALL and let it just be a free for all, the insto's have free reign to do what they like, trading one share at a time worth 95c like Biota etc, well that's ok, as long as we can all join in the party WITHOUT BROKERAGE. And i want to be able to trade in quarter cent increments like the insto's too.....is that asking too much ? Apparently so.