PYC 0.00% 18.0¢ pyc therapeutics limited

Just thought I'd share this after my "query" to the ASX this...

  1. 222 Posts.
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    Just thought I'd share this after my "query" to the ASX this week on my concerns on small parcel trading to manipulate the SP in regards to our stock.
    I was impressed at how quickly they replied which was within a few days.

    I'm not attune to how these trades work through agencies so thought I'd post it for anyone else like me who may not be as educated in such things and gets just as pee'd off seeing small parcel trades. I understand backfill small parcels of a larger order that does not get filled but what we see doesn't look legitimate generally to me but I'm no expert...however the comment on "should not be assumed to be manipulative" does raise my eyebrows !
    I'll leave it with you all to digest & discuss this general feedback info supplied from ASX on small parcels. Hope it helps in general.

    ** Thank you for contacting ASX.
    We note that it is not uncommon for the course of trading in a stock to show a large number of small volume trades. These are often part of a broader trading strategy, including: A broker seeking to execute an order at the volume weighted average price (VWAP) – to achieve this, the broker will typically split the total order into multiples of smaller orders, with these smaller orders being executed throughout the course of the day in order to replicate as closely as possible VWAP for the day; A broker completing a large volume order by breaking it into a number of smaller orders - by doing this, the broker does not alert the market to the full size of the order and thereby avoids possible disadvantageous price movements; or A broker seeking to discover if there may be hidden supply of, or demand for, a stock. These are all legitimate trading strategies. Small volume trades therefore should not be assumed to be indicative of market manipulation.
    ASX does not impose a minimum trade volume or value on the number of shares one can purchase; however, the ASX Operating Rules generally prohibit brokers from initiating a transfer of shares if the transfer will result in the registration of a holding that is less than a marketable parcel, which in general, is a parcel of securities whose value is not less than $500.
    The crucial distinction is, therefore, that marketable parcel requirement is only applicable to the registration of shares, not the trading of shares. Shares may be bought one at a time, however when the trade settles or a holding is transferred and the shares are registered (either being added to an existing holding of that share or by creating a new holding) then brokers are subject to the marketable parcel requirement of the rules.
    ASX can only take action in relation to breaches of the ASX Listing or Operating Rules. Market manipulation is regulated by the Australian Securities and Investments Commission (ASIC) under the Corporations Act and the ASIC Market Integrity Rules rather than by ASX. Accordingly, ASX cannot investigate or take action in respect of such matters.
 
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