interesting take by professor Erick Budish. block trading solution
In my submission I highlighted black pools, front running, capping, orders being pulled, increase in off market transactions between superannuation funds, the one share trade with full brokerage (commsec allowed us to forgo the cost of the transaction but would not pay the value of the share (this occurred the moment we pulled an order)) I highlighted the trading on LIC which has been pushed up over the last 3 years with 1 and 2 share trades. Have a look at yesterdays trades.
I also highlighted the ability of institutional brokers to manipulate the price action down on a company they believe will require a capital raising, to get a further discount to the VWAP (anyone can read the accounts) and given access and the psychological game the market allows us to play, this is money for jam.
I have sent a number of correspondence to my local minister who brushed it off and I highlighted, that anyone with a mobile phone has access to the markets and they need to be protected.
ASIC are not a good regulator when accessing a form to complaint is so difficult.
