sell off, page-3

A part of Etrade's "Guidance for Unacceptable Market Practices" below

link

https://invest.etrade.com.au/cms/assets/etr_guidance_unacceptable_mkt_practices_0609_02.pdf


"The Australian Securities Exchange (ASX) places obligations on ETRADE Australia Securities Limited (ETRADE), which is a
Market Participant of the ASX, to ensure that each order it
receives and places into the market does not interfere with the integrity of the market. By “interfere”, we mean that the order has a manipulative effect, or is likely to leave the market misinformed. ASX is the regulator which monitors orders entered into the market by all market participants on a day to day basis. In addition to the ASX, the Australian Securities and Investments Commission also monitors market activity to ensure that manipulative trading is identied and investigated.

The following practices are not acceptable:

-Placing an order, with no intention of the order trading (and then cancelling or amending the order, so that it will not trade, when it nears the price limit last set). If you don’t want the order to trade, don’t place it! Similarly, don’t place an order simply to “test the market”, unless you intend for it to trade at the price limit you’ve set.


-Placing orders that are uncommercial (e.g. small value;
brokerage may be higher than trade value)."



Hmmmmmmm