At the TAB, once you place a bet, you only can cancel in the event of an error, and even then, you only have two minutes. What's the correlation there you might ask ? Elmer Funke Kupper is the CEO of the ASX now, his previous employer was TAH TABCORP for 4 years, he's simply moved to a bigger casino. But nobody's enforcing the corporations act.
Here is the relevant part of the Corporations Act, can anyone see any breaches that ASIC/ASX have failed to prosecute in the past decade when they have been the regulator ?
CORPORATIONS ACT 2001 - SECT 1041C
False trading and market rigging--artificially maintaining etc. Trading price
(1) A person must not (whether in this jurisdiction or elsewhere) enter into, or engage in, a fictitious or artificial transaction or device if that transaction or device results in:
(a) the price for trading in financial products on a financial market operated in this jurisdiction being maintained, inflated or depressed; or
(b) fluctuations in the price for trading in financial products on a financial market operated in this jurisdiction.
Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)). For defences to a prosecution based on this subsection, see Division 4.
Note 2: This subsection is also a civil penalty provision (see section 1317E). For relief from liability to a civil penalty relating to this subsection, see Division 4 and section 1317S.
(2) In determining whether a transaction is fictitious or artificial for the purposes of subsection (1), the fact that the transaction is, or was at any time, intended by the parties who entered into it to have effect according to its terms is not conclusive.
and finally, courtesy of Switzer show on SKY Business, a professor speaks about market manipulation and insider trading.
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(20min delay)