I know everyone has probably had enough of the bot conversations but here is the response i got from ASIC. ASIC are saying they have it on record, but they cant make legislative reforms against Algorithmic trading, which Australian Government & Treasury have to do. Pretty much saying we cant do anything about it:
Thank you for emails to ASIC of 1 April 2010.
As I understand it, you wish to raise concerns about the practice of algorithmic trading. Specifically, you state that algorithmic trading targeting MEO Australia Limited on 1 April 2010 had the effect of manipulating the company's share price in contravention of the Corporations Act 2001.
ASIC's process
ASIC values the information we receive from the public, and complaints such as yours assist ASIC in working to build confidence in the integrity of Australia's capital markets.
ASIC conducts an assessment of every complaint we receive. The issues you have raised will receive careful consideration, and have been recorded on our internal intelligence database.
As ASIC is precluded from commenting on operational matters, we are unable to provide further details of what, if any, action we may or may not take in relation to the concerns you have raised. If you require any information on our role as a market supervisor, or enforcement action taken by ASIC, please visit ASIC's website at www.asic.gov.au.
Algorithmic trading
ASIC notes your concerns in relation to the practice of algorithmic trading. As the market regulator, ASIC is responsible for the supervision of operators of market participants, financial markets and clearing and settlement facilities. While ASIC may advise the Australian Government on matters concerning the regulation of Australia's capital markets, it is not a law reform body.
As such, to the extent that you feel that ASIC should enact legislative reforms in relation to algorithmic trading, we advise that this is a function carried out by the Australian Government and Treasury. For contacts details and further information regarding the functions of Treasury, please visit www.treasury.gov.au. You may also wish to make a representation to your local member of parliament in relation to any suggested law reform.
Please be advised that ASIC will only contact you again in relation to your complaint if we require further information or evidence to assist in our enquiries.
Yours sincerely Romina
Romina Dein Misconduct & Breach Reporting Stakeholder Services
MEO Price at posting:
35.0¢ Sentiment: LT Buy Disclosure: Held
