JD
This is not illegal .. in fact it is quite legal (lending shares to shorters)
I almost opened an account with Trader Dealer last year .. they had 2 great attractions:
1] You can trade a hundred time in one stock in a single day & only pay $30 brokerage for the lot
2] You can short sell shares ... How you did this was become a client of Opes Prime, who would LEND you the share which you then sold.
This was how Opes made their dough!
They have evidently gone under because of giving to much time & credit to big clients ... One, Chris Murphy the Melbourne underwold lawyer officialy defaulted on a $200 million margin call a week ago or so. When ANZ accountanants went in to investigate, they found out that this was across the board .... defaults everywhere, and that ANZ's massive loan to Opes was in jeopardy ... hence the bringing in of liquidators etc.
ASIC & the ASX are toothless tigers IMO ... ASX is not a neutral party ... they make money from mobs like Opes, so why should they regulate them?
Too much greed al round IMO ... and the little guy fries
:(
(Ps: I am not a client of Opes ... Thank goodness)
trading halt, page-34
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Last
$2.95 |
Change
0.090(3.15%) |
Mkt cap ! $526.9M | |||
| Open | High | Low | Value | Volume |
| $2.98 | $3.03 | $2.94 | $1.499M | 505.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1610 | $2.94 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.95 | 5480 | 2 |
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| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| BMN (ASX) Chart |