Further to the above message on trading to the 4th decimal. I have made a complaint to NabTrade who are passing it on internally. This matter is also with the Banking Royal Commission (not sure if it is within their terms of reference).
As I expressed to the Nab broker, before Chi=x everyone traded to the 3rd decimal and not the 4th as institutions are currently doing. This is particularly being done with logarithmic computer prediction trading. This clearly breaches the Corporation Act 2001 and Competition and Consumer Act 2010 as the average account cannot or is not allow trading to the 4th decimal
While the public have lost confidence in banks we never had confidence in Australian Securities & Investments Commission which was lost years ago and as far as Australian Competition and Consumer Commission, they struggle with petrol prices so something complex like unfair trading of shares to the 4th decimal would be beyond ACCC. They might like to engage ACIS to report on the unfair trading to the 4th decimal by some but not all share traders.
I would like to see a legal firm take this up and hit the ASX with a class action for allowing unfair and exploitive trading by institution trading to the 4th decimal and allowing of moms and dads and SMSF restrictive trades to the 3rd decimal.
The rules must change, it has to go back to the 3rd decimal for all playing in the Australian Market.
To explain during the week of 10th September 2018 about 25 million shares traded in PCL below the 3rd decimal most traded at the 4th decimal some lower. This left all those on most of the platforms sitting all day on 3rd decimal selling or buying nothing moved. When I look up a trading platform and it show the first cab of the rank as $0.010 and seller at $0.011 but 25 million trading at $0.01050
It left the bank platform sell or $0.011 all day and the buyer on $0.010 all day but $262,500 trading. Because I could not do the same I lost $7500
Not only did interfere with the regular share price it is have a large baring on the overall market and moms and dads and SMSF are just fodder for the institution to exploit, moms and dads and SMSF can not get out of share without incurring a larger loss then institution or prime brokers.
Complaints to the ASX falls on deaf eyes in fact they protect the system. Complaints to the ASX is like talking to the banks about their dishonesty which now a flood at the Banking Royal Commission
I believe the time has come when the ASX should looses the right to set rules, It time to be much more open and not a brokers club
If you feel the same you should write to your local member and the Minister for Finance and the Treasurers who ever they are now days
