You should contact Richard Ryan (lawyer) of Maurice Blackburn in Sydney, and express your support.
In January and February of 2013 they are conducting a series of interviews and research into a prospective Class Action Suit against the ASX (and possibly ASIC and the government) for damages incurred through Algorithmic Trading, and High Frequency Trading.
Apparently they have already met with ASIC, who were very frosty and defensive, and not helpful at all. Apparently ASIC tried to convince Maurice Blackburn that there is nothing wrong with High Frequency Trading. So what is this great big ASIC review and public consultation process on HFT then.
It just shows that ASIC and the government are creating a big white elephant, trying to show people that they are concerned and "might" do something about HFT, when they have absolutely no intention of doing anything at all. It is simply more politicians employing more public servants to waste more public money. Just go and read the ASIC review after all the public consultations had completed. This is nothing more than a great big snow-job, it's a con.
Maurice Blackburn are the same people who have been running the Class Action on behalf of 200,000 Australians against most of the big banks for the charging of excessive fees. They have won the first round in the high court.
Let's hope they can do the same thing with Algorithmic and High Frequency Trading, which is basically a form of legalised theft, and which undermines the very fundamental reasons for the creation of stock markets in the first place, making them nothing more than mafia-like corrupt casinos.
High Court victory for customers in bank fees class action. http://www.mauriceblackburn.com.au/news/press-releases--announcements/2012/high-court-victory-for-customers-in-bank-fees-class-action.aspx
We need for everyone to get behind Maurice Blackburn and encourage them to find a way for every mum and dad investor to sue the hell out of the ASX and the government, for all the losses and damages incurred by what should rightly be, in any fair society, categorised as illegal trading.
The ASX, ASIC and the government are destroying the Australian share market, and many listed companies, and many investors along the way, investors who often wanted nothing more than to support hard working Australian companies.
This has become an absolute scandal, and a national disgrace.
