asic reply to asx bot speeding ticket, page-7

Have been reading this forum a bit lately, and though I have been familiar with Algo. trading for some time, as I am a shareholder In CDU, which also is constantly being manipulated by it. I am certainly impressed with the posts I have read, particularly GWAIHIR, but others also would have got TU from me.

But I like to make a comment about this problem from a different angle.I have been a building contractor for many years, and have an intricate knowledge of all the trades in the industry, and so I am in the position whereby I confidently can go around a building site and supervise the work and workmanship of different trades. GWAIHIR. has pointed out the enormous difficulty and complexity of Algo trading and how only a few of the brightest young freaks in the industry are capable of producing such a program. That being the case I say, it is fair to say, that both the ASX, and ASIC for that matter would not have people on their staff, capable of supervising the industry. So here we have it: 50% or more of the trades on the Australian stock market are traded by a system, the ASX and ASIC do not understand and can not supervise. If something illegal took place, they would not be able to identify it and would be depended on others making them aware of it, that something illegal took place. And even than, they would be scratching their heads, and wonder where to get advise. This surely is an untenable situation.
What is off course more disturbing, is that their basket of complaints must be overflowing, and there seems to be no urgency from their side. they do not understand and yet allow it to continue. no concern for the The people that are one the receiving and loosing end of it. I know I have now gone from being informative to complaining.
Conceding that they not able to supervise this, and further with the knowledge that some people are unjustly getting hurt, and that eventually they could find themselves with class action against them, you would have thought they would immediately stop this kind of trading.