how it's done, page-3

Hi All, below is a letter i have send to ASIC, As you can see, i come from a different angle, more about their ability to supervise the system.
as this new panel has now been established, I encourage you all to send all your good stuff to them, as it will have a great impact, and may be we can raise our hope. The more you send the better. flood them.



Thank you for your letter dated 3rd June 2010.
I have not responded to your letter dated 3june before, as I took note of the Media, that ASIC would take over its supervisory role in August.
As none of the questions in my previous correspondence have been answered, I would like them to be part of my submission to the Market Disciplinary Panel, together with this correspondence.
My previous question: (a) Does ASIC have the staff with intricate knowledge of algorithmic trading, including all possible outcomes the program could produce?
Your answer is that ASIC seeks to employ such staff. Surely this is the crux of the question, not whether they seek to but whether they have. I have argued that it would be extremely difficult and unlikely for an employee to have a handle on, and an understanding of such a system. And I guess the next question is: who employed such a person in the first place, or what system employed this person in the first place? Did they have an understanding of what was required of these staff? Or is it fair to say that we got caught up in a system with all the good intentions in the world, but because of the lesser qualities of man, was taken advantage of and turned into an uncontrollable monster? And to be fair, the authorities did not envisage the need for such high quality staff.
If any of the above fits the bill, it is probably sad to say that it has to come from the ordinary people that an awareness of the unfairness and almost criminal aspect of this system is brought into the public arena. I guess most of the blame must go to the ASX, as they subjectively and persistently refused to look at the overflowing basket of complaints. It was not long before they were accused of vested interest.
Criminal? A system that has the capacity to buy and sell a stock all day for the same entity in very small amounts and for the purpose of bringing that stock up and down, and that has the capacity to buy and sell the same stock to different entities but owned by the same for the purpose of bringing the market to where they want it to go is manipulative and therefore illegal and criminal.
Summing up, and what should be done is not an easy question to answer. But just because the rest of the world does, it does not make it right. I believe that it was set up for the right reasons and in good faith but loopholes appeared and I dont profess to have an instant answer to it all, except to say that we should acknowledge the problem and unless you can come up with an answer very quickly it should be suspended until you do have an answer.
The inability to be objective of course is the biggest obstacle. It most likely means that opposing parties for whatever reason will want to be right, but if we ever get to discuss this matter I hope and have faith that the people who will set the norm will give fair and proper directions
Finally, I expect a response saying give the proof and we will follow it up, and you know and I know, we have no facility to prove what we see day after day. You have many complaints and many people have contacted their local member. You simply cant ignore this any longer.