This is my swansong on hot copper, i've been beaten into...

This is my swansong on hot copper, i've been beaten into submission. Had massive losses today, washed down with this final email from ASIC. I've simply had enough, i am a lamb to the slaughter.

Our References: 51311/10 & 52567/10

23 November 2010

Dear FactorThis,

I refer to your complaints to ASIC of 5 November 2010 and 19 November 2010 in which you raise concerns about automated trading activity on the Australian Securities Exchange ("the ASX").

ASIC's consideration of your concerns

ASIC notes that at the date of this email, you have lodged approximately sixteen (16) complaints which raise concerns about automated trading activity on the ASX, and in particular the practice of algorithmic trading.

Specifically, you have requested that ASIC takes steps to eliminate automated trading activity as you feel that it may amount to market manipulation and/or market rigging in contravention of the Corporations Act 2001. In addition, you have expressed concern that automated trading places retail investors at a disadvantage compared to institutional traders with access to the technology required to engage in such activity.

In response to each of these complaints, ASIC has advised you that whilst ASIC is responsible for the supervision of Australia's capital markets, it is not a law reform body. Therefore, to the extent that you have requested that ASIC enact legislation amending the law in relation to automated trading, you have been advised to contact your local Member of Parliament or Treasury.

Going forward

In light of the foregoing, ASIC considers that it has given due consideration to the issues you have raised with it previously in relation to automated trading and we advise our enquiries in this regard have concluded. Any further correspondence will be considered and assessed but may not be responded to. If you are not satisfied with our decision then you should raise the matter with the Commonwealth Ombudsman.

The Commonwealth Ombudsman cannot review or re-determine ASIC's decision, but does have the power to investigate misconduct, or review the manner in which a decision has been made to ensure that it was done fairly and in accordance with the law. The contact details for the Commonwealth Ombudsman are as follows:

Commonwealth Ombudsman
GPO Box 442
CANBERRA ACT 2601
Telephone: 1300 362 072

Romina Dein
Misconduct & Breach Reporting
Stakeholder Services