Here's a reply from ASX on the infamous Lynas manipulation last month, i got handballed to ASIC, and THEIR responses are the copy and paste types.I have complained several times about VIL, and these are the typical responses.
Dear Botkiller RE: Lynas Corporation (LYC)
Thank you for raising your concerns with the ASX Group. ASX appreciates information that is received from investors as it assists with our function as a Market Operator.
We have reviewed trading in LYC and as you may be aware, we sent the company a price query letter due to the abnormal trading which occurred on 27 June. We note that during the afternoon, the stock dropped in a short period of time to a low of $0.735 and subsequently rebounded just as quickly. From our review, we have seen no indications that the trading involved any breach of the ASX Operating Rules.
You have raised concerns about possible manipulation, collusion and insider trading. Any issues of possible market manipulation or any other form of market abuse relate to matters that are outside of ASX’s jurisdiction. As of 1 August 2010, the Australian Securities and Investments Commission (ASIC) have responsibility for the supervision of real time trading and Market Participants. Accordingly ASX cannot assist you with the issue raised as it is outside of ASX’s jurisdiction. ASX’s responsibility as a Market Operator is to monitor and enforce compliance by Participants with the ASX Operating Rules. Please refer to the link below to find out how you may lodge a complaint with ASIC:
ASX is unable to assist you in regards to fees and commission rates since this is a commercial matter for discussion between investors and their brokers. The market operates on an anonymous basis in real time and no one outside of ASX or ASIC is able to see the broker IDS. The broker IDS are made available to the market 3 days after the date of trading and is available to anyone who subscribes to a market data service.
In your second email you mentioned trades with zero prices and volumes. We are unable to comment why you are seeing such trades on your system and suggest your market data provider may be able to assist you further. It is possible that the cancellations you are seeing are cancellations of crossings. Some brokers will systemically cancel crossings immediately after the trade if their system recognises possible wash sales. Wash sales are not allowed because they involve no change of beneficial ownership and they should either be prevented or cancelled immediately by the broker . ASX Limited 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215 Telephone 131 279 61 2 9338 0000 Facsimile 61 2 9227 0885 www.asx.com.
and this from the ferocious ASIC.......
Dear Botkiller
I confirm that ASIC has received the fax you sent raising concerns regarding algorithmic trading in FKP Property Group Stapled.
As previously advised, ASIC values the information we receive from the public, and reports of misconduct such as yours assist ASIC in working to build confidence in the integrity of the capital markets.
ASIC conducts an assessment of every report of misconduct we receive. The issues you have raised will receive careful consideration, and have been recorded on our internal intelligence database.
In determining which matters we will select for further action, consideration is given to the availability of evidence, and a range of factors, including the likely regulatory effect of any available action.
As ASIC is precluded from commenting on operational matters, we are unable to provide further details regarding what, if any, action we may or may not take in relation to the concerns you have raised.
If you require any information on our role as a market supervisor, or enforcement action taken by ASIC, please visit ASIC's website at www.asic.gov.au.
Please note that ASIC will only contact you again in relation to your report of misconduct if we require further information or evidence to assist in our enquiries.
