I've been hampered by this problem for years. The rule is a...

I've been hampered by this problem for years.

The rule is a broad brush policy statement that won't tell you anymore than the fact that they have an obligation
"to prevent stock market manipulation or market rigging."


this is the response to the email I sent yesterday when i got sick of sitting on the phone waiting for an operator.

"Thank you for contacting ANZ Share Investing.

In regards to your enquiry, we purged your order as it may have impacted the market price.

Please note that we are obliged to follow rules and regulations set by the ASX to prevent stock market manipulation or market rigging."

On your first enquiry they will tell you that you can't step the buy price up too much too quickly.

If your a serial offender like me they will eventually tell you that you can only step it up one step at a time and you have to wait at least 15 mins between steps and you are restricted to a maximum of three steps if you are the only contestant.

If you are lucky enough to wipe a line within the three steps you will be prevented from buying anymore shares until someone else does.

I had my eye on a big line of HGO a couple of weeks ago and had to sit as the highest bidder at the price I had just paid in the process of working up to the higher sell price that was on offer. Fortunately the other buyer that had to get in before I could didn't take the lot.

There is unfortunately no restriction on selling too cheaply which of course people do all the time. Who cares if they drop the price many steps to get rid of the last 15 shares in a line they have just sold the lions share of at a decent price. This activity really holds a thinly traded stock back.