Stop dishonest practices on the Australian Stock Exchange and demand a Royal Commission.
Currently, amongst many other dishonest or dubious practices, ASIC allows
- Short selling, including during capital raises
- Exclusive after-hours trading for select parties
- Algorithmic trading that manipulates prices
- Collusive trading and coordinated shorting by Investment Banks
- Privately owned servers located preferentially inside the ASX
- Liquidators under-selling company assets, price gouging, and aiding their demise for the benefit of other parties
- Coordinated pump and dump operations using well known investor forums
- Manipulated private equity buyouts of iconic companies, looting them and then relisting the gutted shells with inflated valuations
- Rampant and blatant insider trading that never leads to prosecution or conviction.
Every experienced investor knows about these dishonest and disgraceful practices that have seen the ASX openly described as a ‘Cowboy Bourse’ and the ‘Wild West’, yet ASIC continues to turn a blind eye to it. Whether through under-funding or corruption, ordinary investors are not being represented by the body charged explicitly with that duty. Only a Royal Commission will have the power and gravitas to bring about the root and stem changes required to give ordinary investors a level playing field and stop the ripping off of billions of dollars by white collar criminals.
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