ASIC Senate Enquiry Submission

8/12/2019 ASIC Senate Enquiry Submission

1/16

BY_ PXB@MJG MYYUEY HCLG

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WEH B@@XEYY4 www.sirmh`.ilk/bsx\trb`mjg\mssues/ilcceitmljs

YEJBPE EJRUMX] YUHKMYYMLJY

(Litlher - 8>29)

Xe4 Poe peralrkbjie la toe Bustrbcmbj Yeiurmtmes bj` Mjvestkejts

Ilkkmssmlj (BYMI)

MJPXL@UIPMLJ

CMJFY PL YU^^LXPMJG MJALXKBPMLJ

Bttbiokejt 2.24 Hbifgrluj` tl BYMI Ilkpcbmjts (Expbjè`) 3CMJF:

Bttbiokejt 2.84 Bj Lvervmew la BY_ Prb`mjg bj` mts Xegucbtmlj 3CMJF:

Bttbiokejt 2.94 Prb`mjg bj` Xegucbtlry Mssues Mèjtmame` 3CMJF:

BYMI Ilkpcbmjt 8>29-2 Bug 21, 8>29 3CMJF:

BYMI Ilkpcbmjt 8>29-8 Yep 21, 8>29 3CMJF:

BYMI Ilkpcbmjt 8>29-9 Lit 20, 8>29 3CMJF:

BYMI Ilkpcbmjt 8>29-0 Jlv 0, 8>29 3CMJF:

Yolrt Yeccmjg Mssue Bug 88, 8>29 3CMJF:

@MYICBMKEX4Bcc mjalrkbtmlj presejte` bs resebrio obs heej slurie` arlk hrlfer trb`mjg

reilr`s bj` regmstry reilr`s. Womce toe butolr iljsmèrs toe `btb tl he biiurbte bj` toe

sukkbrmes presejte` bs hemjg bj biiurbte reaceitmlj la trb`mjg, jl gubrbjtees bre gmvej

bs tl toe recmbhmcmty la `btb lr bjy iljicusmljs put alrwbr`. Mjvestlrs bre ejilurbge` tl

`l toemr lwj @ue @mcmgejie bj` tl kbfe up toemr lwj kmj`s mj regbr` tl toe ibuses la

bjy trej`s presejt mj trb`mjg `btb.
mailto:[email protected]://www.scribd.com/doc/176829241/Additional-Information-9-1-%E2%80%93-Background-to-ASIC-Complaints?secret_password=2fo1a7jaa476o1cpg495http://www.scribd.com/doc/176831871/Additional-Information-9-2-%E2%80%93An-Overview-of-Asx-Trading-and-its-Regulation?secret_password=mwtq8pzgwl8kf6jqtjahttp://www.scribd.com/doc/176823054/Additional-Information-9-3-%E2%80%93-Trading-and-Regulatory-Issues?secret_password=uqejvw52nds7u08vt7ahttp://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/176823054/Additional-Information-9-3-%E2%80%93-Trading-and-Regulatory-Issues?secret_password=uqejvw52nds7u08vt7ahttp://www.scribd.com/doc/176831871/Additional-Information-9-2-%E2%80%93An-Overview-of-Asx-Trading-and-its-Regulation?secret_password=mwtq8pzgwl8kf6jqtjahttp://www.scribd.com/doc/176829241/Additional-Information-9-1-%E2%80%93-Background-to-ASIC-Complaints?secret_password=2fo1a7jaa476o1cpg495mailto:[email protected]


2/16

8

ILJPEJPY

Yeitmlj Lje .....^g. 9

2.>.2 CMJFY PL YU^^LXPMJG MJALXKBPMLJ

Yeitmlj Pwl .....^g. 0

2.>.8 MJPXL@UIPMLJ

Yeitmlj Poree ........ ^g. 7

2.>.9 HBIFGXLUJ@ PL POE YUHKMYYMLJ BJ@ B YUKKBX] LA @EBCMJGY WMPO BYMI

B^^EJ@M_ 2 - ILJPE_P

Hbifgrluj` Mjalrkbtmlj Iljierjmjg Wlrc` Kbrfets bj` Poe Bustrbcmbj Kbrfet... ^g 22

B^^EJ@M_ 8BJ MJ@MIBPMLJ LA POE E_PEJP LA ILXXU^PMLJ MK^BIPMJG AMJBJIMBC KBXFEPY

Amjes Mjiurre` hy toe Kbdlr Mjvestkejt Hbjfs Mj Xeiejt ]ebrs... ^g 25


3/16

9

2.>2 Yeitmlj Lje

BHLUP POE ILK^CBMJP - CMJFY PL YU^^LXPMJG MJALXKBPMLJ

ILK^CBMJP ALIUY

Poe suhkmssmlj aliusses lj mssues baaeitmjg Bustrbcmbs amjbjimbc kbrfets wmto bj ekpobsms lj BYMIs

abmcure mj hemjg bhce tl aujitmlj bs bj eaaeitmve regucbtlr. Poe kbtters rbmse` bppcy tl toe mteks h, `,

bj` a mj regbr` tl toe Perks la Xeaerejie.

Perks la Xeaerejie

b. BYMI's ejbhcmjg cegmscbtmlj, bj` woetoer toere bre bjy hbrrmers prevejtmjg BYMI arlk aucamccmjg mts cegmscbtmve

respljsmhmcmtmes bj` lhcmgbtmljs6

h. toe biilujtbhmcmty arbkewlrf tl womio BYMI ms suhdeit, bj` woetoer toms jee`s tl he strejgtoeje`6

i. toe wlrfmjgs la BYMI's ilccbhlrbtmlj, bj` wlrfmjg recbtmljsomps, wmto ltoer regucbtlrs bj` cbw ejalriekejt hl`mes6

`. BYMI's ilkpcbmjts kbjbgekejt plcmimes bj` prbitmies6

e. toe prlteitmljs baalrè` hy BYMI tl ilrplrbte bj` prmvbte womstcehclwers6 bj`

a. bjy recbte` kbtters.

Mssues iljierjmjg toe Bustrbcmbj amjbjimbc kbrfets, pbrtmiucbrcy toe BY_, bre èservmjg la bj ejqumry mjtoemr lwj rmgot, bj` BYMIs biilujtbhmcmty mj regbr` tl mts èbcmjg wmto kbtters presejte` tl mt requmres b

irmtmibc revmew.

YU^^LXPMJG MJALXKBPMLJ

Poe ilkpcbmjt ms struiture` wmto bj MJPXL@UIPMLJ tobt presejts toe ilkpcbmjt bj` bcsl cmjfs tl

supplrtmjg mjalrkbtmlj jeiessbry tl gbuge olw b abmcure hy BYMI tl prlvmè eaaeitmve regucbtmlj la lur

amjbjimbc kbrfets ms suio bj mkplrtbjt kbtter alr toe Bustrbcmbj pelpce bj` toe Bustrbcmbj eiljlky.

B cmst la b``mtmljbc mjalrkbtmlj tobt obs heej prlvmè` mj supplrt la toe suhkmssmlj ms prlvmè` heclw.

2. Poe Hbifgrluj` tl BYMI Ilkpcbmjts 3CMJF:8. Bj Lvervmew la Kbtters Mkpbitmjg toe BY_ bj` olw mt ms hemjg Xegucbte` 3CMJF:

9. Poe Prb`mjg bj` Xegucbtlry Mssues Hrlugot tl Bttejtmlj 3CMJF:

IL^MEY LA BYMI ALXKBC ILK^CBMJPY

Bj bppreimbtmlj la toe kbjjer mj womio BYMI peralrks mts regucbtlry aujitmlj ibj he gbuge` hy vmewmjg

mjalrkbtmlj presejte` tl mt, lhservmjg olw kbtters bre obj`ce` bj` toej bssessmjg mts amj`mjgs. Poe

cmjfs tl reiejt ilkpcbmjts bre prlvmè` heclw.

Xeaerejie Cl`ge` Biiess

BYMI Ilkpcbmjt 8>29-2 Bug 21, 8>29 3Xeaerejie Cmjf4 8>29-2:BYMI Ilkpcbmjt 8>29-8 Yep 21, 8>29 3Xeaerejie Cmjf4 8>29-8:

BYMI Ilkpcbmjt 8>29-9 Lit 20, 8>29 3Xeaerejie Cmjf4 8>29-9:

BYMI Ilkpcbmjt 8>29-0 Jlv 0, 8>29 3Xeaerejie Cmjf4 8>29-0:

Yolrt Yeccmjg Mssue Bug 88, 8>29 3Xeaerejie CMJF:

LPOEX

EKBMC Ilkkujmibtmljs wmto BYMI Laamiers 3CMJF:

Ybkpces la uhcmsoe` Xesebrio

Hclg B``resswww.sirmh`.ilk/iuèil\resebrio

Iu@eil Xesebrio ^bpers

1.2 1.8 1.9 1.0 1.5

Xesebrio lj Ltoer BY_ Ilkpbjmes

7.2 7.8 7.9 7.0

Poe supplrtmjg mjalrkbtmlj ms irmtmibc mj bssessmjg toe eaaeitmvejess la BYMIs rlce bs kbrfet regucbtlr. Woej toe usubc

respljse la We `ljt obve b ^rlhcek ms kebsure` bgbmjst toe wemgot la evmèjie tobt toere bre prlhceks, bj` very

sermlus prlhceks bt tobt, ljcy toej ibj toe eaaeitmvejess la toe iurrejt regmke he prlpercy bssesse`. Mt ms olpe` tobt toe

Yejbte ejqumry bits bs toe ibtbcyst tl mkpcekejt toe iobjges jeiessbry tl gubrbjtee bj eaaeitmve regucbtlry ejvmrljkejt

alr Bustrbcmbs amjbjimbc kbrfets, woere bcc èbcmjgs bre heylj` reprlbio bj` mj toe hest mjterests la toe jbtmlj.

MK^LXPBJP ILKKEJP
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-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/176823054/Additional-Information-9-3-%E2%80%93-Trading-and-Regulatory-Issues?secret_password=uqejvw52nds7u08vt7ahttp://www.scribd.com/doc/176831871/Additional-Information-9-2-%E2%80%93An-Overview-of-Asx-Trading-and-its-Regulation?secret_password=mwtq8pzgwl8kf6jqtjahttp://www.scribd.com/doc/176829241/Additional-Information-9-1-%E2%80%93-Background-to-ASIC-Complaints?secret_password=2fo1a7jaa476o1cpg495


4/16

0

2.>.8 YEIPMLJ PWL4 MJPXL@UIPMLJ

Poe mssues hrlugot tl bttejtmlj alr iljsmèrbtmlj hy toe Yejbte Ilkkmttee bre twlalc`.

Poe amrst iljierjs toe stbte la lur amjbjimbc kbrfets heibuse la systekmi prlhceks baaeitmjg toe BY_ tobt

bcclw slpomstmibte` mjvestlrs tl ujabmrcy tbfe webcto arlk bcc ltoers wmto mkpujmty. Mt liiurs torlugo

kbjmpucbtmve trb`mjg heobvmlurs tobt obve aclurmsoe` heibuse BYMI ms jlt eaaeitmvecy ibrrymjg lut mts

bpplmjte` rlce bs kbrfet regucbtlr. Poe prlhceks obve heej mèjtmame` torlugo resebrio usmjg ekpmrmibc

kbrfet `btb tobt obs revebce` mssues mkpbitmjg b pbrtmiucbr BY_ cmste` ilkpbjy, bs wecc bs stlifs birlss

toe hrlbèr kbrfet. Bt rmsf ms `mkmjmsoe` pbrtmimpbtmlj mj toe kbrfets heibuse la biute kbrfet mjtegrmty

mssues, bj` uctmkbtecy, b ilkprlkmse` kbrfet ujbhce tl eaaeitmvecy peralrk toe rlces requmre` la mt.

Yeilj`cy toere bre mssues bsslimbte` wmto toe wby ilkpcbmjts bre èbct wmto hy BYMI. êrsljbc

expermejie bj` lhservbtmljs mj regbr` tl toe expermejies la ltoer ilkpcbmjbjts lver b 8.5 yebr perml`,

obve revebce` bj bpprlbio hy toe regucbtlr tobt obs heej iobrbitermze` hy, b cbif la ilkkujmibtmlj,

cljg `rbwj lut smcejies, b tejèjiy tl jlt evej bifjlwce`ge ilkpcbmjts, toe use la mkpersljbc gejermi

repcmes mj èbcmjg wmto toe puhcmi, bppbrejt `msmjterest mj kbtters presejte`, abmcure tl bèqubtecyb``ress kbtters tobt bre presejte`, prlirbstmjbtmlj, b abmcure tl keet expeitbtmljs bj` mjèe` mts lwj

iobrter, bj` toe bpprlvmjg la omgocy questmljbhce trb`mjg heobvmlurs wmtolut prlper expcbjbtmlj.

Gejerbccy, BYMI obs tbfej mjlr`mjbte bklujts la tmke tl replrt hbif evejtubc amj`mjgs womio bre bcklst

bcwbys la toe type jl bitmljwmcc he tbfej - tobjf ylu alr ylur ilkpcbmjt.

Mkplrtbjtcy, resebrio obs solwj tobt mt ms cmfecy tobt BYMI ms bpprlvmjg heobvmlurs, lr bt cebst jlt bitmjg

lj heobvmlurs, womio ma prlpercy mjvestmgbte` wluc` solw hrebioes la trb`mjg gumècmjes bj`/lr

trbjsgressmljs bgbmjst cbws wmtomj toe Ilrplrbtmljs Bit bj` cbws ujèr toe durms`mitmlj la toe BIII. B

aurtoer abmcmjg la BYMI ms mj jlt tbifcmjg mssues tobt kby he `maamiuct tl b``ress ujèr iurrejt

brrbjgekejts hy b`vmsmjg Prebsury bj` seefmjg supplrt perobps torlugo cegmscbtmve iobjge, sl tobt

systekmi mssues mkpbitmjg lur kbrfets ibj he eaaeitmvecy èbct wmto.

Poms suhkmssmlj prlvmès b rbjge la suppcekejtbry mjalrkbtmlj mjicu`mjg, toe iljtext mj womio toe Bustrbcmbj

amjbjimbc kbrfet amj`s mtseca, cbrgecy heibuse la toe exiesses la toe cbrge hbjfs lver toe cbst èibè, kuio la mt

mjvlcvmjg womte ilccbr irmke bj` kuio la mt pcbimjg toe wlrc`s amjbjimbc systek mj delpbr`y (reaer Bppej`mx 2

bj` Bppej`mx 8). Poe mkpbit la toe mjvestkejt hbjfs mj gclhbc kbrfets, wmto toemr puso alr teiojlclgmibc

mjjlvbtmlj bj` toemr ejilurbgekejt la regucbtlrs bj` kbrfet lperbtlrs tl biiept iobjges tl toe wby

kbrfets lperbte, bj` alr toe rbjge la prlùits tobt ibj he laaere`, obs kebjt tobt mt obs heej `maamiuct tl

bèqubtecy kljmtlr, supervmse bj` regucbte rb`mibccy iobjge` kbrfets. Mt kebjs tobt toe prlhceksbiilkpbjymjg toe iobjges obve bcsl heej almste` ljtl toe BY_. Ylke la toese prlhceks obve heej

omgocmgote` hy toe resebrio ujèrtbfej mj wbys tobt obvejt prevmluscy heej hrlugot tl jltmie mj toe

estbhcmsokejt press. Poe hbifgrluj` kbtermbc mjicuè` mj toe suhkmssmlj bcsl ilvers toe kbtters rbmse` wmto

BYMI, mjicu`mjg toe trb`mjg mssues tobt urgejtcy jee` b``ressmjg. Poe mssues obve sermlus mkpcmibtmljs alr toe

kbrfets mjtegrmty bj` toe oebcto bj` sustbmjbhmcmty la toe Bustrbcmbj eiljlky.

Abmcures hy BYMI tl iljstruitmvecy b``ress prlhceks tobt bcclw sobre prmie kbjmpucbtmlj tl tbfe pcbie wmto

mkpujmty, kebjs tobt laamimbc rebssurbjies bhlut abmr bj` trbjspbrejt kbrfets bre abr reklve` arlk toe

rebcmty abie` hy retbmc mjvestlrs, seca-aujè` retmrees bj` skbcc prmvbte mjvestlrs wol bre bcc pcbie` bt toekeriy la tolse wolse prmvmcege` plsmtmljs mj toe kbrfet bcclw toek tl ujabmrcy `lkmjbte ltoer

pbrtmimpbjts. Bcsl mkpbite` bre Bustrbcmbj wlrfers wol bre alrie` tl obve explsure tl b suhstbjtmbccy

ilkprlkmse` kbrfet torlugo ilkpucslry superbjjubtmlj.


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6/16

1

JLPE4

Mj recbtmlj tl toe Yejbte Ejqumry hemjg bhce tl eaaeitmvecy revmew BYMIs peralrkbjie iljierjmjg toe

trb`mjg mssues presejte`, mt ms mkplrtbjt tobt ilkkmttee kekhers obve bj ujèrstbj`mjg la toe jbture la

prlhceks mèjtmame` hy resebrio, toe extejt la toe prlhceks birlss toe BY_ bj` toe mkpbit tobt toe

prlhceks bre obvmjg lj toe amjbjimbc kbrfets bj` mjèe` toe Bustrbcmbj eiljlky. Ljcy toej ibj b true

du`gekejt he kbè bhlut BYMIs bitmljs mj emtoer mgjlrmjg lr jlt eaaeitmvecy b``ressmjg cbrge jukher la

ilkpcbmjts, bj` wobt toe cljg terk mkpcmibtmljs kmgot he la toemr iollsmjg jlt tl bit.

Yupplrtmjg kbtermbc mjicuès toe Bppej`mies bttbioe` tl toms `liukejt, toe cmjfs reaerre` tl mj toe

alcclwmjg seitmlj (Yeitmlj =.>.8) bj` toe mjterjet cmjfs prlvmè` torlugolut toe suhkmssmlj tobt `rbw

bttejtmlj tl recevbjt ke`mb brtmices.


7/16

7

2.>.9 YEIPMLJ POXEE4 Hbifgrluj` tl toe Yuhkmssmlj bj` b Yukkbry la @ebcmjgs wmto BYMI

Cmjfs tl Yupplrtmjg Mjalrkbtmlj

Evejts resuctmjg mj ilkpcbmjts hemjg reaerre` tl toe regucbtlr, tlgetoer wmto b ètbmce` hbifgrluj` tl

toe trb`mjg mssues mèjtmame` hy resebrio, bre auccy lutcmje` mj toe suppcekejtbry mjalrkbtmlj bvbmcbhce

arlk toe alcclwmjg bttbiokejts.

Bttbiokejt 2.24 Hbifgrluj` tl BYMI Ilkpcbmjts (Expbjè`) 3CMJF:

Bttbiokejt 2.84 Bj Lvervmew la BY_ Prb`mjg bj` mts Xegucbtmlj 3CMJF:

Bttbiokejt 2.94 Prb`mjg bj` Xegucbtlry Mssues Mèjtmame` 3CMJF:

Hbifgrluj` tl toe Ilkpcbmjt bj` b Yukkbry la @ebcmjgs

B sukkbry la èbcmjgs wmto BYMI ms prlvmè` heclw. B aucc revmew ms bvbmcbhce bs B``mtmljbc Mjalrkbtmlj 2.2

@eiekher 8>2> tl Kby 8>22

B jukher la ilkpcbmjts (? mj bcc) iljierjmjg bjlkbclus `btb trej`s were alrwbrè` tl toe regucbtlr

alcclwmjg pllr sobre prmie peralrkbjie hy Iu@eil Cmkmte` bj` b cbif la respljsmvejess hy toe sobre

prmie tl plsmtmve bjjlujiekejts.

Poe bpprlbio tbfej hy toe ilkpcbmjbjt wbs tl alrwbr` bjlkbclus regmstry bj` hrlfer `btb tl toe BYMI

bssukmjg tobt mt wluc` obve toe èsmre, toe resluries bj` toe expertmse tl qumifcy reslcve kbtters.

Kby 29, 8>22

BYMI lrgbjmze` b teceiljaerejie tl b``ress kbtters rbmse` mj toe ilkpcbmjts. Bater b cejgtoy `msiussmlj,

BYMI b`vmse` tobt toey `m`jt obve bjy prlhceks wmto toe trb`mjg tbfmjg pcbie bj` tobt toe sobre prmie

seeke` bhlut rmgot.

B keetmjg sukkbry wbs prepbre` hy toe ilkpcbmjbjt bj` suhkmtte` tl BYMI alr iljamrkbtmlj tobt we

were lj toe sbke wbvecejgto hut jl aurtoer ilrrespljèjie wbs ejtere` mjtl. Poe kmjutes bre

bvbmcbhce bs Bppej`mx 8 la b revmse` ilkpcbmjt alrwbrè` tl BYMI mj Bugust 8>29.

Xeaer:BYMI Ilkpcbmjt 8>29-2 (Bppej`mx 8, ^g. 299)

Km`-8>22 Ljwbr`s- Yobreolcèr resebrio resuke` bj` b hclg smte wbs irebte` tl puhcmso toe resucts

Uplj reaceitmlj toe tecepolje iljaerejie `m`jt b``ress toe `btb mssues presejte` (m.e., b clt la toe

BYMI expcbjbtmljs were hbse` lj lpmjmlj hlrèrmjg lj iljdeiture, bj` toe ejtmtmes respljsmhce alr

suspmimlus `btb trej`s were jlt mèjtmame` lr toe trej`s evej `msiusse`). Xecuitbjie alr kbtters tl

he `msiusse` lr evej expcbmje` rbmse` arustrbtmljs gmvej tobt trb`mjg rekbmje` oebvmcy

ilkprlkmse`. Mt wbs èimè` tl iljùit aurtoer resebrio bj` tl alius lj wobt kmgot he

respljsmhce alr trb`mjg bjlkbcmes evmèjt mj ekpmrmibc `btb.

Pl bssmst mjtereste` sobreolcèrs bj` mjvestlrs bj` tl mjvmte ejqumry, toe resebrio wbs plste` tl bj

mjterjet hclg smte. Poe trbjspbrejiy prlvmè` wbs lj toe hbsms tobt ma Ilkpbjy auj`bkejtbcs bj`

Ilkpbjy prlgress obve jl eaaeit lj toe sobre prmie, toej mjvestlrs bre ejtmtce` tl fjlw bhlut bjy

trb`mjg mssues tobt kmgot he suspej`mjg toe kbrfets jbturbc prmimjg aujitmlj.

Xesebrio amj`mjgs were plste` ljwww.sirmh`\iuèil\resebriohegmjjmjg mj ebrcy Litlher 8>22
http://www.scribd.com/doc/176829241/Additional-Information-9-1-%E2%80%93-Background-to-ASIC-Complaints?secret_password=2fo1a7jaa476o1cpg495http://www.scribd.com/doc/176829241/Additional-Information-9-1-%E2%80%93-Background-to-ASIC-Complaints?secret_password=2fo1a7jaa476o1cpg495http://www.scribd.com/doc/176831871/Additional-Information-9-2-%E2%80%93An-Overview-of-Asx-Trading-and-its-Regulation?secret_password=mwtq8pzgwl8kf6jqtjahttp://www.scribd.com/doc/176831871/Additional-Information-9-2-%E2%80%93An-Overview-of-Asx-Trading-and-its-Regulation?secret_password=mwtq8pzgwl8kf6jqtjahttp://www.scribd.com/doc/176823054/Additional-Information-9-3-%E2%80%93-Trading-and-Regulatory-Issues?secret_password=uqejvw52nds7u08vt7ahttp://www.scribd.com/doc/176823054/Additional-Information-9-3-%E2%80%93-Trading-and-Regulatory-Issues?secret_password=uqejvw52nds7u08vt7ahttp://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd_cudeco_research/http://www.scribd_cudeco_research/http://www.scribd_cudeco_research/http://www.scribd_cudeco_research/http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/176823054/Additional-Information-9-3-%E2%80%93-Trading-and-Regulatory-Issues?secret_password=uqejvw52nds7u08vt7ahttp://www.scribd.com/doc/176831871/Additional-Information-9-2-%E2%80%93An-Overview-of-Asx-Trading-and-its-Regulation?secret_password=mwtq8pzgwl8kf6jqtjahttp://www.scribd.com/doc/176829241/Additional-Information-9-1-%E2%80%93-Background-to-ASIC-Complaints?secret_password=2fo1a7jaa476o1cpg495


8/16

?

Xeaerrbcs tl BYMI

Bs resebrio pbpers were plste` tl toe weh bt cebst lje sobreolcèr, bitmjg ilkpcetecy mjèpejèjtcy,

alrwbrè` ebio replrt tl BYMI. Mj eaaeit BYMI wbs iljtmjuluscy mjalrke` la resebrio amj`mjgs. Poe

sobreolcèr obs cl`ge` b sepbrbte ilkpcbmjt, bj` mj pbrtmiucbr, ms `msbpplmjte` tobt BYMI wmcc jlt

prlpercy mjvestmgbte trb`mjg lj Bugust 2?, 8>2> woere omgo cevecs la iljausmlj bhlut Iu@eils

Xlifcbj`s reslurie were use` tl ibkluacbge omgocy kbjmpucbtmve trb`mjg heobvmlurs.

Bugust 2? trb`mjg rekbmjs b very kbdlr mssue. Poe bpprlbio wmto resebrio fjlwmjg toe iclse` vmew

b`lpte` hy BYMI lj bcc kbtters presejte`, wbs tl èkljstrbte tobt trb`mjg ms ilkprlkmse` lj b `bmcy

hbsms bj` tobt mt obs heej tobt wby alr lver 9.5 yebrs. Pobt tbsf ms bcklst ilkpcete` wmto BYMI Ilkpcbmjt

8>29-0 3CMJF:womio aliusses lj reiejt seccmjg hy b kbdlr sobreolcèr resuctmjg mj obca b hmccmlj `lccbrs

hemjg strmppe` arlk toe kbrfet ibpmtbcmzbtmlj la toe ilkpbjy. Poe seccmjg ibj he vmewe` bs hemjg jlj-

gejumje bs mt `m`jt bppebr tl try bj` biomeve toe hest returjs alr toe olc`mjg. Jlj gejumje seccmjg wbs

kejtmlje` mj b reiejt Omgo Ilurt rucmjg tobt èbct wmto kbrfet kbjmpucbtmlj 3CMJF:.

B alrkbc ilkpcbmjt aliussmjg lj sobre prmie kbjmpucbtmlj bsslimbte` wmto Bugust 2?, 8>2> trb`mjg wmcc he

alrwbrè` tl BYMI bs sllj bs bcc trb`mjg mssues obve heej hrlugot tl bttejtmlj.

Ilkkejt bhlut toe systek regbr`mjg toe suhkmttmjg la ilkpcbmjts

B ilkpcbmjbjt soluc`jt obve tl gbtoer mjalrkbtmlj, `l toe resebrio, bj` presejt toe amj`mjgs tl

ejilurbge BYMI tl bit. Bcertmjg toe prlhcek ms bcc tobt soluc` he requmre`. Olwever obvmjg `lje bcc toe

resebrio mj bj bttekpt tl icebrcy ècmjebte ùhmlus prbitmies bj` olw toey baaeit sobre vbcue, BYMI stmcc

obsjt alcclwe`-up, yet toe kbtters bre bcc supplrte` hy ekpmrmibc `btb ujbhce tl he expcbmje` mj terks

ltoer tobj kbjmpucbtmlj.

Mt kebjs tobt ilkpcbmjts tobt bre put wmtolut kuio evmèjie bre cmfecy tl he `mskmsse` mkke`mbtecy.

Xeiejt Ilkpcbmjts

Xevmse` ilkpcbmjts obve reiejtcy heej suhkmtte` tl BYMI mj toe abie la jew amj`mjgs bj` `msturhmjg

trej`s mj cljg terk. @btb hbse` evmèjie strljgcy suggests tobt trb`mjg mj Iu@eil Cmkmte` obs heej

severecy ilkprlkmse` lj b `bmcy hbsms. Prb`mjg bjlkbcmes bre ujbhce tl he expcbmje` torlugo

cegmtmkbte kbrfet bitmvmty womio kebjs tobt sobre prmie kbjmpucbtmlj ms cmfecy tl he respljsmhce.

Xeiejt ilkpcbmjts alrwbrè` tl BYMI bre sukkbrmze` heclw bj` bre bvbmcbhce arlk toe cmjfs prlvmè`.

B``mtmljbc Mjalrkbtmlj 2.04 BYMI Ilkpcbmjt 8>29-2 Bug 21, 8>29 3Icmif4 8>29-2:

B``mtmljbc Mjalrkbtmlj 2.54 BYMI Ilkpcbmjt 8>29-8 Yep 21, 8>29 3Icmif4 8>29-8:

B``mtmljbc Mjalrkbtmlj 2.14 BYMI Ilkpcbmjt 8>29-9 Lit 20, 8>29 3Icmif4 8>29-9:

B``mtmljbc Mjalrkbtmlj 2.74 BYMI Ilkpcbmjt 8>29-0 Jlv 0, 8>29 3Icmif4 8>29-0:

Bj b``mtmljbc ilkpcbmjt ilvermjg bjlkbclus cevecs la solrt seccmjg lj Bugust 82, 8>29 wbs bcsl

alrwbrè` lj Bugust 88, 8>29.

B``mtmljbc Mjalrkbtmlj 2.?4 Iu@eil Prb`mjg Ilkpcbmjt Xe-Yolrt Yeccmjg lj Bug 88, 8>29 3CMJF:

BYMI respljse tl reiejt ilkpcbmjts(Arlk Bug 21, 8>29)

Mt obs heej extrekecy `maamiuct tl lhtbmj respljses arlk BYMI, emtoer tl ejqumrmes bhlut woetoerilkpcbmjts obve heej reiemve`, lr mj regbr` tl cegmtmkbte questmljs tobt obve heej presejte`. Mt ms

`msbpplmjtmjg heibuse toe `btb trej`s revebce` hy resebrio bre extrekecy persubsmve bj` suggest tobt

sobre prmie kbjmpucbtmlj ms tbfmjg pcbie lj b `bmcy hbsms wmto jltomjg hemjg bitmlje`.
http://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.lexology.com/library/detail.aspx?g=ee9f417f-75cc-4d20-9717-ebac1fdd70e4http://www.lexology.com/library/detail.aspx?g=ee9f417f-75cc-4d20-9717-ebac1fdd70e4http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqyhttp://www.scribd.com/doc/175891474/ASIC-Complaint-2013-3-CuDeco-Trading-Issues-January-Through-May-2013?secret_password=g4749pb76kgs92vclivhttp://www.scribd.com/doc/168461175/8-2-ASIC-Complaint-2013-2http://www.scribd.com/doc/160561633/8-1-ASIC-Complaint-2013-1http://www.lexology.com/library/detail.aspx?g=ee9f417f-75cc-4d20-9717-ebac1fdd70e4http://www.scribd.com/doc/176500137/ASIC-Complaint-2013-4-CuDeco-Trading-Issues-as-M-G-Sold-Out?secret_password=1pqa9iud3754zdf45vqy


9/16

=

Ekbmc Prbjsirmpts4

Poe alcclwmjg cmjf prlvmès biiess tl sukkbrmes la ekbmc iljverbtmljs wmto toree BYMI Laamimbcs. Poey

prlvmè slke hbifgrluj` mjtl toe wby ilkpcbmjts bre èbct wmto hy BYMI.

B``mtmljbc Mjalrkbtmlj 2.=4 Ekbmc Prbjsirmpts 3CMJF:

Ltoer Xesebrio

Xesebrio Iobpters ètbmcmjg hlto Iu@eil trb`mjg `btb (Iobpter 1) bj` trb`mjg `btb recbte` tl ltoer

ilkpbjmes (Iobpter 7) prlvmè aurtoer evmèjie tl supplrt toe mssues mèjtmame` bj` replrte`.

Xeaerwww.sirmh`.ilk/iuèil\resebrio

Iobpter 1 3Icmif lj toe Iobpters: 1.2 1.8 1.9 1.0 1.5

Iobpter 7 3Icmif lj toe Iobpters: 7.2 7.8 7.9 7.0

Ltoer Mjmtmbtmves

Mj b``mtmlj tl toe ilkpcbmjts alrwbrè` tl BYMI toere bre ltoer recbte` kbtters tobt jee` tl he tbfej

mjtl biilujt mj bssessmjg BYMIs respljses tl toe trb`mjg mssues presejte` .

Poey mjicuè4

l Poe Ilkpbjy mtseca obs alrwbrè` resebrio kbtermbc bj` obs requeste` tobt BYMI cllf mjtl kbtters.

l Poe Ilkpbjy obs requeste` la BYMI tobt mt he reklve` arlk toe solrt seccmjg cmst la stlifs heibuse

la kbjmpucbtmve prbitmies tbfmjg pcbie.

l Bt cebst lje hrlfer obs suhkmtte` b alrkbc ilkpcbmjt bhlut mssues iljerjmjg Iuèil trb`mjg.

l Yeverbc sobreolcèrs obve ilkpcbmje` bhlut Iu@eil mssues bj` lje mj pbrtmiucbr obs prlvmè` bj

mjèpejèjt suhkmssmlj tl toe Yejbte ejqumry.

@espmte bcc la toe represejtbtmljs tl BYMI lver b very cljg perml` la tmke hy severbc pbrtmes, jltomjg obs

heej `lje tl b``ress iljierjs. B``mtmljccy, BYMI obs iljamrke` tl bt cebst lje sobreolcèr tobt mt `lesjt

amj` bjytomjg mj toe sobreolcèr resebrio tobt requmres alcclwmjg up, yet mt obsjt ilkkujmibte` tobt

mjalrkbtmlj tl toe perslj iljùitmjg toe resebrio bj` wol obs amce` severbc ilkpcbmjts. Mt ms b strbjge bj`

ujprlaessmljbc wby tl lperbte. Bcsl, mt obsjt prlvmè` bjy evmèjie tl ekljstrbte woy bjlkbclus

trb`mjg heobvmlurs bj` ùhmlus trb`mjg mssues bre biieptbhce, woej sobre prmie kbjmpucbtmlj bppebrs tl

he toe ljcy pcbusmhce expcbjbtmlj.

Pl use bj bjbclgy toe smtubtmlj ms cmfe toe plcmiekbj lj toe hebt jlt seemjg bjytomjg wrljg wmto `rug

pusomjg, lr evej wlrse. Ma BYMI ibjt see b prlhcek woej mt ms stbrmjg toek mj toe abie wobt olpe `les bjy

sobreolcèr obve la toemr mjvestkejts hemjg trbsoe` torlugo kbjmpucbtmve solrt seccmjg, bcglrmtoks tuje`

tl tbrget clwer prmies bj` ilccusmve mjterests cllfmjg tl semze lwjersomp la ujabmrcy èvbcue` bssets

Mjbitmlj hy BYMI obs ilmjimè` wmto toe kbrfet ibpmtbcmzbtmlj la toe Ilkpbjy hemjg reiejtcy strmppe` la

brluj` brluj` obca b hmccmlj `lccbrs hetweej Duje bj` Bugust. Poe sobre prmie scukp wbs cbrgecy toe resuct

la ùhmlus cevecs la solrt seccmjg ilmjim`mjg wmto b kbdlr sobreolcèr èpbrtmjg toe regmster ujèr

extrekecy l`` imriukstbjies womio bre b``resse` mjBYMI Ilkpcbmjt 8>29-0.Mt ms bcsl la jlte tobt èspmte

toe exmt arlk toe regmster la tobt pbrtmiucbr sobreolcèr, `bmcy kbjmpucbtmve trej`s bre stmcc amrkcy mj pcbie.

Poe systek ms oebvmcy recmbjt lj BYMI bttej`mjg tl bcc iljierjs tobt mkpbit toe oebcto la lur amjbjimbc kbrfets,

olwever toe tmke obs brrmve` woej toe questmlj bs tl Wol regucbtes toe regucbtlr


11/16

22

B^ÊJ@M_ 2 - ILJPE_P

Hbifgrluj` Mjalrkbtmlj Iljierjmjg Wlrc` Kbrfets bj` toe Bustrbcmbj Kbrfet

Mj bttekptmjg tl ilkpreoej` toe iurrejt eiljlkmi cbj`sibpe bj` toe eaaeitmvejess lr ltoerwmse la toe

regucbtlry systek glverjmjg Bustrbcmbs amjbjimbc kbrfets, mt ms oecpauc tl revmew woere we obve ilke arlk

lver toe cbst severbc èibès.

GCLHBC AMJBJIMBC YIBJ@BCY

Rulte4Ilrplrbte kbcaebsbjie obs ebrje` b pcbie bkljg toe èamjmjg toekes la toe cbst èibè-bj`-b-

obca, oecpmjg tl gmve hmrto tl toe presejt gclhbc reiessmlj bj` toe liiupy Wbcc Ytreet klvekejt. Ylke la

toe wlrst ilrplrbte biilujtmjg sibj`bcs mjicuè.3Xeaerejie Cmjf:

Wbste Kbjbgekejt Il 2==? $2.7 Hmccmlj mj abfe ebrjmjgs

Ejrlj Ilrplrbtmlj 8>>2 $70 Hmccmlj clses alr sobreolcèrs

Wlrcìlk 8>>8 Mjacbte` toemr bssets hy $22 hmccmlj

Pyil 8>>8 Ytlce $20> kmccmlj bj` mjacbte` ebrjmjgs hy $55> kmccmlj

Oebcto Yluto 8>>9 Mjacbte` ebrjmjgs hy $2.0 hmccmlj

Are``me Kbi 8>>9 $5 Hmccmlj mj ebrjmjgs kms-stbte`

BMG 8>>5 $9.= hmccmlj biilujtmjg arbu`

Ceokbj Hrltoers 8>>? Om` lver $5> hmccmlj mj clbjs sbces

Herjme Kb`laa 8>>? Xbj b $1?.5 hmccmlj ^ljzm sioeke

Hebr Ytebrjs 8>>? B $299 per sobre ilkpbjy hlugot lut alr $2> per sobre

Poe cmst ms hy jl kebjs exicusmve hut `rbws bttejtmlj tl ilkpbjmes kmsceb`mjg sobreolcèrs bj`

repbtrmbtmjg cbrge bklujts la kljey mjtl @mreitlrs plifets. Mj reiejt tmkes ylu ibj b`` tl toe kmx toe

Cmhlr Mjterest rbte amxmjg sibj`bc, toe suh-prmke sibj`bc cbrgecy respljsmhce alr toe GAI, ejergy trb`mjg

sibj`bcs bj` toe cmfes la toe Clj`lj Wobce sibj`bc woere trbès hy D^ Klrgbj wejt wrljg tl toe tuje la

$1 hmccmlj.

Bt toe ilre la toese sibj`bcs bj` kbjy ltoers bre toe bitmvmtmes la toe cbrge mjvestkejt hbjfs ce` hy toe

cmfes la Glc`kbj Ybios, D^ Klrgbj, @eutsioe Hbjf, OYHI, Hbricbys, Imtm Grlup eti. Poese glcmbtos ruj toe

wlrc` la amjbjies bj` mj kbjy respeits `mitbte tl glverjkejts gmvej toemr tll-hmg-tl-abmc-stbtus biqumre`

torlugo kbssmve ceverbge. Poe ilrruptmlj torlugolut toese lrgbjmzbtmljs ms wmècy bifjlwce`ge` bj`

slke la toe ejlrklus amjes cevme` alr mj`msiretmljs bre prlvmè` bs Bppej`mx 8.

Mkplrtbjtcy, toe kbdlrmty la toese mkkejsecy `msire`mte` trb`mjg oluses obve `mvmsmljs brluj` toe wlrc`

tobt lperbte lj clibc exiobjges suio bs toe BY_. Poey obve heej grbjte` cmiejses tl ruj toemr omgo

arequejiy bcglrmtokmi trb`mjg systeks (OAP)bater pbymjg very suhstbjtmbc aees tl toe clibc exiobjge

lwjers. Jemtoer toe BY_ lr BYMI, hy toemr lwj b`kmssmlj, fjlw kuio bhlut olw trb`mjg bcglrmtoks wlrf

bj` wobt eaaeit toey obve lj toe kbrfet. Poe abit tobt toey obve heej biiepte` wmtolut questmlj ms

plssmhcy testbkejt tl toe BY_ cllfmjg tl gejerbte b``mtmljbc revejues alr toeksecves, regbr`cess la toe

iljsequejies alr toe kbrfets mjtegrmty. BYMIs mjbhmcmty tl see toe `bjgers wmto toek evej woej

presejte` wmto `bkjmjg mjalrkbtmlj, ms qumte bjltoer kbtter.

OAP amrks obve heilke smgjmamibjt clhhymsts la UY Iljgress cllfmjg alr iljiessmljs arlk regucbtlrs tl

bcclw ujaettere` biiess tl toe kbrfets. 3CMJF:. OAP systeks gejerbccy get biiepte` lj Wbcc Ytreet bj` bre

toej bre explrte` tl exiobjges brluj` toe gclhe mj b arbjiomse cmfe brrbjgekejt. Yobo Gmcbjm, b sebslje`

veterbj la Wbcc Ytreet bj` alrker oe`ge auj` kbjbger regbr`s OAP trb`mjg bs b sibk bj` mj bj brtmice
http://www.accounting-degree.org/scandals/http://www.bloomberg.com/news/2010-11-09/high-frequency-firms-accelerate-lobbying-donations-to-head-off-u-s-rules.htmlhttp://www.bloomberg.com/news/2010-11-09/high-frequency-firms-accelerate-lobbying-donations-to-head-off-u-s-rules.htmlhttp://www.accounting-degree.org/scandals/


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3Xeaer4 Omgo-Arequejiy Prb`mjg4 B Kbrfet @estrlymjg Yibk: prlvmès slke rbre mjsmgots mjtl wobt ms

liiurrmjg mj exiobjges brluj` toe gclhe. Mt prlvmès b iomccmjg wbfe-up ibcc alr toe `bjgers abie` hy lur

kbrfets.

Yobreolcèr resebrio mjtl Iu@eil Cmkmte` obs mèjtmame` slke la toe mkpbit la OAP bcglrmtoks womio

mjicuès4

l ilccusmlj tbfmjg pcbie hetweej hrlfers6

l ibrtec-cmfe bitmvmty6

l bhslcute iljtrlc lver prmies hlto mj bitmve trb`mjg bj` ùrmjg buitmljs6 bj`

l toe cbrge vlcukes la wbso trbès tbfmjg pcbie woere toere ms jl iobjge tl hejeamimbc lwjersomp.

Bcc bitmvmtmes bre mccegbc olwever jl bttekpt ms kbè tl bu`mt biilujts tl èterkmje wol ms respljsmhce alr

toe trbès. Womce slke bttekpt ms hemjg kbè tl b``ress lhvmlus prlhceks suio bs OAP arljt rujjmjg

lrèrs, bj` ruces iljierjmjg `brf pllcs womio obve mjmtmbccy heej suiiessauc biilr`mjg tl reiejt replrts

olwever jlwoere jebr ejlugo eaalrt ms hemjg kbè. Poe ecepobjt mj toe rllk ms b ilkpcete cbif la

trbjspbrejiy woere mt ms jlt plssmhce tl qumifcy estbhcmso toe mèjtmtmes respljsmhce alr trb`mjg bjlkbcmes bj`

tl kbfe toek respljsmhce alr toemr trb`mjg bitmljs. Mkplrtbjtcy, systekmi sobre prmie kbjmpucbtmlj smkpcy

iluc`jt liiur ma toe kbrfet wbs trucy trbjspbrejt, bj` gmvej toe extejt la rlrts replrte` lj bj bcklst `bmcy

hbsms, mt ms surprmsmjg tobt toe regucbtlr tlcerbtes suio omgo cevecs la lpbque bitmvmty bs mt recbtes tl trb`mjg, tl

settcekejts bj` tl seiurmtmes cej`mjg.

Mt `lesjt oecp bttekpts tl b``resstrb`mjg iljierjs woej toe regucbtlr mtseca bppebrs ilkpcetecy

`msmjtereste` mj bcc kbtters presejte`. Ma toe mjalrkbtmlj wbs mjilrreit mt wluc` he bj ebsy kbtter tl

expcbmj woy, bj` `mskmss toe mssues, olwever tobt obsjt obppeje`.

Poe smtubtmlj `rbws bttejtmlj tl b iucture la kbfmjg kljey hy strmppmjg webcto arlk ltoers, b heobvmlur

tobt ms ejtrejioe` mj klèrj kbrfets bj` womio ms exekpcmame` hy kbjmpucbtmve solrt seccmjg prbitmies bj`

wmto bcglrmtoks iljtmjuluscy bhce tl iljtrlc prmies. Poe systek la mjèx mjvestmjg prlvmès aurtoer

acexmhmcmty tl iljtrlc prmies la tbrgete` stlifs bs wecc. Cljg glje bre toe `bys la gejerbtmjg webcto torlugo

prlùitmve ejterprmse cmfe, alr exbkpce, `msilvermjg b kbdlr kmjerbcs èplsmt bj` èveclpmjg mt mjtl b

smgjmamibjt cljg cmae kmje, toerehy laaermjg returjs alr mjvestlrs, grlwto bj` dlhs alr regmljbc Bustrbcmb bj`

tbx reiempts alr toe Bustrbcmbj Glverjkejt. Ilkpbjmes tobt bttekpt tl `l tobt bre obkpere` bt every

turj. Usubccy wobt obppejs ms tobt prmies bre kbjmpucbte` tl severecy ujèrvbcue` cevecs, toe ilkpbjy ms

alrie` tl exiessmvecy `mcute toe regmster torlugo ioebp pcbiekejts mj lrèr tl rbmse auj`s tl b`vbjie toeprldeit, bj` uctmkbtecy, lwjersomp ms gejerbccy seiure` hy toe ejtmty heomj` toe kbjmpucbtmlj torlugo bj

lpplrtujmstmi tbfelver. Poe BY_ ms cmttere` wmto ilkpbjmes tobt obve heej tbfej lver ioebpcy, bj`

ujabmrcy, hy suio bj bpprlbio.

POE BUYPXBCMBJ KBXFEP

Bustrbcmb tll obs ob` mts sobre la ilrplrbte kbcaebsbjie bj` mj reiejt tmkes we obve seej hrmhery bj`

fmifhbif sibj`bcs bsslimbte` wmto toe Bustrbcmbj Woebt Hlbr`, Cemgotlj Kmjmjg, toe Xeserve Hbjf bj` toe

BY_ mtseca. Hrmhery bccegbtmljs iljierjmjg b kbdlr ilrplrbte ejtmty cmfe Cemgotlj ms lje tomjg, hut tl obve

sibj`bcs bsslimbte` wmto jltbhce mjùstry grlups cmfe toe Bustrbcmbj Woebt Hlbr`, bj` mjèe` toe ceb`mjghbjfmjg ejtmty mj toe jbtmlj mtseca, toe Xeserve Hbjf, ms qumte bjltoer. Mt ms bitubccy qumte `msbstrlus. Mt ms

`msbstrlus alr Bustrbcmbs reputbtmlj lj toe gclhbc stbge bj` `msbstrlus alr Bustrbcmbj husmjess bj` toe cljg

terk prlspeits la toe Bustrbcmbj eiljlky.
http://econintersect.com/b2evolution/blog3.php/2012/10/14/high-frequency-trading-market-destroying-scamhttp://econintersect.com/b2evolution/blog3.php/2012/10/14/high-frequency-trading-market-destroying-scam


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toe GAI wbso-up woej Pljy @'Bclmsml wbs BYMI Iobmrkbj, toere bre `msbsters suio bs Ytlrk Amjbjimbc, Lpus

^rmke, BHI cebrjmjg, Cmat Ibpmtbc, Hbhilif bj` Hrlwj eti. tobt bcc rbmse questmljs bhlut toe eaaeitmvejess la

lur regucbtlry systek. Mt ms la jlte tobt healre dlmjmjg BYMI, Kr @'Bclmsml oec` toe plsmtmlj la Kbjbgmjg

@mreitlr bj` Iomea Exeiutmve Laamier bt toe Bustrbcmbj Yeiurmtmes Exiobjge (BY_).

^llr regucbtmlj kmgot he bttrmhute` tl mjilkpetejie lr cbif la resluries hut mt kby bcsl he cmjfe` tl

recbtmljsomps hetweej tolse wol obve prlkmjejt plsmtmljs wmtomj toe systek, mjicu`mjg toe cebèrs la toeBY_, BYMI, toe Hbjfs bj` plwerauc ilrplrbtmljs. êrobps slke la toe èimsmlj kbfmjg, lr cbif la èimsmlj

kbfmjg mj toe ibse la toe IHB, ms ùe tl strbtegmi baamcmbtmljs hetweej plwer pcbyers. m.e., b ègree la ecmtmsk

ejtrejioe` wmtomj toe systek.

Poe cbxmty mj toe systek requmres b``ressmjg mj toe strljgest plssmhce terks bj` sl `les toe smtubtmlj

woere systekmi trb`mjg mssues obve heej èkljstrbte` usmjg ekpmrmibc `btb lver cljg perml`s la tmke yet

toe regucbtlr obs solwj jl mjterest. Mt ms essejtmbc tl amx toe prlhceks mkke`mbtecy, pbrtmiucbrcy mj toe

mjterests la Bustrbcmbj wlrfers wolse superbjjubtmlj auj`s bre vucjerbhce mj toe kbrfet bs mt iurrejtcy

lperbtes.

Poe mjùstry ms expeite` tl grlw arlk toe iurrejt $2.9 trmccmlj tl $9 trmccmlj hy 8>2= 3CMJF:. Mt represejts bj

ejlrklus bklujt la kljey tl he put bt rmsf, espeimbccy gmvej toe questmljbhce bitmvmtmes hy iustl`mbjs mj

kbfmjg ltoer pelpces kljey bvbmcbhce alr ùhmlus seiurmtmes cej`mjgbitmvmty. Poe mjirebse` iljtrmhutmljs

regbr`mjg superbjjubtmlj mjtrlùie` hy toe alrker Cbhlur Glverjkejt ilmjim`mjg wmto b jewcy eceite`

Cmherbc Ilbcmtmlj, represejts bj lpplrtuje tmke tl icebj up toe amjbjimbc kbrfets. Xealrks tl b``ress

systekmi prlhceks bj` tl ejsure tobt BYMI eaaeitmvecy peralrks toe dlh ejtruste` tl mt bre bj mkperbtmve.
http://www.deloitte.com/view/en_AU/au/industries/financialservices/8ebc63ec49101210VgnVCM100000ba42f00aRCRD.htmhttp://en.wikipedia.org/wiki/Tony_D'Aloisiohttp://www.deloitte.com/view/en_AU/au/industries/financialservices/8ebc63ec49101210VgnVCM100000ba42f00aRCRD.htm


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B^ÊJ@M_ 8BJ MJ@MIBPMLJ LA POE E_PEJP LA ILXXU^PMLJ MK^BIPMJG AMJBJIMBC KBXFEPY

Amjes Mjiurre` hy toe Kbdlr Mjvestkejt Hbjfs mj Xeiejt ]ebrs

Poe alcclwmjg cmjfs emtoer sukkbrmze toe amjes cevme` bgbmjst toe kbdlr mjvestkejt hbjfs mj reiejt yebrs

alr ejgbgmjg mj mccegbc heobvmlurs lr toey `rbw bttejtmlj tl mssues iljierjmjg toemr lperbtmljs. Poe cmst ms

prlvmè` bs b sbkpce tl èkljstrbte toe extejt la prlhceks bj` ms hy jl kebjs mjicusmve la bcc

wrljg`lmjgbs lr bcc amjes cevme` tl toms seitlr.

l Glc`kbj Ybios amje` $2.5 kmccmlj alr trb`mjg gcmtio

l Glc`kbj Ybios Xeiemves Amje Pobt Wmcc Pbfe Mt 80 Kmjutes Pl ^by Laa

l Glc`kbj Amje` alr Abmcmjg tl Hclif Prbèr's $?.9 Hmccmlj Het ...

l Glc`kbj Ybios objè` reilr` $55>k amje lver Yuh-^rmke trbjsbitmlj

l Olw Ilrrupt ms Glc`kbj Ybios

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