Stop dishonest practices on the Australian Stock Exchange and demand a Royal Commission.

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Ben Pauley
Ben Pauley signed this petition

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.