It’s not good enough that ASIC doesn’t know the names of the High Frequency Share Traders who skim billions of dollars from Australian Self Retirees and Mum & Dad investors: Lambie.
(Click Below for Senator Lambie’s YouTube Statement)
https://www.youtube.com/watch?v=n8Az0tWobZA
Independent Senator for Tasmania Jacqui Lambie has called on ASIC to lift its game and properly protect Mum and Dad investors’ profits, which are being targeted by High Frequency Share Traders – after Australia’s corporate watch dog was unable properly answer her questions during estimates committee hearings.
“I’m very concerned that ASIC failed to identify the number and names of the HFST companies operating in Australia – even though high frequency share trading makes up almost 30% of our market.
ASIC officials couldn’t properly answer my questions and yet I’m informed that high frequency traders often take advantage of every-day investors including Self Funded Retirees and Mum and Dad investors, by skimming their profits to the tune of $3B a year.” said Senator Lambie.
“[ASIC’s] Greg Medcraft and Cathie Armour said they have a team of rocket scientists whose job it is to be on top of market intelligence – yet they can’t tell me who the high frequency traders are?’’ Senator Lambie said.
“How are ASIC supposed to ensure high frequency traders aren’t front-running or scamming the market, as Greg Medcraft said was ASIC’s priority, if they don’t even know who they are dealing with?
“There are mum-and-dad investors out there who are investing their hard-earned cash and are at risk of being taken advantage of, because ASIC clearly haven’t been able to properly manage this money making scheme for people who speculate on our share market with High Speed Super Computers and advanced computer programs,’’ Senator Lambie said.
“This is why we need a Financial Transaction Tax (FTT), not only will it put high frequency traders on the same playing field as mum-and-dad investors and regulate them so they can’t affect market prices; it will also raise a minimum $1.4B in revenue,’’ Senator Lambie said.
“High frequency traders are a hand full of big companies who use technology to get an inside advantage using technology. A FTT would create another pool of revenue without burdening Australians struggling to make ends meet.’’
Rob Messenger
