PDN 4.00% 13.0¢ paladin energy ltd

front-running hft-style

  1. 5,731 Posts.
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    So - another day of PDN being sold down and shorted to buggery.

    But on the closing auction, the most disgraceful display of HFT front-running. Match price was 83.5c for most of the last minute or two. 16:10 rolled around, and the bot juggling settled down. Bear in mind that the roll-through occurs at a time that varies from day to day, and is theoretically not known. Today it was 16:10:48 - quite a long delay after the 10 minutes was theoretically done.

    And what happened? At a fraction of a split second JUST BEFORE the roll through, an order was changed that caused the closing price to drop that half cent down to 83c. It occurred almost faster than the eye could see, and was basically continuous with the roll-through.

    The only possible way this could happen is via the HFT computers in the ASX server room, hooked directly to the ASX servers, and they detect the roll-through a few microseconds before it is executed on the ASX servers themselves - and the order is flash-changed to nudge the match price down that half cent.

    For those who had been shorting PDN all day, that was an extra half cent extra profit, on millions of shares.

    It stinks, it should be banned, they should simply cut the pipes between the HFT computers and the ASX servers, and the whole practice of algorithmic trading should be made a criminal offence. Let's get some common sense and fair play back into the ASX - it sure ain't got any at the moment.!

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