ELECTRONIC INTERNET SHARETRADING was imported to aust, on an economic decision, and relys on 4 compoments (1) telecomunications (2)internet service provider(3)electricity
A 4th is integrity of the ITS (itergrated trading systems) programme impossed by the asx in 2006 and implemented by all stockbrokers upon all sharetraders with serious foundation flaws and requires regular technical maintenance and feed back from sharetraders in which to fine tune.
Essential services such as telecommunications,electricity/gas are regulated with penalties against the utilities providers payable as compensation to consumers after 24 hours of not being reconnected .
The asx and all stockbrokers appose the same legislative regulation to protect internet sharetraders because ITS programming is unreliable its legacy of random discrimination is seen when any one of the 4 components fails.The ITS has directly caused all major global stockexchange internet sharetrading to fail and cease trading at one time or another.
Minor technical difficulties experienced with the asx and all aust, sharebrockers are able to mutate to a complete nationwide trading systems failure as recently experienced last week with the trading halt of the futures exchange.Common technical difficulties are extended delays to place,buy,sell ammendment cancellation orders in the market,a directly linked financial traders account is placed in another traders account,vanishing finances and dissapearing orders from the market depth screen are only a few ITS examples being only 1 of those 4 components.
I am not persuaded asx and all nationwide stockbrokers claims for idemnity against liabilties of traders finantial losses incurred as a consequence of corrupt or erroneous programming extends to an obligation to discharge a contractual duty to the effect a traders financial loss incurrs .where a traders instructions to buy/ sell, ammend or cancel is denied or prevented from being executed as the basis of the traders claim is services paid for that is not provided.
Legislative regulation of the asx ITS programming is required to extend to all stockbrokers nationwide to facilitate and establish an australian internet sharetrading standard which was missing when internet sharetrading arrived on our shores from the USA.
The largest out of court settlement in the history of australia was made by the federal government when the nations Ports Corp centered in melbourne and canberra replaced the old computer programming with a similar untried and tested ITS programming which was unable to establish ownership and contents of all shipping containers with all storage yards nationwide to be congested with shipping backlogged for up to 18 months effecting the nations economy.
Let it not be said that australia,s economy is indirectly run by the asx which american foundation is unregulated and fundimentally flawed.