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1.Market Observations, 8.Was Sticky

22 Sept 2016 (AFR) – Chi-X accuses ASX of leaving traders in limbo by reverting to playbook

(22 September 2016, AFR, p13, by Vesna Poljak,  Jessica Sier)

‘The ASX is accused of unnecessarily trapping billions of dollars of market liquidity during its outage on Monday by locking up open orders, a decision that its competitor, Chi-X, says was at the discretion of the ASX. The ASX had the option to put the market in “adjust” mode instead of the more restrictive “enquire” mode, Chi-X argues. Had it enabled “adjust” mode, Australia’s stockbrokers could have cancelled their open orders at the ASX and executed the same trades at the rival exchange operator. “Enquire” mode precludes that. Chi-X did not suffer technical problems during the ASX outage and could execute new orders.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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