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This must have a lot of relevance to the NZX and ASX. Is all about naked shorting. We are told that there is no shorting on the NZX that is of any relevance.

 

Then we see NPX and FPA get their asses shorted to nothing. Followed by a severely diluted cap raising. Both led by the same brokerage house. First NZ Capital Ltd. With the ACC having more than a little influence on both registeries.

 

And the following tells us how it all works in the US of A. It could be a worthwhile exercise finding the "Madoff Rule" in the regulations that govern the NZX and show up the Hollow Man.

 

http://www.deepcapture.com/michael-milken-...hapter-1-of-15/

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Plastic great article thanks! Will be good to read the next installments! Cheers V1

 

Just minutes before 12:30 pm central, DendreonÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s stock price began to fall. It didnÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢t just fallÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“it nosedived from $24 to under $8 ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¦ in 75 seconds. ThatÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s correct, during a period of 75 seconds, more than 4,000 trades were placed, totaling 3 million shares, or about 50% of DendreonÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s (spectacularly high) average daily volume. Given that the message board poster knew what was coming more than two hours beforehand, and predicted the timing almost precisely, it is a safe bet that this was a coordinated, illegal naked short selling attack. And just in case you still didnÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢t get this ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ it caused DendreonÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s share price to lose more than 65% of its value ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ in just 75 seconds flat.
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Correct plastic and waiting on 5 as it has been riveting sofar! V1

The numbers rose steadily, so by March 28, the day before the advisory panel vote, more than 9 million phantom shares were circulating in the market. And consider that the SEC data might understate "failures to deliver" by factors of ten or more. So by that point the market may actually have been flooded with about 90 million phantom shares ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ in a company that had only 100 million shares outstanding.
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  • 3 weeks later...

Bruce is doing what he does best: getting up peoples noses.

 

 

http://www.stuff.co.nz/business/blogs/stir...w-NZX-functions

 

 

Why we should care how NZX functions

 

 

NZX's role as both market facilitator and market regulator in itself did not create an issue of a potential threat to confidence. But its role as a for-profit company operating in its own market place and facilitating its own trading and raising of capital has heightened this conflict to the point that it is damaging the confidence of investors to invest. And thus it could be argued is damaging our nation, our people and their lives.

 

 

 

My last three blogs on this topic have got up Weldon's and NZX's noses. They wrote a long letter of complaint to the Shareholders Association. Wrong body to write to with respect, as this blog is not the voice of the NZSA - it is my private view. The NZSA has its own voice. As it was written to them I can't publish NZX's letter and I suspect the NZSA will decide not either as it will give credence to NZX Chairman Andrew Harmos's confusion. If you are interested in getting a copy email him on andrew.harmos@hhl.co.nz

 

If you do ask for a copy of his letter, you will if you read it carefully see that his letter indicates that I am hitting home on these points. Sure he reminds them that regulation is an activity operationally separate from NZX, and led by an Independent QC. Hell, I know all that. He goes on to say that the QC is not paid from fines, but he is silent on how he is paid... Harmos and Weldon have both said that it costs NZX money to run regulation. If this is true, which I seriously doubt, how is this a good thing for their shareholders? Perhaps it is time they asked?

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  • 4 weeks later...

Despite the claim of victory the practice continues.

 

<H1 class=blog_heading>A (minor) victory over NZX</H1>

 

11:40am 28 Jul 2009 One of the enduring issues of conflict that I had kept in reserve for later was NZX's 20 minute delay rule on the publishing on its website of listed company announcements.

 

NZX has historically delayed the publication of announcements from companies for 20 minutes while allowing those who pay access to this information in real time. This therefore allows those who pay a 20 minute advantage. As NZX has joint (with the Securities Commission) responsibility for policing insider trading, the anomaly of actually making profit from facilitating some to trade (for 20 minutes) with inside information is simply unacceptable.

 

 

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  • 2 weeks later...

I distinctly recall Mark Weldon being on National Radio one morning while the markets were in meltdown last year, being asked is there any short selling in the NZ market. A small stammer and a pause later, he confidently declared there was a little bit but nothing of any note. Certainly not to have any effect on the market or companies.

 

When you see FPA and NPX get destroyed by short sellers and now PGG one can only conclude the cancer that is shorting is for the privilege of his masters alone. No wonder he won't publish any data about it and is happy to deceive all and sundry through the media channels.

 

It is further proof of why the regulation and disclosure of the NZX needs to go to a body with teeth rather than be under the control of this Lapdog Weldon.

 

 

http://www.stuff.co.nz/business/

 

The stock exchange doesn't publish information on short-selling of shares where investors sell stock they don't own in the expectation of price falls. The Sunday Star-Times asked it whether there had been short selling in PGG Wrightson or PGC, but NZX had not responded by press time.

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