If there were any doubt where the focus of ASIC has been to date in relation to enforcing it’s Market Integrity Rules, a further look at the published infringement notices tells us a clear tale of two key areas.

One is Automated Order Processing (AOP) and related filters, where putting aside the exact rule breach alleged, at the time of writing more than 85% – with penalties totalling $872,000 – have involved an AOP filter element which either caused or could have prevented the breach.

The second area is the creation of disorderly markets (ASX MIR 5.9.1), mainly via order entry […]