A GameStop-style squeeze is unlikely to happen here, but the bourse says it’s alert to other stock pumping activity and the growing influence of retail investors.
Companies using the ASX's announcements platform to ramp their share prices, and the emerging trend of employing the services of third-party stock promoters, are two core issues at the heart of the bourse's surveillance activities in 2022.She was just six months into the new role after taking the helm of the ASX’s compliance division in the midst of the national health crisis., sending the price of US-listed company GameStop soaring by 1500 per cent.
“It’s about implementing our normal procedures around unexplained price movements and potentially pausing trading while we query if we need to.”A GameStop-scale short squeeze is unlikely to happen on the ASX, she believes, but the chief compliance officer highlighted the need to focus on other forms of market manipulation.
“It’s an area where we work closely with ASIC given that our remit there is to really focus on what’s happening through the market announcements platform,” she said.
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