My biggest gripe with the ASX closing auction is that we see nonsensical bids and offers constantly being placed and withdrawn in a bid to manipulate the closing price. My understanding of an auction is that you make a bid for an item and once you've made that bid, you can't suddenly change your mind and withdraw it. Try doing that at the next Southeby's auction!
That's how the ASX should conduct it's closing auction as it will result in only genuine bids and offers being placed and eliminate the shenanigans. Either that or simply get rid of the bloody auction altogether.
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