RE:Anyone trading convertible bonds here? AD.DBI've run into this with a few stocks. I once tried reporting it to IIROC, and they made me feel like I wasted my time. "We can't discuss any case with you, even if you were the person who reported it. Also, our detection algorithms catch this kind of thing (really? so why was it still happening if you caught it? While we're on the phone you can check your screen and see it!) and you needn't report it." So I concluded there was no help there.
The example I reported, a "layering" scam, was blatant and persistent, and was a severe impediment to me selling at my target price. Whenever I posted an order, the layering algo would immediately begin trying to trick me into thinking I'd get all the volume I wanted if I'd just go a teeny bit lower. So I'd go a cent lower, and then the voume would instantly move another cent out of reach.
After seeing this a few times I realized it was a trick. I reset my sell-limit to what I had originally wanted, left it, and eventually it was filled. Took three days I think. Good thing I wasn't in a rush.
You still should report it to IIROC, even though I doubt it will be acted on.
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MikeWatson19 wrote: HI,I'm new here. I've been trading the market for many, many years. Over the last 3 years, I started trading debentures and convertible debentures. I dont know if anyone of you already tried to trade those, but its impossible to be first on the bid or the ask. The pro (with anonymous), will always beat you by 0.01$ so its impossible to trade. I talked with my online broker, the TSX and they know about it but no one cant tell me more. Is it legal? Should I contact the AMF? I will be happy to read from you. Thanks