I guess you're referring to the sell-off at 08.30 GMT, this was some 5 hours after the Thomas Cook announcement so my best guess is that someone (rightly or wrongly) mentioned bankruptcy and BREXIT in the same sentence making the dumb bots do wild. Germany's PMI print at that same time also contributed. Thomas Cook was no black swan, the surprise is that it didn't fold years ago. Anyway, it was a V recovery when the humans outnumbered the bots later in the day.
There are and they are easy to find, the caveat is that if they are registered to do business here, they need to follow ASIC directives, if they aren't, if your money vanishes, there's nothing you can do.
You are right here, Twice I had to deal with ASIC, I quickly learned that their style is to make a quick decision without too much research, then they'll hear arguments but disregard all of them from both sides. It's a cushy job at ASIC... make a decision without too much effort then sit back going through the motions and then announce the conclusion which always happens to be the same as the original decision. My take is that ASIC intention has nothing to do with protectin Joe trader (my dealings with them involving unfair practices and breaches of the client agreement went nowhere), the decision is aimed at stamping-out CFDs and other derivatives, probably at the request of the ATO... forcing traders to go through established exchanges that have the duty of disclosure to the ATO thus increase tax revenue.
Having said that, do submit your objections to ASIC as NotKnown is doing, you never know, it migh help.
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