'I haven't seen anything like it': Investors furious at ACCC merger bungle

"Had the error been made by the company, the relevant regulator would most likely be pursuing the company as a result of the breach.

"It doesn’t matter if it was up for one minute or one hour. If that information has been received by some investors and not others it places those who have seen it at a distinct advantage."“If you’re quick enough there was an opportunity to short sell or sell. The stocks ideally should have been put into a trading halt,” Mr Hannon said. “Even for the day for people to digest what is an exceptionally important announcement.

A 10-minute trading halt was placed on TPG and Vodafone Hutchison Australia at 3.40pm on Wednesday, but that "this is standard – stocks will automatically be placed in a halt for 10 or so minutes when ASX receives a price-sensitive announcement," the spokesman said. "Once the market had been informed of the ACCC decision and had time to absorb the news during a pause in trading, it was appropriate for trading to resume."

The ACCC would not comment on the matter on Thursday, but said an investigation was ongoing. ACCC chair Rod Sims described the mistake as “embarrassing” and said the ACCC was “devastated" it had happened.An ASIC spokesman said: "As the regulator of the market, and market operators, ASIC was in close contact with the parties involved immediately after the event. We note that ACCC has explained the circumstances behind the inadvertent publication of the announcement, and apologised.

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