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Konner, thanks for considering the issue worthy of a post. As Arnaud has pointed out, perhaps our best and most far-reaching potential to have an impact is by getting the word out that Luke Connell and the WSE should be avoided. If we can stop even one investor from sinking her funds into the WSE, we have had an impact.

Arnaud, I applaud you for your level-headed and even-handed approach. I completely agree with the sentiment, particularly, "we no longer believe that you are a trustworthy person to do business with."

Personally, I am not content to stop there, however. In my mind, it is not enough to simply warn people to stay away - our reach is too limited, and there is a propaganda machine at the WSE that could counteract some of the effect we might have even on those people that do read what we have to say. Which is not to say that we shouldn't continue to try to get the word out - we should indeed.

And in fact, we may be having an effect. Or, perhaps Luke's reputation is just too well known now. for example, look at the metrics about the WSE since it reopened. Fewer than 500 new accounts - daily trade volumes representing less than 200k, sometimes as low as 10k per 24 hours. Most tellingly,sales of the WSE secondary have been dismal. It appears that 500,000 shares were sold the day BEFORE the exchange reopened (things that make you say, Hmmmm), but since then, only about 180k shares have sold in the two weeks since the WSE opened.

The projections of 2.3 billion in trading volumes and 70m in revenues is patently ridiculous. On its best day since opening, the WSE made less than 8000L in transaction fees. Based on his projections, Luke would need to make about 780,000 per day (on average) for the fourth quarter of this year - a growth rate of roughly 10,000%. Methinks Mr Connell might be aspirating on his aspirational goals...

If I am wrong, and he does manage to even come close to these numbers, how frightening is that? That's why I believe that some further action needs to take place. perhaps quietly and behind closed doors - but we can't just sit by and hope that people opt-in and read our concerns.

Makes me wonder where Luke will find the cash to honor the massive withdrawals that I suspect are coming at the end of September. the whole thing might just implode then, and we will watch with interest, to see what creatively unethical solution Luke comes up with to deny investors of their money.

dd