don't confuse what you see on L2 (sets book) with what the market makers are up too for retail trades. The two can be linked but just as likely not.
I would imagine most people on here use a retail broker, these brokers just route your trade to the mm who will deal the shares. Someone using DMA access is completely independent of the market maker and a lot of the time is dealing directly with another individual. The mm do put stock on the book, these are the chunks you see appearing in the morning for 1m each, however these are usually too far away from the bid/ask to be relevant unless the price is moving rapidly. If the mms receive a lot of retail orders via the brokers in one direction you will often see stock move about on the sets book, or possibly the mm takes them for a retail trade.
Ive also seen large trades through ISDX affect the SETs book which makes me think that the market makers on ISDX trade the SETS book alongside their ISDX trades
When you look at this mornings trading it is little wonder there is talk of manipulation. It defies all logic that at opening this morning it was bid 345 ask 39 and at the time I write this sales are shown as approx. 6 times the buys but the bid is now 375 ask 39. It defies the laws of supply and demand that the price rises when most are selling - unless of course LSE are showing buys as sells but it still doesn't explain the rise of the bid price.
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