In all the years I have had access to level 2 I have never see one market so consistently dominate the bid side of the book. I've only been in here just over a week but during all that time Winterflood Securities have always been there mopping up PI sells. Most market makers regularly move from bid to ask once they have stocked up, but not Winterflood. Of course they have to maintain a position on the ask but it is always so far above the other market makers that they can't have sold any stock during the past week, which suggests that they or a well heeled client must already know the outcome of the arbitration.
Take a look at their corporate client list and you will see some big hitters there. I guess there could be a concert party at work so they don't have to declare shareholdings, but it would not surprise me to see a bid emerge after the award. After all without the assets the company will be a cash rich shell which could be very useful for someone seeking a listed company to reverse into.
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