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Ianbeej,
Interesting. Thanks for the link.
I have always taken the MiFID II changes to trade reporting as being all-in for all qualifying/reportable instruments, i.e. no exceptions.
Apologies that this has gone off-topic.
"Mirasol! Could be a woman?"
Does it matter to you Dog?
Forget REd/Blue or BUY/SELL flags - they're a computer generated artifact
Just watch the actual price paid - between 10:41 and 10:51 actual prices were in the range 0.55 -0.624 and two 300K share transactions less than a minute apart were at 0.60 and then 0.55
Typical of any low value/low volume share traded mainly by PI's I'm afraid - a lot of statistical "noise"
Crocqman:
I think you'll find they can defer reporting:
Above a certain size, where a qualifying investment firm is dealing on
own account with a counterparty and within a calibrated deferral period.
The deferral period can range from 60 minutes, 120 minutes, end of
trading day or the end of the next trading day.
As per:
https://www.afme.eu/portals/0/globalassets/downloads/publications/afme-mifidii-mifir-post-trade-reporting-requirements.pdf
Just IMHO
27 holdings on my watch list and not a single one is blue. This is actually looking pretty good compared to some!
HA HA HA as if market manipulation rules exist!!!!
Worth noting that under reporting rules trades at are 6x normal market size can be reported an hour after the trade which could be why these are showing up after hours, simply a large trade reported late. I agree that you cant just report lots of small trades as a single large trade at the end of the day as this would breach Market Manipulation rules.
Ianbeej,
The broker does have to report the small fills as part of the regulatory requirements for trading - all trades need to be reported to the market within 10 or 15 minutes of each fill (I think from 2020 it is 10 mins), hence the practice of cancelling and rebooking at end of day for the total amount.
Mirasol is right in that it is a small size, so maybe they are able to generate a single order if they are not too bothered about price. Yesterday was a very low volume day.
Bridge, I did state in my post that this was my opinion and what I outlined is standard dealing practice for vwap trading. I also stated the possibility that it could be a negotiated trade, so it is possible that one or either method is used, depending on how the buyer/seller and dealer want to manage the trade. The former is the most practical method of ensuring you stick to the vwap, especially if you are interested in the price obtained.
We often have days of lots of small, regular fills that make no sense, followed by a large trade at end of day. Yesterday may have been different in that regard, I did not pay attention to the trades throughout the day. Also, if you are going by the blue/red indicator shown, these are an indicator only, not the true direction of the trade, so it could be misleading.
Mirasol! Could be a woman?
Everything is down, shame we arnt entering into the production phase with a more positive investing environment. Solid news required and expected very soon IMO
Apologies - the 1mm share guy is back - and at a lot lower than 0.65...
2020-02-26 10:02:17 0.60 1,494,027 0.60 0.65
Indeed, they would sell at VWAP (Volume weighted average price) with 15% volume throughout the day, in this case I don't believe the broker even has to book the small trades as they come in, they can just build it up and then book the total amount at end of day.
Croc - I think you make some valid observations
TBH I don't think that UKOG is important enough to YA etc to bother dealing like that all day - even the 7 million is only £41k - and the profit on that is only maybe £ 4k - hardly worth turning the screen on in the City. IMHO more likely something they do at the end of the day just before putting on their coats, turning out the lights and heading to the wine bar..............
One good thing the 1mm share seller doesn't seem to be around so far today - maybe they want to see 0.65 before unloading?
Croc, if that’s what they do why didn’t they do it yesterday? Lots of buys, no sells and two large late trades. All speculation you shouldn’t state as if you know.
One news flow and oil flow picks up the sell volumes will be one relatively small.
Mirasol,
I am sure they will not wait until end of day to put their 15 % trade through. What if they cannot get it filled so late in the day, or achieve a price they are happy with?
IMO, the order will most likely be worked on throughout the day by the dealing team who will manage the order with the help of brokers to ensure they keep to the required ADV limit based on volume throughout the day, keeping an eye on price, etc and they can choose whether to hold off or be more aggressive as the day progresses.
This is very common practice, especially when it comes to AIM and Emerging markets where volumes may be small.
There will most likely be lots of smaller fills throughout the day, followed by a large trade at the end of day which is most likely the complete fill for the day being cancelled and rebooked as a single order for commissions, fees, etc.
The alternative is to find a large buyer/seller for a negotiated trade, but you may not always get to deal in the quantity that you would want to.
"Remember YA have a 15% sell limit based on the daily traded amount, so don’t think it is YA. Personally think they are late declared buys"
which is why they wait until the end of the day so they can calculate correctly -
buys or sells? Doesn't matter as someone oi buying the 7 mm shares dumped each afternoon but the strike price is always v close or below the last mid point at 16:00
Its not the length of time its the share price...he higher the share price the less dilution for us all.
Remember YA have a 15% sell limit based on the daily traded amount, so don’t think it is YA. Personally think they are late declared buys
"Must be some interest in ukog as that’s twice now these after hour trades have taken place."
PCS reckons - and I agree - that this is Riverfort/YA unloading each afternoon - they wait to see what the total number of shares sold is and then they sell and stay within the contacted amount. The 1 million regular share sales through the day are probably Tellurian who have no known restrictions
In general the sales are close to mid - price but they murder any uptick (as on Monday ) - enthusiastic PI's just don't have that sort of fire power day in, day out............
Must be some interest in ukog as that’s twice now these after hour trades have taken place. Maybe that’s why mm’s want your shares and offering over the bid price.
Let’s see what happens over the next week
I'm dreading good news dropping we all no what happens with good news
is becoming a nasty habit
2020-02-25 16:47:41 0.63 3,500,000
2020-02-25 16:24:35 0.63 3,000,000