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Recent Share Trades for Otaq. (OTAQ)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
14-Apr-22 16:35:11 18.70 1 Sell* 19.00 20.00 0.19 UT
14-Apr-22 16:15:45 20.00 10,000 Buy* 19.00 20.00 2,000 O
14-Apr-22 15:50:40 19.85 4,500 Buy* 19.00 20.00 893.25 O
14-Apr-22 14:50:59 18.50 8,000 Sell* 20.00 21.00 1,480 O
"Journal of Banking & Finance
Volume 75, February 2017, Pages 109-117
1-share orders and trades
Ryan L. Davis a, Brian S. Roseman b, Bonnie F. Van Ness c, Robert Van Ness c
Abstract
1-share trades are the most common odd lot trade size, accounting for 9.62% of all odd lot transactions and 3.65% of all trades on NASDAQ in 2012. While 50.41% of 1-share trades result from broken orders, 34.89% of 1-share trades are intentional. We provide substantial evidence that traders use 1-share trades to “ping” for hidden liquidity. In particular, our results indicate that 1-share trades are disproportionately aggressive and also execute against hidden liquidity more than any other odd lot trade size. We also find a relative increase in trading immediately following a 1-share trade. Our results are in line with Clark-Joseph (2014), who suggests that traders may use small, unprofitable trades to detect information from other traders. Specifically, 1-share trades represent the minimum cash outlay necessary to trade, while simultaneously producing the smallest possible effects on a market maker's inventory, and in turn, a security's price."
https://www.sciencedirect.com/science/article/abs/pii/S0378426616302035
From the Financial Spread Betting Ltd. website:
"Q. When you see a trade go through for say 12 shares or even 1 share, what is that all about?
Surely it can't be a personal investor, is it some sort of balancing act?"
"A: Say there are 1,100 shares available to buy on the order book. Someone buys 1,080 leaving 20 shares there on the book. The next buyer may buy 2,000 shares but the 20 shares left on the book go through as a separate buy even though the buy was for much more. In the US you actually see these separate buys on your contract note so a purchase of 200 DELL might show as 2 80s and a 40 making up the 200 that you have bought.
Also, not a lot of people know this and there is a reason why, its pretty useless information but...Crest, Bloomberg, UBS, RBS, etc. anyway, most brokers, clearers, settlement banks, data people, all buy 1 share in almost every listed company so that they automatically receive and are entitled to any corporate information. It may not be the reason for any specific purchase or sale but its one of the reasons a buy/sell of 1 share."