RE: Level 2 Tick up16 May 2018 18:05
"none protected portfolio, Single protected trade."
16-May-1816:36:042.19163,000,000Sell* 2.152.2565.75kO
was that a sell or a negotiated / late publication.
Could have likely been buys earlier today.
'N' Non Protected Portfolio
A non-protected portfolio transaction or a fully disclosed portfolio transaction. Normally a transaction of a number of stocks dealt with by one market maker at an agreed discount to the market price.
'T' If reporting a single protected transaction.
A protected transaction occurs when a large order is going through the market. The buyer (or seller) may wish to keep the order anonymous from the rest of the market as the size of the order could greatly alter the price of the stock. With a protected transaction, the dealer will put the trade through in small quantities rather than knock the whole order out in one hit. The entire transaction is reported once the deal is completed. The LSE is notified at the start and at the end of the transaction. However, the market as a whole isn't told until the end, thus the order is protected.
Think despite all the claims the market is as opaque as ever!