Member Info for chasf

To exercise an option issued at price P you need to pay P.

Wat?

The 2p effect is almost certainly unrelated

Buying works for me

I find the spread too *small* for trading, and there isn't enough volume in the book to counter it.
As the old song says, "You can't trade a thing if it ain't got that swing."

Someone clearly likes the number!

On t he other hand, I see the pygmies are back this morning! Buying tiddly quantities at 2.08. Weird share.

"just looks like someone transferring shares between accounts with a minimal spread for the facilitating broker."

This share is on SETS and thus the MMs and brokers don't control the spread, so it needs a little activity

Yes, prompted by the numbers I later wondered in an adjacent thread about a larger transfer aided by the 2p stuff.
I suppose they could be two different entities and one took advantage of the set-up of the first, but it's striking that the 2p stuff started prompt on 1 Feb and has continued daily, subject only to periodic pull-backs when volume increased in the book and the price-setting device would stop working.

I begin to wonder whether someone is doing a big transfer, perhaps into a SIPP (since shares must now be realised as cash to benefit from the tax relief owing to a tax case lost last year). In a transfer it would make sense to hold the price and indeed the spread using DMA and then shift the bulk going through the MMs to avoid losing as much to price changes and the spread. The bulk can't go through the book here because the book volume (or speed maybe) is usually pitiful: it's mainly the price setting gambits!

Someone's listening:
11-Mar-21 17:27:36 2.04 1,227,805 Buy* 2.01 2.07 25.05k O
...
11-Mar-21 16:18:51 2.04 1,227,805 Unknown* 2.02 2.06 25.05k O

and quite a bit was grabbed from the ask in the book at the end including the 2.02 that set the price

I do wonder what the 2p guy(s) are doing. Wouldn't surprise me if it spikes up tomorrow.

There were some chunky O buys just before the auction, well above the then Ask, which might explain the auction UT with 843k at 2.05. Wish IG showed the labels for the orders in the book (anon for most but can be helpful to see MM orders in the book)

@Robjm66 Thank you for the clear summary. "TK has to be a model project.. every part gets signed off by independent experts." Interesting. Anyway, it all sounds ... well, sound!

SETS makes that possible with low volume. I enjoy SETS auctions though when they can get a price. Thanks to someone for priming the Bid with a big order for an uncrossing trade. Ended nicely blue (for this one)!

For what it's worth, jumpy bot is on the Bid today, wanting at least 1.87 but content to have someone else provide it.

Perhaps it's just the equivalent of Groundhog Day, but for a share.

Leak, hint or just a pious hope?

The point about it being a strict trade is that every one is both buying and selling, so if someone (say) didn't like it dropping below 2, and had deep enough pockets, they could simply keep buying the ask until it stopped reloading. There was a more dramatic burst several weeks ago I think during an auction where the ask was wiped out up to 2.15 in one go by a single in-auction big entry at 2.12(?) on the bid. Then of course it went back to 2 again. Not really seen anything like it. A shorting bot has a different pattern: with low volume, after each successful trade on the Ask, it *drops* the Ask.

Once again the activity will have confounded the Bull (SHORT at 2 and still STAY SHORT). It really hasn't had much luck with this one recently. Probably prompt a BUY signal. Amusing to watch.