Member Info for chasf

Currently bid and ask are stalling in auction over a 0.005 difference between them for 1m.

It looked to me as though they'd been removed. One might have been partially sold into rather earlier. As you say, there's a big focus on 2p. That price has been some sort of target for some time, but today it's been rather aggressive. Some people want something to happen there, evidently.

It's annoying the IG interfaces don't label the orders (so you can see brokers and MMs, sometimes useful).

I mean it's now 3 months since the placing, almost to the day. Having said that, the book has suddenly switched so it's heavy just below 2 on the Bid. The ones on the Ask have vanished. Curious.

Warrants, perhaps?

Perhaps. I'm a little sceptical since there's 2m+5m orders in L2 but sadly at top of the Ask not the Bid, biggest I can remember seeing for some time. At least if someone buys into those they'll have an incentive not to sell until the price is higher.
I get the impression there are too many shares here priced much lower down still with profit to take at 2.

I take it back: IG had KNB enabled but it was in perpetual auction locking people into the spike.

(I'm not one of them, not least because lazy IG hasn't enabled trading in it, but mainly because it had that look about it.)

I assume that since March is a few weeks away, some have taken the opportunity to be spiked in KNB

There are some chunky orders going through O trades.

I suspect they might also be setting prices with orders via DMA and then trade with the MMs (O trades, quoted), since the MMs own bots will usually keep between the current prices in the book. On the main market with SETS and busy shares, DMA orders anywhere near the top of either Bid or Ask will usually be eaten almost immediately and you really just trade in the book.

I gave up after those attempts because there wasn't going to be enough for me in it, being marginal at the start for just a bit of fun when bored, so I don't know what its limit was.

That was happening on the Ask, not the Bid (ie, selling direction, not buying).

British Bulls certainly finds it frustrating, poor little thing.

Mind you, it does rely on their being some appetite for the shares, even if it's just the MMs, so I suppose that's a positive. The bot's moving above [in the stack] any new offer on top of the Ask in L2 was important, though, because positioning top of the Ask was the only way today to get a decent price (2.10, say) instead of the MM price on an Ordinary sale where the price would be near the Bid (1.98 say).

I'm still not sure, but I think it's just doing a slow, elaborate rinse & repeat using its control of the book (that only works when volume is low, as it usually is between RNS). Compare January and February so far, even the timing in the month. It discourages attempts to trade either with or against it. I do think the small orders positioned throughout the book both sides cause act as events for some trading automaton.

The bouncy bot is on today. With the bigger spread this morning I thought I might try trading with it, but with the bot sitting on price P, put in something at P-1 and it immediately moves its order to P-2. Ok, try P-3, it takes P-4. Delete the order and it pops back to P.
So much for that!

When are there likely to be more drill results?

It can be amusing if you have Direct Market Access, volume is low and you get to shift the Bid or Ask with your order(s) then to come on to the relevant chat here to see the speculation about "what the MMs are doing"

There's a reasonable intro to SETS, SEAQ and SETSmm on proactive if you google for "introduction to sets stock exchange"
I'd include the link but I assume it would be mangled.