RE: McNol20 Feb 2026 14:46
As McNol stated yesterday, I believe, SINT trades are those that take place with Systematic Internalisers and that is anyone licensed to trade shares between "clients" internally rather than on an official market places. Those trades may include Institutional Clients but they also categorically include Retail Clients too, not least (as McNol suggested) Hargreaves Landsdowne and many other "retail platforms" such as Interactive Investor, IG and the Banks but not only for its own internal funds. At times such as we have seen in recent days, there will have been huge volumes of retail clients buying and selling simultaneously over these platforms and at these times the platforms can "match" these buyers with sellers, compressing the spread and providing better prices to the end clients. These trades then get batched up and reported to the market thereafter.
So many of those SINT trades could be accounted for due to the above because of the huge liquidity and the volumes of transactions. This is far less likely in a "normal" trading day when the volumes are much lower and the opportunity for matching simultaneous buyers and sellers is much lower.