RE: Unknown trades15 Nov 2025 00:24
The Debate on Delayed Trades and Price Discovery
This tension is well-documented in market microstructure research. On one hand:
• The downside (your point exactly): Off-book or deferred trading delays the incorporation of trade data into the public quote, reducing overall price efficiency. For instance, studies on LSE fragmentation show that such delays slow the price discovery process, as the market doesn't immediately reflect the true balance of buying/selling pressure. In AIM's lower-liquidity environment, this effect is amplified—trades might not surface until 90 minutes (for large ones) or up to three days later, giving a skewed view of momentum during volatile sessions like GGP's recent gold-driven surges.
• The intended upside: LSE rules defer these to prevent "market impact" from big trades, where immediate disclosure could trigger front-running, panic selling, or artificial volatility. It's designed for orderly markets, especially in mid-caps like GGP, where a single institutional block (e.g., 100k+ shares) could otherwise swing the price wildly without broader context.
For AIM specifically, post-trade transparency is intentionally lighter than the main market to foster growth stocks without excessive scrutiny—trades must still be reported within three minutes, but publication lags for non-"touch" deals. Critics, including some regulators post-MiFID II, argue this trade-off favors liquidity over transparency, potentially hiding demand bursts that could validate upward trends.
Tie-Back to GGP
In GGP's case, with its steady bid/ask but surging delayed volumes, this masking might explain why the share price hasn't fully reflected the underlying gold-fueled buying (e.g., today's net bought bias). Once those pubs drop post-close or tomorrow, we could see a catch-up rally if the hidden demand is as strong as it appears.
Overall, while it doesn't "hide" demand forever, the delay does muddy the waters for retail traders relying on live data. If this bugs you, consider focusing on end-of-day summaries or cross-referencing with ASX flows for a fuller picture—it's a structural quirk of AIM, not a GGP-specific flaw.
Good old Grok, educate yourselves.!!
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