Mos6 May 2020 08:38
Good Morning mate, I hope your well.
It is difficult to describe in detail on a BB how this actually works. But basically the large trade is simply to big for this size book in one go. So the trade is layered (not actually layering as thats illegal). Sometimes referred to as "no intention to bid and no intention to offer" trades they are like bait , thrown into the market to influence the price and interest, usually to generate enough volume to get the real target away. They have to show as cancelled trades at some point because they don't actually exist. Naughty I know, but perfectly legal and common practice right up the charts to the big SETs players. Ironically the demise of the SEAQ books has made this form of layering easier! Thats my take on it, and in true bb fashion, all imo