RE: Capitulation?27 Jan 2023 21:14
For information, I started a crossing platform in 2001 that matched block sized orders between asset managers.
It was highly successful and I believe is still the largest block trading platform globally as of today...
Each cross would be put through with a trade indicator of AX (agency cross) generally at the prevailing mid price - but the buyer and seller could negotiate away from that prevailing mid price if they wished and agreed to trade.
So, I would expect to see only one print of 80m shares unless the two parties wanted differing settlement dates and then the execution would be put through as two trades as the core matching criteria differed.
Happy to explain further if required, but seeing two 80m trades labelled as sells (they were on the bid side of the spread) would have significantly moved the bid offer price and as such I am convinced it was a crossed execution.