RE: Direct Line Ins12 Jul 2021 23:17
Here is how SETS works:
SETS might match your order up with several sellers who want to sell fewer shares, or take a portion of the shares that a larger seller wishes to dispose of.
In doing so, SETS bypasses traditional market makers, and so reduces the spread between the bid and offer prices. Some input from market makers will be needed to fill the occasional gaps when there isn’t a matched bargain available, but as that is rarer with larger companies, in general the larger the company the lower the spread.