This institutional manipulation talk is bunk, page-46

I do think they service mostly corporate clients or SOPHS but what worries me is that you can clearly see the delineation as each previous broker has stopped its research and the next one takes over amplify the Alexium page to include archives and it gets even clearer. Some of those won't do it without being paid for it so it's clear that at times AJX has paid for these reports. Broker reports in my opinion is like a lucky dip sometimes its a conviction but often its just noise.

The Petra disclaimer does not say that they have been paid for the report but it does say that they may have received fees etc. I have a bit of a concern as Moelis seems to have stopped so is this just Petra clients being exposed dipping their toe - yes they are focused on SOPHS institutions but do they really have a mandate or is it just logical that their clients may put buy orders in?

I dont know but I have no evidence one way or another... I am sure they use BOTS to get the best price but its a patient process if they are happy with daily volume of around 300K and they are happy to see it drift...