don't try to sell under the sp capper, page-27

My view is that it is a fund buying a 5% holding in the company or thereabouts. When substantial holdings are announced, look at the trading that happened to get there. You will see that there was large buying and selling over a period of time. These sales will not appear as you might expect as they are part of a bot program, on or off market, depending of your view as to where the real market is. The ultimate aim is to buy[or sell] a substantial holding without pushing[down] up the price. It takes a broker who has the software, market access, and no doubt does it for a discount[ a total price rather than individual brokerage]. For smaller players, how it affects your trading is the most important question. Does it corrupt market indicators, volume, or days ranges? If it results in corrupt data then we are heading down the track of the current US collapse, where offmarket deals swamped the real market. Perhaps the days of small players are numbered.