Chris this is why
Client rings up, says to broker - hi, I want to buy 1mil BMN shares. Its very thinly traded and I dont want to move the market, what can you do for me?
Broker says, we can buy the mil over a week or 2 using a VWAP algo system for you. This will mean you get your shares at the avg price over the buying period.
Client says all good.
Broker kicks off an algo order and away she goes buying lots of silly little parcels all day every day.
Of course it could be something other than a VWAP algo but the VWAP/TWAP algos are very likely to take lots of little bites all the time like we are seeing.
stand-off, page-38
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Last
$3.27 |
Change
-0.310(8.66%) |
Mkt cap ! $499.8M | |||
| Open | High | Low | Value | Volume |
| $3.30 | $3.40 | $3.23 | $6.799M | 2.065M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 24450 | $3.27 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.28 | 20000 | 1 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| BMN (ASX) Chart |