big parcel, page-11

Rosetta

Quote from ASX

Special Crossings may take place off-market at any time, including during Normal Trading.

There are a number of types of Special Crossings. Depending upon the type, the minimum consideration (total sale price) ranges between $1,000,000 and $5,000,000.

Special Crossings include large trades and large portfolios, and must be reported to the market via the Integrated Trading System (ITS).

Example special crossing
Best Stockbrokers Ltd has two clients. One wishes to buy 100,000 PQR at $10. The other client wishes to sell 100,000 PQR at $10.

Best Stockbrokers Ltd proceeds as follows:

1. Checks that a Special Crossing is allowed. PQR is an equity (share). Block Special Crossings are permitted in equities where the consideration is at least $1,000,000. Both the orders meet this requirement.
2. Does not check the current market for PQR. Special Crossings take place with no reference to the current market and may be at any agreed price, regardless of the current market price. For this example, the current market price for PQR is $9.70.
3. Reports the trade into ITS, indicating the security (PQR), the quantity (100,000), the price ($10), the buying and selling broker number (eg broker 789), and a condition code indicating that this is a Block Special Crossing.

Have a look at the following site for a further explanation of S1 Special Crossing, which this trade was.

https://www.asxonline.com/intradoc-cgi/groups/trading_and_market_information/documents/communications/asx_020881.pdf

Hopefully it was to a Super Fund and not for use by the automated traders, who do have to satisfy the ASX that their systems do not knowingly assist or facilitate manipulative trading.