Ann: Change in substantial holding-WOR.AX, page-3

I agree is confusing, but there is a very simple explanation.

Companies like Credit Suisse have many operations and many customers. The majority of these trades (on the announcement) have come from CS HK. CS HK have custodial services, meaning they hold stock in their name for clients - clients use Omnibus accounts to avoid personal disclosure of their trades, and paerk their shares in these accounts.

CS also have proprietary trading desks, where traders are able to engage in 'trades' for profit. These can be simple directional trades - such as buy today and sell next week; or they can be arbitrage trades, where they might see that (for example) the Australian shares are lower than the ADR (US listing). In that case they can buy Australia, Sell US and then cancel out the trades against each other.

As you can see, there are so mnay different ways that these positions can end up in a banks account, that it really doesn't give any real guidance on a bank or large investors view on the stock.

If you do see an individual fund reporting a holding over 5% though for the 1st time, that may be worth noting - but banks and custodians not so much.

I hope that helps