TV2 SP Target, page-274

The parties involved in the buying of late are valuing being IN and paying up a little for the privilege. At the same time trying not to get the crowd sitting on the sidelines waiting too aroused.

Today, very little business was done at the 1.3c bid level (from memory about 6 transactions), so it wasn't as if they could get it done by using limits at that level. Nor did they want to lift the offer to 1.5c by wiping 1.4c as the bids would lift and all of a sudden they're competing with plenty for business at 1.4c.

This tactic is used a bit when it's the minnows supplying the liquidity.