Mamography, page-8

chowmanly

Now I am really confused.
I looked up the S3 code and found this.

"Special Crossing Tier 3 Equity market Products and all other Cash market products"

https://www.asxonline.com/content/d...x-trade-open-interface-manuals/asx_040925.pdf

And this

	Column 1	Column 2
1	S1	Special Crossing ≥ T1
2	S2	Special Crossing ≥ T2 < T1
3	S3	Special Crossing ≥ T3

https://asxonline.com/marketinfo/Doco/1513 - Introduction of 2 new Trade Condition Codes effective.pdf


So far so good, so what does the Tier 1, 2, 3 bit mean?

Well, if you read the quoted section that I have relegated to the end of the post because it is rather long, it appears that Tier 3 signifies a transaction with a consideration of at least $200,000, Tier 2 $500,000 and Tier 1 $1,000,000.

That would all seem to suggest that the consideration for the S3 XT trade of the 482,145 PME shares on 18 May was between between $200,000 and $500,000.
However, 482,145 PME shares at $6.90 is worth over $3.3m.
So what sort of instrument was traded in the notified S3 XT trade?

Also, from reading the quote below it appears that it could have been a trade between clients of the same broker or a trade within a fund a manager client.

So I an still left with the question, who traded what and to whom and for what purpose?

The only positive I can see in the recent PME price action is that there is still zero short interest in PME. However, the absence of shorting might just reflect how risky it would be to short such a low liquidity tightly held stock.
Still, it a better than finding that someone with big cajones is shorting it because they are absolutely certain of their pessimistic opinion.

Cheers

"2. Block Special Crossings
(a) A Crossing of Cash Market Products is a Block Special Crossing
and may be effected by a Trading Participant as a Special Crossing
if:
(i) the consideration for the transaction is not less than the
amount set out in (b) below; and

(ii) the Cash Market Products are:

(A) either bought or sold (respectively) by the Trading
Participant as agent on behalf of one or more clients of
the Trading Participant; and

(B) either sold or bought (respectively) by the Trading
Participant as Principal or as agent on behalf of one
client of the Trading Participant (the client may be a
Funds Manager acting on behalf of more than one client
account).

Where the Cash Market Product is a share, a Market Participant
may aggregate for the purposes of a Special Crossing different
classes of shares which differ only in relation to the amount of
dividend payable.

(b) For the purposes of 2(a)(i) above the amounts are:

(i) for transactions in respect of Tier 1 Equity Market Products,
$1,000,000;

(ii) for transactions in respect of Tier 2 Equity Market Products,
$500,000; and

(iii) for transactions in respect of Tier 3 Equity Market Products
and all other Cash Market Products, $200,000."

https://www.asx.com.au/communications/notices/2015/0830.15.07.a.pdf