short and distort, page-149

@Wary 1 it is not possible to see the clients of the brokers. You only see which broker did the trades. In the case of crossings, the same broker is on both sides after arranging the transaction with its clients. The brokers tend to do much less principal trading than pre-GFC, though it still exists for various reasons, including structured products - see below. I would imagine that Commsec would only trade agency business (ie, on behalf of client orders).

On a slightly related note, Citi warrants had a stop loss trigger event on 18th at 1.56 (the low on the day was 1.52: these are barrier products, so the fact that the price recovered on the day wouldn't have prevented the trigger), which would have seen them unwinding their hedge (ie, Citi selling GXY after 19th). The notional exposure was quite low in comparison to total volume over the past few days, so their trading wouldn't have influenced prices too much (I don't think).