Are you the Gavel Teddy? I've done a quick calculation and I'd...

Are you the Gavel Teddy? I've done a quick calculation and I'd say 98% of what you post is akin to a Harry Potter story book. I rang around re: trades from the 19th (Monday) based on all executions. Take note of the following:

1. The majority of trades on volumes were done by Macquarie. MACP is Macquarie's Retail Paricipant code.

2. I rang my matie at MBL and he looked at the orders on the book, that the order were entered against. The order were entered against a retail client. The order total was for 250K shares.

3. The activity can easily be explained:
a) MBL have an order manager. Due to the large size of the order it was input into their proprietary algo-order engine. The order type was input by one of the MBL brokers/traders as "median-aggressive" -veVWAP at 10-20k blocks.

b) In layman terms the behaviour of the order reflects a price of $0.37. -veVWAP means that the order is entered at a discount to the last VWAP price. On Friday the 16th VWAP was $0.374434. Thus the order manager pushed block-orders between 10-20K into the market as they were filled. Not order from MBL were therfore executed above $0.37

c)The median-agressive bias reflects a feature of their order manager. In layman terms when one block order is filled it get replaces immediately. It continued to do this until the total order was completed i.e 250K was filled.

The total ACL trade by MBL was around 290K. The balance was entered DMA (Direct Market Access) -i.e about 4 retai clients bought a total of 30K.

4. The reason code reflect how the order was executed. The majority of executions were conducted at the ASK-price. This means participants sold into the 10-20K block orders as they came onto market. The share price barely moved therefore (indicates orderly accumulation on this day).

5. The majority selling participant was Taylors. I have no contacts here so I can only assume due to the small nature of this broker it was simply a retail client selling.

6. The next highest seller was ETRD. I called my matie here and he said all the orders were 'retail'. Two of the orders were internally crossed.

Time Price Volume Value BuyBN SellBN Reason
15:31:17 37 10000 3700 MACP TAYL ASK
15:22:47 37 6500 2405 MACP ETRD ASK
15:16:43 37 229 84.73 MACP GSP ASK
15:16:43 37 3500 1295 MACP ETRD ASK
15:16:35 37 20000 7400 MACP TAYL ASK
15:10:18 37 20000 7400 MACP MERL ASK
14:54:38 37 6271 2320.27 MACP ETRD ASK
14:54:38 37 3729 1379.73 MACP ETRD ASK
14:47:02 37 10000 3700 MACP TAYL ASK
14:45:46 37 1800 666 MACP COMM ASK
14:45:36 37 8222 3042.14 MACP ETRD ASK
14:45:20 37 5433 2010.21 MACP ETRD ASK
14:41:24 37 816 301.92 MACP TAYL BID
14:41:06 37 3000 1110 COMM TAYL ASK
14:41:06 37 6184 2288.08 MACP TAYL ASK
14:25:12 37 3546 1312.02 MACP PENS ASK
14:06:15 37.5 4000 1500 COMM ETRD BID
14:06:15 37.5 15000 5625 COMM ETRD BID
14:06:15 37.5 10000 3750 COMM TAYL BID
13:03:28 37 10000 3700 MACP TAYL ASK
12:55:29 37 270 99.9 MACP ETRD ASK
12:55:29 37 9730 3600.1 ETRD ETRD ASK
12:54:28 37 10000 3700 ETRD TAYL ASK
12:33:00 37 5270 1949.9 ETRD ETRD ASK
12:33:00 37 4730 1750.1 MACP ETRD ASK
12:30:31 37 10000 3700 MACP TAYL ASK
12:28:12 37 15000 5550 MACP MERL ASK
11:57:13 37 270 99.9 MACP TAYL ASK
11:57:13 37 9730 3600.1 MACP TAYL ASK
11:52:22 37 15000 5550 MACP ETRD ASK
11:50:05 37 5270 1949.9 MACP TAYL ASK
11:50:05 37 4730 1750.1 MACP TAYL ASK
11:46:42 37 19110 7070.7 MACP ETRD ASK
11:19:36 37 6160 2279.2 MACP TAYL ASK
11:19:36 37 3840 1420.8 AIEX TAYL ASK
11:11:13 37 6160 2279.2 AIEX ETRD ASK
11:11:13 37 8840 3270.8 MACP ETRD ASK
11:11:01 37 10000 3700 MACP TAYL ASK
11:06:46 37 10000 3700 MACP MERL ASK
10:45:05 37 1160 429.2 MACP AIEX ASK
10:45:05 37 6382 2361.34 MACP AIEX ASK
10:04:21 37 20000 7400 MACP TAYL ASK
10:00:27 37 3618 1338.66 MACP TAYL BID
9:59:52 37 6382 2361.34 MACP TAYL MATCH
9:59:52 37 15000 5550 MACP ETRD MATCH
9:59:52 37 2500 925 MACP CITI MATCH