Ann: Becoming a substantial holder in ESG by DB G, page-16

re: Ann: Becoming a substantial holder in ESG... DB and other "hedge" type traders, eg Merryll Lynch etc, have been trading many stocks over the last few months.in and out, in and out.

these guys borrow the scrip from existing s/h under a loan agreement (and pay a fee to the Lender) then short it, do whatever (i don't know), then buy back the stock, then repay the physical scrip back to the Lender.

DB in particular have been really active.

we can see that the sub s/h notice relates to all those entities in the DB web.

with ESG its now a bit more complex, because we have the t/o going on, so DB and others, are probably doing an arbitrage trading as well.

they could be accumulating on behalf of someone, but i doubt it.

its a good point wrt the roles of DB, with DB advising STO on one hand, and trading ESG on the other.

thats where the defence of "Chinese Walls" is claimed!

cheers