Ann: Change in substantial holding, page-18

There are so many different codes for the various XT (cross trades) now, you need a trade de-coding manual to stay across it. So it depends on the code, but my understanding is that the basic code of XT (say for a 1,000 share trade) literally means that a seller has sold that specific number of shares via their broker and that the buyer of those 1,000 shares also used the same broker.

Often it means nothing - e.g. imagine how many times a seller drops shares using ComSec and that exact parcel is picked up by a buyer via ComSec. It gets the XT code.

But... it’s fairly easy to tell when it’s been a pre-arranged meeting of a seller and buyer via a common broker - large parcels that couldn’t simply be dropped into the bid without price swings.

Seeing as so few of these seemingly large parcels are ever announced via substantial holdings, I personally believe these XT movements are most often book-keeping transactions within the holding of a single entity. E.g. moved from super fund A to super fund B, perhaps to crystallise a tax loss or to re-balance holdings across a fund in line with risk management etc.

I’m not in the finance game so others may have far better knowledge of this.