Ann: Update - Consolidation/Split - SXY, page-97

deferred settlement trading is by definition a low volume affair with little to zero relevance. As settlement of any trades is deferred until the end of the deferred settlement period, both buyers and sellers are naturally more reluctant than usual to make a commitment.
Perhaps volume may begin to normalise towards the end of the period. However, SXY will be reinstated on Wednesday 31/3 and due to Easter getting in the way, the first normal T+2 settlement isn’t going to take place until Tuesday 6/4, so that’s an added consideration.
the two main reasons for the consolidation are to allow more precise payments of dividends and to make the stock more attractive to funds. I also anticipate less manipulation. It doesn’t change company fundamentals. SXY make more money, the SP goes up accordingly.
If anyone thinks they can judge the success of a consolidation based on low volume trading mid-way through the deferred settlement period, they are saying a lot about their general market cluelessness and not a lot about the company.