When STX is kicked out of the ASX200, all the index funds will have to liquidate their STX positions. These short positions are either those index funds pre-empting the exit and shortselling ahead of time, so when the time comes, they have essentially neutralised their STX position by squaring the books.... or it could be completely different parties and the shorters will look to buy out the index funds' positions when the rebalancing takes effect. We should see some days of enormous volumes as the index funds unwinds with some chucky cross trades and block trades.
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