Possum, Those orders are most puzzling. With around 1M on the buy side, the orders have been growing to 2M or more during the closing auction. Some of the increase is orders that will likely, or will possibly be part of the final auction; those make sense. However as you say there are a huge number of orders that get added that will never form part of the final auction. Unlike during the day, stacking the queue to make it larger would seem to achieve nothing (everyone is focused on what the closing price will be and whether they will be included). And buy orders above the closing price don't effect the closing price. These orders have me puzzled, especially since as you say they disappear after the auction and overnight. I was hoping you'd have some insight.
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