Notes taken at today's GM, page-58

I find it difficult to accept that there was a particular party responsible for the collapse of TONs share price.

IMO this was a trading bubble created by every man and his dog recklessly throwing their money into graphite stories. I would also contend that it was also fuelled by TON’s regular use of eye-catching superlatives and optimistic expectations in their ASX announcements.

Below is a breakdown of the broker trading activity sorted by net volume on the way up (2 June to 18 July) and on the way down (21 July to 8 Aug). Volumes were dominated by traders (Comsec and Etrade) and the makeup of the register probably changed many times during this period. Good luck trying to unravel this and apportioning blame on one particular party. Looks like a frenzied stampede both ways to me.

	Column 1	Column 2	Column 3	Column 4	Column 5
0	2 June - 18 July
1	Broker	Buy Volume	Sell Volume	Net Volume	% Rank
2	Canaccord Genuity (Australia) Limited	11,553,397	17,525,197	-5,971,800	3.19
3	Virtu Financial Asia Pty Ltd	3,900,364	9,598,320	-5,697,956	1.47
4	UBS Securities Australia Ltd	1,044,370	6,047,858	-5,003,488	0.59
5	Patersons Securities Limited	4,296,428	8,353,457	-4,057,029	1.1
6	CMC Markets Stockbroking Limited	13,903,541	17,359,838	-3,456,297	3.05
7	Pershing Securities Australia Pty Ltd	7,112,174	9,067,140	-1,954,966	1.67
8	Morgans Financial Limited	2,981,727	4,552,984	-1,571,257	0.74
9	Morgan Stanley Wealth Management Australia Pty Ltd	2,351,000	3,539,934	-1,188,934	0.67
10	Euroz Securities Limited	268,500	1,259,434	-990,934	0.14
11	Merrill Lynch Equities (Australia) Limited	270,386	930,779	-660,393	0.11
12	Hartleys Limited	250,000	868,914	-618,914	0.18
13	ABN AMRO Clearing Sydney Pty Ltd	43,987	642,417	-598,430	0.09
14	Baillieu Holst Ltd	1,059,995	1,620,327	-560,332	0.31
15	Macquarie Equities Limited	4,949,056	5,474,023	-524,967	1.07
16	Wilson HTM Ltd	578,438	1,034,838	-456,400	0.2
17	Bell Potter Securities Limited	842,709	1,256,685	-413,976	0.19
18	Timber Hill Australia Pty Limited	2,442,769	2,849,330	-406,561	0.52
19	Argonaut Securities Pty Limited	200,000	600,000	-400,000	0.07
20	GMP Securities Australia Pty Ltd		374,544	-374,544	0.02
21	Phillip Capital Limited	2,013,408	2,303,829	-290,421	0.36
22	Macquarie Securities Australia Limited	8,070,766	8,336,984	-266,218	1.39
23	Taylor Collison Limited	100,750	294,490	-193,740	0.04
24	Deutsche Securities Australia Limited	2,847,660	2,931,757	-84,097	0.63
25	Bridges Financial Services Pty Limited	91,000	140,000	-49,000	0.02
26	OpenMarkets Australia Limited	519,450	537,807	-18,357	0.11
27	J.P. Morgan Securities Australia Limited		7,288	-7,288
28	Burrell Stockbroking Pty Ltd	260,500	260,500		0.05
29	Baker Young Stockbrokers Limited	60,000	60,000		0.01
30	Susqeuhanna Pacific Pty Limited	11,477,542	11,477,542		2.73
31	BTIG Australia Limited	4,625		4,625
32	CLSA Australia Pty Ltd	13,200		13,200
33	Evans and Partners Pty Ltd	267,000	250,000	17,000	0.05
34	Citigroup Global Markets Australia Pty Limited	173,710	154,010	19,700	0.02
35	ITG Australia Limited	32,800		32,800
36	D2MX Pty Ltd	5,029,912	4,987,501	42,411	0.96
37	BBY Ltd	19,706,127	19,636,057	70,070	5.67
38	Goldman Sachs Australia Pty Ltd	621,745	486,685	135,060	0.12
39	State One Stockbroking Ltd	18,939,344	18,779,993	159,351	3.86
40	Instinet Australia Pty Limited	764,302	510,545	253,757	0.12
41	Australian Investment Exchange Limited	19,362,082	19,107,578	254,504	4.04
42	Credit Suisse Equities (Australia) Limited	27,605,633	27,345,889	259,744	6.37
43	Third Party Platform Pty Ltd	8,085,105	7,761,760	323,345	1.77
44	Ord Minnett Limited	5,131,384	4,238,841	892,543	0.96
45	Morgan Stanley Australia Securities Limited	30,050,897	29,002,167	1,048,730	6.22
46	Wealthub Securities Limited	8,220,179	6,346,937	1,873,242	1.59
47	Shaw Stockbroking Limited	5,062,546	2,277,180	2,785,366	0.75
48	E*TRADE Australia Securities Limited	50,713,573	44,179,621	6,533,952	10.45
49	Commonwealth Securities Limited	188,088,657	167,042,375	21,046,282	36.31
50	21 July - 8 Aug
51	Broker	Buy Volume	Sell Volume	Net Volume	% Rank
52	CMC Markets Stockbroking Limited	5,739,965	14,767,931	-9,027,966	4.62
53	Morgan Stanley Australia Securities Limited	9,208,112	15,424,334	-6,216,222	5.8
54	Virtu Financial Asia Pty Ltd	2,418,064	6,209,822	-3,791,758	2.09
55	BBY Ltd	7,719,805	9,596,727	-1,876,922	4.04
56	Canaccord Genuity (Australia) Limited	3,788,077	5,137,214	-1,349,137	2.07
57	BTIG Australia Limited		1,325,538	-1,325,538	0.26
58	Patersons Securities Limited	2,568,400	3,626,737	-1,058,337	1.38
59	Merrill Lynch Equities (Australia) Limited	778,461	1,431,656	-653,195	0.52
60	UBS Securities Australia Ltd	2,880,194	3,514,016	-633,822	1.5
61	Citigroup Global Markets Australia Pty Limited	7,493	450,683	-443,190	0.14
62	Moelis Australia Securities Pty Ltd		284,500	-284,500	0.08
63	Euroz Securities Limited		74,700	-74,700	0.02
64	GMP Securities Australia Pty Ltd	966,000	1,040,000	-74,000	0.5
65	ABN AMRO Clearing Sydney Pty Ltd	77,311	147,534	-70,223	0.06
66	State One Stockbroking Ltd	8,213,698	8,260,466	-46,768	4.08
67	Hartleys Limited	20,000	45,000	-25,000	0.02
68	Argonaut Securities Pty Limited		10,000	-10,000
69	OpenMarkets Australia Limited	272,125	272,125		0.11
70	Burrell Stockbroking Pty Ltd	297,500	297,500		0.15
71	J.P. Morgan Securities Australia Limited	3,000	2,000	1,000
72	Baker Young Stockbrokers Limited	254,000	240,000	14,000	0.09
73	Lonsec Limited	14,843		14,843
74	Wilson HTM Ltd	87,000	30,000	57,000	0.02
75	D2MX Pty Ltd	1,520,952	1,447,731	73,221	0.57
76	Goldman Sachs Australia Pty Ltd	543,472	459,237	84,235	0.24
77	Macquarie Securities Australia Limited	1,207,988	1,122,478	85,510	0.64
78	Wealthub Securities Limited	3,481,277	3,393,801	87,476	1.63
79	Third Party Platform Pty Ltd	4,611,223	4,436,013	175,210	2.21
80	Instinet Australia Pty Limited	744,601	565,187	179,414	0.32
81	Susqeuhanna Pacific Pty Limited	7,486,150	7,269,323	216,827	3.48
82	Macquarie Equities Limited	2,146,804	1,922,108	224,696	1
83	Baillieu Holst Ltd	1,186,410	858,000	328,410	0.57
84	Credit Suisse Equities (Australia) Limited	6,782,432	6,377,514	404,918	3.29
85	Morgans Financial Limited	1,114,857	679,860	434,997	0.39
86	Bell Potter Securities Limited	945,842	497,500	448,342	0.32
87	Morgan Stanley Wealth Management Australia Pty Ltd	513,604	54,050	459,554	0.16
88	Shaw Stockbroking Limited	1,740,452	1,097,065	643,387	0.67
89	Timber Hill Australia Pty Limited	1,793,649	1,139,579	654,070	0.67
90	Ord Minnett Limited	1,676,487	785,721	890,766	0.65
91	Pershing Securities Australia Pty Ltd	5,583,750	4,649,745	934,005	2.48
92	E*TRADE Australia Securities Limited	24,985,909	24,009,306	976,603	11.37
93	Phillip Capital Limited	2,100,295	988,402	1,111,893	0.77
94	Deutsche Securities Australia Limited	5,768,985	2,854,629	2,914,356	2
95	Australian Investment Exchange Limited	11,405,670	8,429,560	2,976,110	4.8
96	Commonwealth Securities Limited	80,736,336	68,221,520	12,514,816	34.19