small trade explanation, page-7

It could be O/S investment banks or hedge funds buying up as mentioned by ASX as these are the institutional investors mainly using the DMA system in Australia.


corporatefile.com.au

DMA trading is said to represent 40 percent of total market activity in the US and
UK versus only 5 to 7 percent in Australia. Why is the DMA market share in
Australia so low? Who are the main users of DMA in overseas markets?

MD & CEO Tony D’Aloisio
DMA trading is being driven by global investment banks. They have developed
extremely sophisticated DMA models in the home markets. These are now being
rolled out globally. Our challenge is to ensure that we have the appropriate pricing
model, options for connectivity and market structure to attract DMA business and
also provide great service to existing customers.

Algorithms are used by the full range of institutional investors: pension funds,
hedge funds and investment banks. Hedge Funds are also big in statistical
arbitrage. In our market, most DMA business comes from offshore.