Sorry my last reply was slightly incorrect. The NXXT code is for internal crossings by a broker which avoids the need for the broker to create the "old way" of setting up a market crossing. Previously for a broker to do an "off-market" crossing which is then reported to the market, the number and/or value of shares had to be above certain limits, these do not apply to NXXT trades. So what happens is, when the broker receives a matching order they amend the existing clients order and simply report the crossed trade. Ie: Comsec have a client order selling 1,000,000 ALT at 2.5c last in ASK stack. Comsec receive a buy order for 400,000 ALT @ 2.5c. Comsec amends the client sell order down to 600,000 and then reports the NXXT crossing for 400,000. The effect of this is that: Comsec's sell client has jumped the queue; If Comsec didnt do it as an NXXT the BID would have still traded but against another brokers sell client, so again I believe that this type of trade should be recorded as the last traded price. Clients of small brokers will miss out on being able to jump the queue as there is likelyhood that their broker will get matching orders that can be NXXT'd. Comsec/Etrade etc clients will get more opportunity's for NXXT's and be able to jump the queue in congested price points. Hope that all makes sense
ALT Price at posting:
2.5¢ Sentiment: LT Buy Disclosure: Held
