What is behind our Galaxy's falling share price?, page-171

I find this part interesting from that UBS report:



It tells me that these insto's require more "certainty" for their calculations, and for that reason those who can (or are allowed to) foresee what will likely unfold better than them can get ahead of the game.

Sounds like they are waiting for JV deal confirmation and "official" start up.  
I am working on the assumption that that is already in the bag.

Reminds me of some of the comments by Marcus Padley in that piece he wrote about doing nothing.  They have rules to work within as brokers and traders.  Churn. Activity. Structured valuation tools.  Calculators. 

hmmm... perhaps they spin the story to suit those constraints of theirs (of course they do!)