Hi bazooka...it is a bit strange to have that kind of size go off on the PSE after market, particular within the bid/ask strange. My guess is that some block buyer arranged during the session a trade with a block seller. They either did the whole piece (that is crossed it at that bid price) or one of the parties worked the trade and then took the other side in one shot after having done the other side throughout the session...the point being, they did it on the PSE most likely as it was cheaper to do the trade there. 198k is a lot of stock, you want it going through someone..you dont want to do it OTC..they may not have been allowed to do it OTC as some trades cannot be done away if you are a member etc. They do it on the PSE to minimize floor brokerage expense..if they can do it for 1/4 cent or 1/2 cent rather than 1 1/2 pennies or so on the NYSE, its ahuge savings.
We have about 6 systems for listed stocks, two or three different ways , routes, etc. of getting to superdot, and about 3 that get us into various third markets for listed. Third markets can offer incredible executions but you dont want to get stuck with one or the other. SOmetimes you would rather go third market and get an immediate fill if the odds are you cant get inbetween on nYSE. NYSE, if we went fastest route, might get inbetween a 8 x 8 3/16 spread, even on a market order (where a third market route usually wont), but its slower. 8 x 8 1/16, 2000x20 not lot of room there, better off with immediate third market which is fast and might expand the liquidity by several multiples.
We also have phone based trading to the floor brokers, the 2buck brokers, for certain orders, particularly less liquid, wide spread, larger piece orders.
About 7 ways.
Regards,
Steve@yamner.com
yamner.com |
