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FTSE / DOW YTD

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The Papers

Morning all

Hi,

I'm wondering if anyone has any advice on "coded trades". Small trades on illiquid stocks which can't possibly be real trades as the volumes are so low no-one would bother. I see them all the time.

A couple of examples from today.

CTO. A trade of 58 shares at 9:04:00. £48 of stock. It is my guess that this means one of the MM's wants to buy 5800 shares. But I'm not sure once it's been signalled what the purpose would be. It kind of matches the 3306+2332=5638 shares that have gone through this morning and would indicate someone wants to keep a flat book. There has been a known seller on this stock for the last three weeks selling at 81.2 is.
The timing of these small trades seems to follow other trades.

Another one.
PCF. Trade of 144 shares at 9:01:22. Tha'ts £58 of stock. No-one would bother (unless it's book squaring between MM and even then I don't think they would bother for that small an amount).

I could tell you but..... 😀

but the answer is really boring ?

I've often wondered the same thing - I guess some are covert and I've seen some tie in with dividend payment date - so probably reinvestment?

These levels are crucial for FTSE 100 to end summer lull