CIBC's 5000 share automatic ordersI noticed today that somebody at CIBC seems to have a sell order of 5,000 shares at 96 cents. As soon as it is filled, it is automatically replaced by another 5,000 share sell order at 96 cents. This happened 4 times. However, the CIBC seller sat for the morning staring at a buy order of more than 10000 shares at 95 cents and did not bite. For a penny ($100) he did not want to cash out.
How do you do this? How do you put in an order to sell a large number of shares but only show 5000 shares at a time in the market depth data, with no human intervention?
And why would you do this?
Also, what is the point of putting in a buy order for 11000 shares at 9 cents? This is now the lowest order in the market depth and has been there for a couple of weeks.