Interesting to watch the trading on thisstock.It is inter-listed on Canadian Tsx (NDN) and US NYSE (NDZ) andaction is controlled by a market making program that is in lock -steptogether. The bid and ask are being constantly shuffled, andartificially moved in the same direction on both exchanges.
Tocreate an illusion of liquidity and activity, most trades are crossedbetween the two market-makers which makes up about 80% of volume. Youcan see this on the times given for the trades
On Fri. (DEC 24)when TSX was open , and NYSE wasnt, there was a low volume of only2845 shares(TSX) which took the price down .29 , when not able totrade with the US market maker.
Has anyone noticed similaraction (manipulation) on other inter-listed stocks? I also would liketo Know more about these auto- shuffling market making programs ?
Im not sure of the motivation to support the price , unless both market makers are long a large number of shares.
Now it will be interesting to watch the US NDZ action when the TSX is closed tommorow ( Mon.) and Tues.
Cheers