By-pass tradingA lot of these trades by CIBC and TD are marked as by-pass trades. Anyone familiar with these and there purpose?
By-Pass Trade: Regulatory Trade – indicating the "hidden" or iceberg portion of the order was not satisfied. Depending on whether the trade was used to move the price down in accordance with UMIR, or the ByPass Cross was put up, it may or may not set the last sale price.