Aphria Inc. APHA

RE:RE:RE:Response from IROC about the 7 houses dumping together

[quietobserver]

Lol thanks. 

momo2point0 wrote: Kudo's to you for trying. However getting IROC or the Ontario Security Commision do there job you actually have more likely hood of getting hit by lightening twice. 

Thanks for giving it a go though.

momo

quietobserver wrote:  I donno this response from IROC didn't sit well with me so I have gone back with a scenario.
Thank you for your reply. I think the point is being missed. Lets take the TSX as one trading platform with these multiple houses trading thru it. Is it not believable that there are groups from these houses only trading on the TSX? That being said my point is there was no TSX trades on APHA for 1 minute 9 seconds or 69 seconds which is 69,000 timeslots in trading time, then all of a sudden within the next 1000 timeslots 7 different houses take out the bid. Seems very unlikely they would all sell within 1 second when they didn’t sell any in the 69 seconds preceding the event. Just hard to believe this wasn’t orchestrated as this happens way too often to be coincidental.

quietobserver wrote: My brokers shows trades to the second, IROC sees the trades to 1000 th of  a second.

Thank you for your email referencing the recent trading activity (Sept. 12/19) in Aphria Inc. (“APHA”:TSXV).
 
There appear to be a number of issues related to your observations.  Items 1 & 2 (below) relate to your data service provider and data display, whereas Item 3 relates to order type and features therein:
 

1. Market data feed access – it appears your data service provider limits your view to trades executed on the TSX exclusively.  There are other trades in APHA interspersed within the trades cited below which have occurred on other marketplaces.

 

2. Truncated time details/decimal provided – it appears the time displayed from your data feed is limited to a full second.  IIROC’s consolidated view shows all market entries/transactions  recorded to the 1/1000^th of a second.  Not all trades (shown in your table below) have occurred at 09:53:47 PT (12:53:47 ET) rather, there are a number of trades that have occurred between 09:53:47 and 09:53:48.

 

3. That said, and display issues aside, the greater part of your observations are attributed to orders marked as ‘Long Life Orders’ (LL) on the TSX.  What follows (below) is from the TMX Order Types & Functionality Guide (see attachment) Section 4.12, P. 34 which states:

 
 
4.12 Long Life Orders
 
The long life order type is designed to enhance the quality of execution by rewarding those willing to commit liquidity to the book for a minimum period of time.
 
Allocation Priority
Orders that are identified as Long Life will receive an allocation benefit within a price level. The allocation priority on TSX and TSXV will be Price/Broker/Long Life /Time.
 
Orders submitted by the same broker and identified as Long Life will receive priority over orders without this attribute from the same broker. Once all orders from the same broker have been exhausted, orders from other brokers at that price level will be allocated to, with Long Life orders receiving priority over others.
 
Durations
Long Life orders commit to a minimum resting time of one second in the order book, during which time the order cannot be modified or cancelled. If a cancel or order modification request is received for a Long Life order whose minimum resting time has not elapsed, that cancel or order modification request will be queued by the system. Once the minimum resting time has elapsed, the system will apply a random delay to the message prior to releasing the message to cancel or modify the Long Life order.
 
If a cancel or order modification request is received for a Long Life order whose minimum resting time has elapsed, the cancel or order modification request will incur the random delay before being processed.