RE:RE:APHA is Undervalued and manipulatedHevan,
Unfortunately you won't get anywhere with this. I had my back and forths with IROC around manipulation around the time or the short report. I compained how the algos from 6-8 houses all sell into the bid at the same second to manipulate the price and take out the bid when there is a large order sitting there, how does that happen?
Their answer:
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.
- 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 1/1000th 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.
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.
I found this statement the most interesting, that algos can invoke reactionary trading, meaning invoking others to sell together.
3. Please note, within this context is the widespread use of machine-based HFT/Algorithmic (ALGO) trading that may invoke reactionary trading that occur within very short timeframes. Regardless of the timeframe however, the orders entered by an ALGO trading system are subject to the same trading rules (UMIR) and requirements as orders which have been entered manually by a dealer or an investor.
There was way more info forwarded to me that I won't post here...Anyway good luck with it.