RE:RE:Still bullish?Group:
As per level 2 data, broker 039, which I believe is Merrill Lynch Canada has been placing buys and sells at one cent increments - typically five small orders both above and below the daily bid / ask price for over 3 months now.
There is someone at a desk there who has never missed this daily task. They usually do it just as the market opens and they clear their orders at the end of each trading day.
Note that TMX trading data reports do not show meaningful buy or sell volumes being completed by Merrill Canada, so it appears that they are not providing liquidity to the market in the role of a market maker.
It seems that the strategy is to keep the trading price within a tight range.
Does anyone have thoughts on why Merrill would be taking this approach?