"Not necessarily. Could quite easily be client orders.

I don't think paranoia helps."

I think you mean realism don't you? You can call it client orders or what ever you like, it is still a system whereby the sp is arranged outside of regular market orders and yet is allowed to stand as the market sp. It apparently permits a broker or set of brokers to buy/sell totally disengaged from the actual bid asks on the open market. Where money is concerned paranoia = past experience/reality.