Big John,
If you take a good look at the individual trades by date on the TSXV. The Data shows TD clearly trades to TD at an abnormal rate by any measuring stick. Although you're correct that TD has thousand of investors but other houses do as well. A while back I rejected the notion of wash trading or manipulation but I'm begining to eat crow here. I believe Legman's synopsis has some meat to it. Here are some very recent examples. SMF
Example 1 ~ Of the 284K shares traded Sept 6/13, 190K shares were TD to TD. Nearly 2/3 of the trading volume.
| Trades for C:UC on 20130906 - 11 trades displayed |
| Time ET |
Ex |
Price |
Change |
Volume |
Buyer |
Seller |
Markers |
| 11:12:18 |
V |
0.02 |
-0.005 |
47,000 |
7 TD Sec |
7 TD Sec |
K |
| 14:14:15 |
V |
0.02 |
-0.005 |
44,000 |
7 TD Sec |
7 TD Sec |
K |
| 11:12:18 |
V |
0.02 |
-0.005 |
43,000 |
7 TD Sec |
7 TD Sec |
K |
| 14:14:15 |
V |
0.02 |
-0.005 |
29,000 |
7 TD Sec |
7 TD Sec |
K |
| 14:14:15 |
V |
0.02 |
-0.005 |
26,000 |
7 TD Sec |
7 TD Sec |
K |
| 11:58:36 |
V |
0.025 |
|
25,000 |
2 RBC |
2 RBC |
K |
| 15:20:06 |
V |
0.025 |
|
25,000 |
85 Scotia |
85 Scotia |
K |
| 11:58:36 |
V |
0.025 |
|
21,000 |
2 RBC |
2 RBC |
K |
| 11:58:36 |
V |
0.025 |
|
12,000 |
2 RBC |
2 RBC |
K |
| 09:55:39 |
V |
0.02 |
-0.005 |
11,000 |
80 National Bank |
80 National Bank |
KL |
| 14:14:15 |
V |
0.02 |
-0.005 |
1,000 |
7 TD Sec |
7 TD Sec |
K |
|
Example 2 ~ The next trading day of the 303K shares traded, 223K were from TD to TD. Nearly 3/4 of the daily trading volume.
| Trades for C:UC on 20130909 - 9 trades displayed |
| Time ET |
Ex |
Price |
Change |
Volume |
Buyer |
Seller |
Markers |
| 15:10:09 |
V |
0.02 |
-0.005 |
100,000 |
7 TD Sec |
7 TD Sec |
K |
| 14:06:09 |
V |
0.02 |
-0.005 |
77,000 |
7 TD Sec |
7 TD Sec |
K |
| 09:30:00 |
V |
0.02 |
-0.005 |
30,000 |
1 Anonymous |
15 UBS |
KL |
| 10:43:45 |
V |
0.02 |
-0.005 |
26,000 |
7 TD Sec |
124 Questrade |
K |
| 14:06:09 |
V |
0.02 |
-0.005 |
23,000 |
7 TD Sec |
7 TD Sec |
K |
| 15:48:09 |
V |
0.02 |
-0.005 |
23,000 |
7 TD Sec |
7 TD Sec |
K |
| 15:55:37 |
V |
0.02 |
-0.005 |
10,000 |
80 National Bank |
1 Anonymous |
K |
| 09:30:00 |
V |
0.02 |
-0.005 |
8,000 |
7 TD Sec |
89 Raymond James |
KL |
| 09:30:00 |
V |
0.02 |
-0.005 |
6,000 |
7 TD Sec |
15 UBS |
KL |
|
|
Example 3 ~ The following day TD & Scotia were virtually the only sellers on the TSXV. 647K out of 647, 545 shares were sold by TD & Scotia.
| Trades for C:UC on 20130910 - 16 trades displayed |
| Time ET |
Ex |
Price |
Change |
Volume |
Buyer |
Seller |
Markers |
| 09:33:30 |
V |
0.02 |
|
229,000 |
80 National Bank |
7 TD Sec |
KL |
| 10:20:41 |
V |
0.015 |
-0.005 |
100,000 |
85 Scotia |
85 Scotia |
K |
| 10:20:41 |
V |
0.015 |
-0.005 |
64,000 |
85 Scotia |
85 Scotia |
K |
| 09:33:30 |
V |
0.02 |
|
31,000 |
58 Qtrade |
7 TD Sec |
K |
| 09:33:30 |
V |
0.02 |
|
30,000 |
2 RBC |
7 TD Sec |
K |
| 09:33:30 |
V |
0.02 |
|
30,000 |
58 Qtrade |
7 TD Sec |
K |
| 09:33:30 |
V |
0.02 |
|
25,000 |
59 PI |
7 TD Sec |
K |
| 10:11:44 |
V |
0.02 |
|
23,000 |
19 Desjardins |
7 TD Sec |
K |
| 10:20:41 |
V |
0.015 |
-0.005 |
23,000 |
85 Scotia |
85 Scotia |
K |
| 09:33:30 |
V |
0.02 |
|
22,000 |
2 RBC |
7 TD Sec |
K |
| 09:33:30 |
V |
0.02 |
|
13,000 |
2 RBC |
7 TD Sec |
K |
| 09:33:30 |
V |
0.02 |
|
9,000 |
58 Qtrade |
7 TD Sec |
K |
| 10:20:41 |
V |
0.015 |
-0.005 |
8,000 |
85 Scotia |
85 Scotia |
K |
| 10:50:00 |
V |
0.02 |
|
8,000 |
19 Desjardins |
7 TD Sec |
K |
| 10:09:56 |
V |
0.02 |
|
2,000 |
80 National Bank |
7 TD Sec |
K |
| 10:50:00 |
V |
0.02 |
|
575 |
19 Desjardins |
95 Wolverton |
K |
|
|
