Friday, August 28, 2015 3:48:07 AM
ATM is at the market price, but it also means that all market mechanisms can be used that can be used by any broker-trader the way they can do it for normal common stock trades hence for retail share holder.
That includes pre-negotiated prices, buckets but also fills during the day with a price formation at the END OF THE DAY (in other words you are, say, buying and will only know your price at the end of the day, not based on YOUR average but based on the complete market day for that stock).
Since Market Maker may fill sell/buy orders by picking them of the book and taking, if needed DAYS to fill it -e.g. very large order - all kind of things are possible. This includes deals in which shares are passed and do NOT influence the PPS. As I posted before the levels are books and the books have entries and a broker picks (we say 'points-to') an entry to hit them and fill. The MM has the luxury that he can do something nobody else can, he can point & grab instead of point&hit and then NOBODY else can touch that entry any more. So he can P&G a 5Milj quote at the ASK and take 3 days to P&H bids to fill that quote size (eg. with a good till cancelled attribute on the quote).
That is NOTHING that isn't also available to all of us if your broker provides the tools to participate in such features. For instance if you set the AON (All or Nothing) the MM will normally grab the quote unless the size is to small in relation to current liquidity.
Furthermore the MM software allows to automate all that with parameters and many of these actions happen and are only supervised at a generic level. You understand that making market for PPHM or Google is not the same thing. And in modern exchanges, that incl. NASDAQ, there can be many market makers for a SAME stock. They are not allowed to inter communicate but they do using several technical methods. Before using codes (trade size, time, route, attributes) in Time & Sales was popular. That information is however been leaking to much. Doing the same in L2, but actually more in L3, by "fast winking" is the new method. I use that name but am not sure what the official name for that method is.
So you do understand that, but frankly it isn't anything we know for 100%, that PL is probably not sitting behind his terminal selling ATM shares. He would have to be fired if he did that in his position and given the amount PPHM raises. He normally would pass such orders on to brokers or specialized companies with special tools (that is software + high speed connections to the markets with turn-around times <8ms).
You can rest assured of one thing: None of the big block drops that we have seen the past days and that press the PPHM PPS down artificially will have been created by such company if PPHM is the client using these services for there ATM program. You have not the beginning of an idea what level of sophistication is present in those algo-trading black-boxes. That is of course unless PPHM would ask for it.
Peregrine Pharmaceuticals the Microsoft of Biotechnology! All In My Opinion. I am not advising anything, nor accusing anyone.
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