It is called a "Block Position" transaction, lets say you financed $50,000 to FBEC and in consideration they issued you 100 million free trading shares. Now you have an account with say Scottsdale Capital and have instructed them to sell the shares with corresponding volume. Typically VFIN shows up on the L2 displaying a 10,000 size on a triple 0 stock, as per FINRA Rule 6460 Block Positions will not show true size.
VFIN sells in smaller blocks to retail in an open position "Making a Market" at .0004 although you see 9,000,000 share blocks those blocks are likely a conglomerate of multiple trade transactions. For some reason VFIN likes to do 9 million blocks when selling a large block of shares. Now either later in the day or after close in a Form T transaction VFIN will do a "Net Trade" with a "Markdown" to pull out what they call a "Block Position Fee" it is 1.5% lower than the price sold to the market. This is the purchase of actual shares from the selling customer to cover the open market position sold through the day.
What you see on the consolidated tape is 5 separate transaction of 9 million shares sold at .0004 and a Net Trade of 45 million at .0003. Remember I said 1.5% of the price, the consolidated tape only shows the first 4 position after the decimal, however what is reported to FINRA is 6 places past decimal, the Net Trade price is actually .000394 as reported to FINRA.
So in this case VFIN sold to market at $18,000 and then created their arbitrage for their Block Position Fee of 1.5% and bought the shares from the selling customer at $17,730, netting $270 in fees for that transaction.
