Avid Bioservices Inc (CDMO)

[Protector]

Stoxx, actually not.

It is an abuse of a loop-hole in the trading processing. Intraday trades may be zeroed out by brokers. BUY 1000 PPHM, Sell 1000 PPHM doesn't need share clearance only payment clearance.

In other words Delivery vs Payment with a delivery of ZERO.

The exempt rule for Market Makers shorting has been lobbied for EXTENSIVELY at the time. This exception is however needed is you must make market after the market.

In other words a kind of Paid Forward. MM fills you and then moves the price to close his position. So if he fills you at 10$ he will want to buy at 10$ or below (the commission is his profit, price difference is bonus).

So high demand in low liquidity moments results in little ups, then down again, little up, then down again and for high selling it is little down, then up-again, etc.

This blocks BIG moves in low liquidity and lets the market play in high demand but also slows down the moves. Overnight gaps are of no consequence for MM as they normally have all positions closed at the end of the day. Therefor stocks that bounce up/down overnight seldom can come back where they started in a short period of time.