Thursday, November 30, 2017 5:30:50 PM
occasionally, you will see a "late" print of a trade that occurred during the market session and failed to print to the tape within the 10 second required period to report--it then prints AH at whatever price it executed at during the day...
usually, as is the case here, you have a MM working a sell order for a client---in this case VNDM is the MM...
besides the fee the client pays to have his shares deposited, VNDM typically charges a 1.5% fee on volume--the AH T-trade print nets the average weighted volume of the trades made during the session that comprised the order minus the MM's 1.5% commission...
in illiquid stocks, it sometimes is easy to see the trades during the day that make up the net T-trade print:
two examples:
1. couple days ago, there was a 130K T-trade @.0394
during the session there were trades of 55K and 75K @.04
the math: .04 x .985=.0394
2. today:
68K T-trade @ .037511 was the net leg of these 4 trades executed during the session:
18K @ .0382= $687.60
10K @ .04= $400.00
20K @ .0371= $742.00
20K @ .038= $760.00
avg weighted total:
68K @ .0380823 =$2589.60
T-trade:
68K @ .037511= $2550.748
the net math: .0380823 x .985=.037511
so, VNDM sells 68K today for his client and AH buys a 68K block from the client at a 1.5% discount making a $38.85 fee...
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