Houmu Holdings Ltd (HOMU)

[mankind]

The term swap still escapes me. I believe it’s meant to describe a cross trade. A cross trade is normally initiated between institutions but retail can be all or part of one. Say we have an institution that the MM knows is long a few billion shares...
Now we have a large seller come into the market.. MM’s coverage salesperson would contact our large holder and offer them that large sell order first. In fact, if they didn’t, that MM might be out of a job soon. Now say institution says I’ll buy in the middle of spread, well then, you would have a cross between the parties and no price change.

What we witnessed was not a cross or a swap. It was a seller, that was crossed at different levels with MM’s retail order book. Now if you saw prints going up in the middle of the spread, then that would indicate the MM is positioning via price improvement and essentially risking $0.00005.

I mean if I sell 100 shares of xyz at the bid and it’s your bid then it’s a cross. If I reload with 10k shares at the market and it drops 5% filling old bids well yes I crossed with the buyers. But overall I was a seller and the stock is lower.

swap is something different? please explain?