I've checked with DW and others about this.
From what I see, there is a methodical supression of share price being done by someone using predominanty Scotia Bank on the selling side. They seem to fill each uptick order in 500 share blocks within 6 to 12 seconds, and trade 500 share blocks every 1 to 2 monutes, using BMO, National Bank, and TD Canada trust on the buy side.
DW has contacted regulators about this in the past. It seems that enforcement is not very interested in protecting smaller companies.
This time it is bigger than before. the 3 month average number of trades per day was 60 or so. Even during the massive selling of September, with 4 million shares traded in two days, there were just 220 and 235 trades. But now we see 750 trades in three days for about 2.8 million shares. Scotia bank had 198 of the 220 trades in one day, making up over 81% of trades but only 7.5% of volume (thursday). Seems like manuipulation to me and others.
The patter is to sell off in 500 share bocks, returnign to a lower price every time anybuying pressure enters and is cleared. The exchange does not seem to be getting enough investor concern to be motivated to do anythign about this.
Perhaps more of us should call to enquire if this is normal / acceptable activity.
One can file a complaint with IIROC at hhtp://www.iiroc.ca/English/Pages/home.aspx stating that there appears to be a breach of teh Universal Market Integrity Rules on Manipulative and Deceptive Practices (Section 2.2(2))
QUOTE: A PARTICIPANT OR ACCESS PERSON SHALL NOT, DIRECTLY OR INDIRECTLY, ENTER AN ORDER OR EXECUTE A TRADE ON A MARKETPLACE IF THE PARTICIPANT OR ACCESS PERSON KNOWS OR OUGHT REASONABLY TO KNOW THAT THE ENTRY OF THE ORDER OR EXECUTION OF THE TRADE WILL CREATE OR COUDL REASONABLY BE EXPECTED TO CREATE: (a) A FALSE OR MISLEADING APPEARANCE OF TRADING ACTIVITY IN OR INTEREST IN THE PURCHASE OR SALE OF THE SECUIRTY; OR (b) AN ARTIFICIAL ASK PRICE, BID PRICE OR SALE PRICE FOR THE SECURITY OR A RELATED SECURITY.
I for one am concerned about this, as anything that supresses the share price performance hurst my investment materially.
SKELEG
