Nanex ~ 15-Jan-2013 ~ Whac-a-Mole Manipulation in VALV
Another case of Whac-a-Mole, also known as layering. An illegal, manipulation strategy
that will earn you a fine
(but only if you live in China).
Some of the charts below show trades (circles), and other charts show bids and offers
(triangles), color coded by exchange. Triangles pointing up are bids, and those pointing
down are asks. The dark shading in middle is the NBBO (National Best Bid/Offer): it
represents the highest bid and lowest offer among the 9 exchanges submitting quotes
in this stock. Two of the "exchanges" in the legend, NQNX and NTRF are trade reporting
facilities used by dark pools and internalizers to submit trade executions. Dark pools
and internalizers do not submit quotes - one reason they are called "dark".
See also this page for another manipulation pattern spotted
earlier the same day, or this
page for a collection of 50 charts of manipulative patterns.