Leitura do Dia - Stealth trading

Um artigo bem interessante sobre um tema estratégico em operações de mercado:

An analysis of trade-size clustering and its relation to stealth trading
Gordon J. Alexander, Mark A. Petersonb

Abstract
NYSE and Nasdaq trades increasingly cluster on multiples of 500, 1,000, and 5,000 shares. Such
clustering varies over time and across stocks, and tends to increase with the level of trading activity.
Furthermore, rounded trades tend to have more persistence both in occurrence and in trade
initiation. Finally, medium-sized rounded trades tend to have greater relative price impact than large
rounded trades. From these observations we surmise that trade-size clustering is consistent, at least in
part, with the actions of stealth traders who tend to use medium-sized rounded transactions in an
attempt to disguise their trades.