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SAP Closeout

Published in Automated Trader Magazine Issue 14 Q3 2009

Matt Hergest, Head of Liquidity Strategies at Instinet Europe illustrates the use  of a multi venue algorithm that accesses the primary exchanges, MTFs and dark pools to sell a position in SAP.

The Scenario: It is early June, and a major European fund manager is looking to complete the disposal of a holding in SAP. The core of this holding was acquired in late December 2008, with an additional position bought in early March 2009. Average price paid for the entire holding of 1,279,815 shares was €24.67. The bulk of the position (977,467 shares) has already been disposed of at (or near) two recent SAP market peaks on April 27th and May 19th for

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