The Great TNCP Hunt


4 December 2018

The arrival of strange after hours trades has been going on for the last month or so. Typically these arrive just after 5pm and are marked on the London Stock Exchange website with the unusual flags 'TNCP' and 'SINT', eg:-

Apparently 'TNCP' means "Non Price Contribution to Discovery" and 'SINT' is a SI trade when SI is defined as an "investment firm which, on an organised, frequent, systematic and substantial basis, deals on its own account by executing client orders outside [a trading venue]." According to 1onic in layman's terms, it's any firm that matches and fills a significant number of client orders internally.

The question is, as ever, what does it all mean ?

These trades have been arriving since the 7th November as tabulated below:-

When graphed we see just how stable the quantities are, except for a strange aberration on the 30th November, and oh yes, when the complete pair does not seem to be present (though admittedly that may have been due to lack attentiveness to the TNCP trades, which were only recently picked up on).

4th Dec 2018

TNCP Trade for today seems a completely scale to all previous days since the, and only a single trade. Perhaps this is a sign of new behaviour.

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