understand that any NR entity can hire another NR

understand that any NR entity can hire another NR entity for cause and sometimes effect

on IPIX one aspect worth noting imo .. is at the heyday of the *hand off* in 2015
IPIX (CTIX) had approximately 25 MMs and ECNs *reporting* to Finra

last month's efforts .. there were 8 .. with the merry trio of manipulation
handling 85.77% of April's *volume of 8,643,366

range for last 8 months runs between 8 and 12 MMs/ECNs .. reporting

PAUL who was introduced a couple of months ago .. (imo a decoy)
was 5th out of 8th reporting with 5.18% in total .. the last 3 reporting
collectively did less than 2%

https://otce.finra.org/otce/marketStatistics/...hareVolume

there are only 3 MMs that matter re: IPIX for the last several years

CDEL/ETRF & NITE

note the appearance and timing of decoys and where positioned on l2

as i've noted .. 2 were recently introduced on IPIX (CFGN/ASCM)
several other *decoys* were activated for last week's setup

sadly due to *transparency* issues (sort of like settlement issues)
retail has to wait to see which .. of those activated and utilized .. report for May 2019
via MM Monthly .. which will be out next month around 6.7 or 6.10

4kids

To me it looks like the pattern changed when Aspire left us and the MFO came.

I’m still wondering how a company like IPIX converts shares to the open market. Do they go through an organization like Nite? If so, doesn’t it seem as though they would have the inside track before retail and position accordingly to gobble up what they know is coming before we do?