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Eric Stockland
Traders Magazine Online News

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In this blog from IEX, the exchange announces a first-of-its-kind fee that is designed to improve all trading, including the experience of displayed orders - the Signal Fee.

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April 1, 2000

Superblock Makes Trading History

By Staff Reports

The largest block trade on record, 925 million shares worth a whopping $5 billion, earned Goldman Sachs and Deutsche Bank a total of $50 million. Each share was sold for 349 pennies (U.K.)

The superblock', executed recently in London, occurred when Hong Kong conglomerate Hutchison Whampoa sold a third of its stake in U.K.-based Vodafone AirTouch Plc.

A large block is often executed overnight to help prevent an adverse price movement. The Vodafone superblock was completed in a regular early morning period. That was designed to garner widespread investor interest.

"As the pool of international capital expands, you're going to see more deals of this type," a pro who worked on the deal, told Investment Dealers Digest.