Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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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.