Every Market Maker in BTK options and all the firms who have positions in those options and use the BTK basket of stocks as the hedge all have to rebalance their baskets on today’s closing price to avoid any slippage. Many of them will go ahead and do it leading into the close rather than pile on the closing print but they all have to do it to keep their baskets balanced. If their baskets are not balanced correctly they will not be allowed to have risk based margins on their BTK options portfolio and they will then be margined on the options and all of the stock they hold separately.
Don’t be surprised if SQNM has a pop on Monday since all those MM’s and firms who had to hold it as part of their long BTK baskets have finished selling. Of course now the average daily volume will be lower since you won’t have the BTK options guys being forced to trade SQNM as part of their basket hedge to the options.
Who are you asking this, because its kind a of rude statement ( you last line ). corporatecallgirl just pointed out how much shares got "traded" at one moment. This is the first time, that we had this big changeover. Nothing wrong with being amazed of seeing that big spike.