ALLEN4 - "Speaking of level 2, you guys that have it, can you determine the character of the buyers and the sellers. In other words, are the buyers institutions/funds or retailers, and likewise what about the sellers? Maybe its impossible to know."
It's difficult to tell exactly whether it's institution or retail if the transaction volume is big like 1K, 2K, 5K, 10K (or above) shares..... But I would say if the transaction volume is 500 shares or less (like 200, 100) then it's most likely institutions doing that kind of trades..... That is just based on the commission costs..... retailers are not going to buy/sell 100, 200 or 500 shares at a time..... For that, I would say Credit Suisse is institutional buying so far in the last few weeks..... 500 shares at a time, nibbling away at the asks.