Block Trades

The block trade, explained.

A block trade is the purchase or sale of a large line of listed shares — too large to work through the order book without moving the price.

01 · The Instrument

Off the Book

Size, without moving the price.

The block is negotiated off the order book at an agreed price, then printed to the exchange under its block-trade rules. Discretion is preserved until the print, avoiding the price drift that working the line on-screen would cause.

02 · Our Role

Liquidity

We take risk on the line.

Black Haven Investments provides liquidity around the block: we can take all or part of the line onto our book, guarantee a price to the seller, and warehouse the position while it is placed or hedged.

03 · Disclosure

Thresholds

The thresholds, managed.

A substantial transfer often triggers large-holding disclosure in the country of listing. We manage the timing, wording and coordination of those communications around the trade.

04 · Execution

Step by step

How a block trade is executed.

—	Stage	What happens	Timing
01	Confidential enquiry	The line, the holding and the objective, shared through a secure channel.	Day one
02	Pricing the block	The line is sized and a price set against it; any discount to the last price reflects size and liquidity.	1–2 days
03	Execution & print	Worked off the open order book or negotiated, then printed to the exchange under its block-trade rules.	On the day
04	Settlement & disclosure	Settles on the standard cycle; any substantial-holding disclosure is sequenced and worded around the print.	T+1 / T+2

05 · FAQ

Block Trades

Frequently asked.

01How large a block can you handle?

It depends on the stock’s free float, volume and volatility. We assess each line and indicate a workable size and price range.

02Do you guarantee a price?

We can guarantee a price by taking the line onto our book, then warehouse and hedge the position.

03Can you combine a block with financing?

Yes. A block can be paired with a stock loan to the acquirer, the line serving immediately as collateral.

04How do you sell a block without moving the price?

By taking the line off the open order book — negotiating a block at an agreed price and printing it under the exchange’s block-trade rules — rather than feeding it into the market.

05Does a block trade have to be disclosed?

Often, yes. A substantial transfer can cross a local substantial-holding threshold and become notifiable; we sequence and word any disclosure around the print.

06How quickly can a block be executed?

It depends on the stock’s liquidity and the size of the line. Once mandated, many blocks are worked and printed within days; thinner lines are paced to limit market impact.

A block to trade?

Tell us the stock, the venue and the size, and we will come back with an execution approach.

Enquire