◆ Stacks
Glossary

large shareholding report

A first report is filed once a holding passes 5%, and a change report follows every time the stake moves by one percentage point or more. The deadline runs five business days from the day after the obligation arises, so the number that becomes public is always a book from some earlier date. It is the only channel through which the market learns who holds how much, and prices react to it, but when the obligation date and the filing date drift apart, a stake that is already gone can read like fresh buying.

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