Ann: Becoming a substantial holder, page-10

Someone has been closing a short position and then transferred control of their shares back to DB. At least that's the only way I can understand DB coming into possession of over 10 million shares on the 11th April, when on market volume was just over 50,000.

The alternative could be that someone had an option to short over 10,000,000 shares and that option expired, upon which the remaining options not converted into a short position were transferred to DB.

I'm not exactly sure when control of a share is transferred though, when the position is taken or when the option is purchased. I'm guessing when the option is purchased? Anyone?