No...that is not what I reckon. It is not so simple to make the...

No...that is not what I reckon. It is not so simple to make the distinction that you are trying to paint. Every transaction has a seller and a buyer....so the 460m CR shares, if flipped in May as I am assuming, is likely to have had a non-SI involved in the transaction. So 1.09b shares traded could still have all had a 'non-SI' involvement.

By the way....March total volumes were 639.3m and Feb were 549.2m, so it is hard to say what is a 'normal' volume month. April had 1.31b volume, but that was largely driven from AIM, suggesting the impact of their tax year and the Bed & ISA impetus. May was up for both hemispheres, hence the speculated churn of CR shares.

June had almost 2.2b shares traded, with a slight dis-proportionality towards ASX/Chi-X. IW2 travails being the obvious driver of volumes and our tax year perhaps being the driver of the slight dis-proportionality.

All IMO. You may be right too.