Anyone have an understanding as to why there are far fewer large orders in the specialists books than the past 2 years. Somehow volume is still pretty good by end of day. But all the prints are 100 to 2000 shares. Are these small orders arb trades that are bouncing back and forth? Or are institutions somehow breaking there orders into 500 share orders? Seems like they wised up. Are people simply not trading as much? I see alot more 300 share bids and offers than i used to. I used to see plenty of 5000 and 10000 bids and offers. I'm not talking so much about sp100 names but smaller stocks. Is this part of the reason why volatility dried up on most individual names? Or perhaps the orders dried up because the volatility dried up? I wouldn't think order size would be a function of volatility. But volatility definitely is a funciton of order size. Somebody out there smarter than myself tell me what happened. Not that we can do anything about it, but just want to understand what has happened.