[Neil]

Thanks, yes I thought MTS were the ones, when I read the explanation above it seemed to suggest MTS don’t move price and then concluded that they were the target, I got confused. The important thing I take from all this is that SME FX volume data is very different to my retail volumes on Tradovate or FXCM. You just can’t see these volumes on normal data feeds. Is this correct?

I agree that stops do seem to get swept up in the course of price moving and not necessarily the primary target. I see price moving to fill in voids in volume, however these places are exactly where stops are placed also, because they are above/below previous price turns.