Broker Research, page-24

I don't know Euroz and whether or not they have an insto trading desk or not but there is always widespread belief that its the insto buying and not clients from broker data.

Any trade I place shows up in broker data as an 'insto'. Some are simply client directed although in the case of Euroz I think they have clearly been instructing clients to buy IAM (as you have basically said yourself).

Regarding any possible CR.
I dont think any acquisition will require a CR as my understanding of the iam intentions is to acquire be relatively early stage software that iam perceive to be a potential threat and offers a big advance on where iam is at at that time and will keep them well in front of any potential competition.