Are the entities, that is the exact licensed entities no matter...

Are the entities, that is the exact licensed entities no matter who they might be a proxy for, algo trading directly on the ASX using the special privileges granted only to them - but not available to anyone else

(1) Doing it to make a profit?
(2) Doing it to make a loss?
(3) Or doing it for a charity?

My answer: (1) They are doing it to make a profit


One of the reasons traditional broker firms exist is to is to facilitate large institutional orders by crossings between the haves and have nots in a manner that brings a realistic average price to both parties - without the ugly (and fictional) display you suggest of just dumping a 500,000 unit order on the buy side.

Seeing that I answered your question directly, I hope you will return the courtesy by answering my question:

When investment institutions give stockbrokers orders to transact in, say 500,000 shares, what do those brokers do to complete the instruction if they are unable to cross that line of stock at the price directed by the institutional client?

(1) Cross the stock at a price that is different to the client's instruction?
(2) Advise the client that the broker cannot complete the order?
(3) Make use of an computer-driven algorithm to transact in the stock across the course of trade, at a price equal to VWAP, so as to not have any undue impact on the share price?
(4) Other