Today I found sign of machine trading on JMBAW, as I already mentioned,
JMBAW is warrant of JMBA, and previously it had huge ask/bid spread, the market liquidity of JMBAW was rather poor. However because of the close relationship between JMBA, JMBAW, there are opportunities for arbitragy. It seems now, some hedge funds found this one out and implemented the machine trading strategy to exploit the possible arbitragy.
It is good to us JMBAW holders, since it improved the large spread issue and the lack of market liquidity for JMBAW. I am graduatedly making money on it.