When converting tokens using the bancor liquidity network, your transaction hash will execute an array of internal transactions. Etherscan will display them in a list of token transfers, which we can easily explain:
The first step will be to transfer tokens (in this case ABX) from your wallet to the BancorNetwork contract. From this step, the BancorNetwork contract will manage all token transfers until you reach the destination token. At that stage, the BancorNetowork contract will transfer the destination token back to your wallet address (the wallet address initiated the convert with the initial transfer)
BancorNetwork contract transfer the ABX tokens to the ABXBNT token converter
ABXBNT tokens are transferred into the Bancor Network contract
BancorNetwork contract transfer ABXBNT tokens to the ABXBNT token converter
ABXBNT token converter transfer BNT back to the BancorNetowkr contract
BancorNetwork contract now transfer the BNT tokens to the BNT token converter
BNT token converter transfer in return ETH token to the BancorNetwork contract
BancorNetowkr contract now transfer the ETH tokens into the EtherToken contract which in return transfer ETH into the wallet of the user who initiated the convert