Cross

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Cross

Securities transaction in which the same broker acts as agent for both sides of the trade; a legal practice only if the broker first offers the securities publicly at a price higher than the bid.

Cross

To match and execute two orders made to the same broker. Suppose a broker receives one order to buy 1,000 shares at $45 and another to sell 1,000 shares at $45. If he matches these two together, he is said to cross the orders. Crossing is subject to some regulation to prevent conflict of interest on the part of the broker.

cross

To match, by a single broker or dealer, a buy order and a sell order. For example, a floor broker may have an order to buy 500 shares of IBM at $120 and another order to sell 500 shares of IBM at the same price. Subject to certain rules, the floor broker may cross the order by matching the sell and the buy orders. Crossing of stock is common in large blocks.
References in periodicals archive ?
O'Chee was a member of a Senate committee involved in scrutinising the bill and was seen as a weak link in Coalition support for it as he had previously crossed the floor on other bills, defying his party in the process.
However Mr Marsden yesterday pointed out that Labour MPs had not called for the resignation of former Conservative MPs Alan Howarth, whorepresented Stratford on Avon, or Peter Temple-Morris, who represented Leominster, when they crossed the floor to Labour.
Cllr Knowles crossed the floor of the council chamber last Monday, following days of speculation about his future.
Coun Margaret Wells (Stockland Green) was ejected from the party after she moved away to Northumberland and Handsworth Wood Coun Arjan Singh crossed the floor to the Tories in October.
It's no wonder that Conservative MP Robert Jackson has crossed the floor to Labour.
He crossed the floor to Labour in 1995, criticising the Conservative Government's indifference to the plight of the poor.
Indeed, one of the ward's present members, Neil McEvoy, has already crossed the floor from Labour to Plaid, thus bringing the number of Plaid Cymru councillors in the Welsh capital to a grand total of two.
When he crossed the floor in 1995, former friends on the Tory benches described him as ``treacherous and batty'', compared him to Kim Philby and claimed he had suffered a mid-life crisis.
Cllr Ahmed and Mr Birdi caused a sensation last April when they crossed the floor of the council chamber to join the Tories after claiming Labour failed to understand the needs of ethnic minorities.
Aberdeen North MP Malcolm Savidge went up to him and shook his hand, while Tory Peter Bottomley crossed the floor of the house to pat him on the back.
Triumphantly he announced to the assembled press corps that independent Cllr Nadia Stewart had crossed the floor to the Lib-Dems.