Agency Cross

Agency Cross

A transaction on an exchange in which one person serves as broker to both the buyer and the seller. This occurs when a broker receives opposite orders for the exact same security in the exact same quantity. When this occurs the broker must still go on to the floor of the exchange and announce the trade and wait for a better offer before executing the orders. Agency crosses are regulated like this to ensure that the broker does not favor one customer over another.
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Bangor, Maine-based independent agency Cross Insurance said it has appointed Abram Treadwell account executive of personal lines and Sean Doyle account executive of commercial lines.
Bulgarian Jews in Israel have expressed their support for the ongoing anti-government protesters in Bulgaria, demanding the resignation of the Socialist-led cabinet of Plamen Oresharski.A protest declaration and a list of signatures against the Bulgarian government will be submitted in the Bulgarian Embassy in the Israeli city Tel Aviv, announced the Bulgarian news agency CROSS.Flags and posters signed with aWe are with youa and aResignation for Oresharskia were waved on the square by the protesting Bulgarian Jews in Israel.
According to the SEC, Shaw carried out a "more than eight-year best execution fraud" by manipulating time delays in systems for executing and reporting agency cross trades on a regional US exchange to the advantage of hedge funds clients and at the expense of accounts belonging to employee stock purchase plans, employee stock option plans, direct purchase and sale plans and other similar plans.
The news was reported Saturday by the online news agency Cross.bg, citing the newspaper "Vseki Den" (Every Day).
LAKKI MARWAT -- The number of internally displaced families of North Waziristan Agency crossed the figure of 200 in the district and the local police tightened security keeping in view the influx of fleeing tribal people.
CESR presented extra technical advice to the European Commission last week related to the MiFID review, which recommended standardised flags for seven trade types: benchmark trades; agency crosses; give-up/give-in trades; dark trades; technical trades; ex/cum dividend trades; and negotiated trades.
FINRA found that a system configuration error caused Merrill Lynch to, among other things, inaccurately report millions of trades to a FINRA Trade Reporting Facility in which purchases were reported as principal sales and agency crosses. Merrill Lynch also reported millions of trades it was not required to report.
It also suggested specific flags that should be used to identify types of trade, including benchmark trades, agency crosses, give-up/give-in trades, dark trades and negotiated trades.
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