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 ?
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.
BIRMINGHAM'S last remaining Respect Party councillor has crossed the floor to join the Labour group.
The investigation was sparked by a statement by former Nationals senator Bill O'Chee, who alleged that a News Ltd executive said he would be "taken care of" if he crossed the floor.
Mohammad Asghar, the AM who crossed the floor to join the Conservatives in the last Assembly, claimed he did so upon discovering that the party's ethos did not chime with his own passionate belief in the Royal Family and the United Kingdom.
John Bercow should have done the decent thing years ago, and crossed the floor to join his New Labour chums.
That the reason given is because they "crossed the floor voluntarily" does not hold water either.
'This was actually my idea,' said the former Tory who crossed the floor of the House of Commons to become a New Labour kingpin.
"Girls stood back-to-the wall as the boys crossed the floor, walked slowly up and down and assessed the selection on offer.
Durham County Councillor for Weardale John Shuttleworth said yesterday: "Stephen was a Liberal Democrat and he crossed the floor to become an independent.
Once a Koirala loyalist, Deuba crossed the floor to the rival Bhattarai camp of the NCP after he was hounded out of office in 1997.
As the MP for Newham North East, Reg Prentice as he then was, caused a political storm in 1977 when he left James Callaghan's Labour Party and crossed the floor of the Commons to join the Conservatives.
Lorely Burt (Lib Dem Solihull) accused Labour of stage-managing the defection of Simon Slater, a councillor who crossed the floor from the Lib Dems to Labour.