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 ?
When it comes to members crossing the floor to become Ministers as in the case of David Emerson in 2006, Belinda Stronach in 2005 and Jack Horner in 1977 maybe it is time to revert, in part, to the law that existed from the time of confederation to 1931.
showed little interest in investigating the economic risks of the takeover mania; on the contrary, Shad professed faith in the unfettered flow of capital, which he was convinced would lead to the "millennium." Shad, a man so in love with the gambling spirit that it is said he would bet on two cockroaches crossing the floor, promises to lead Drexel into the currently fashionable area of "merchant banking." Instead of merely financing other people's takeovers, Drexel will invest its own money in deals.
As the Prime Minister was desperately trying to fight off a Tory revolt last night his task became even more difficult after former minister Phillip Lee dramatically defected to the Liberal Democrats, crossing the floor of the Commons as Mr Johnson delivered a statement to MPs.
It is unclear as to what action could possibly be taken against the PTI MPAs for crossing the floor. However, it is believed that show cause notices could be served on them first, the sources said.
IF, AS Paul Fulford suggests (Mail, May 11) MPs were like football fans, we wouldn't have MPs crossing the floor or doing deals, because when you support a football team, you are stuck with it for life.