A trade in which a brokerage is able to match clients' buy and sell orders precisely. This is beneficial for the brokerage as it means that it does not have to find more securities or sell from its own inventory in order to fill the orders. It is also called a clean cross.
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See clean trade.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.