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IPO Quote-Only Period

In relation to an initial public offering (IPO), specifically an IPO cross, it is a period that precedes the release...

Halt Cross

An open and transparent process that aims to create a single price for halt resumptions (resumption of trading after a...

IPO Cross

In relation to an initial public offering (IPO), it is the first public trade/ transaction. It is a mechanism to...

Clean Cross

A trade (cross) that involves a trader's execution of buy and sell orders that exactly match a customer's buy and...

Clean Trade

A trade that involves a trader's execution of buy and sell orders that exactly match a customer's buy and sell...

Intra-Day Cross

A crossing network that only crosses block orders (institutional sized blocks, i.e., large institutional orders such as 10,000 shares). Retail...

Cross

A securities transaction that involves a broker acting, at the same time, as agent in both sides of the trade....

Mid-Quote Cross

A form of cross in which two counterparties (a buyer and a seller) get a mid-quote fill price from a...

Flash Order

An order (buy or sell order) that flashes (shows) information from an exchange about incoming flow a fraction of a...

Order Consolidation

The process of grouping large orders together rather than allocating these orders up front. In other words, it involves combining...