ICE Rule 8A.08 Crossed Trades
Neurensic
ICE states that Cross Trades Rule 8A.08 places restrictions and requirements on situations in which a trader may enter orders for different beneficial owners that will trade against each other (“crossing orders”). In most situations, the Rules require the inclusion of a time delay between the entry of the buy and sell orders. Orders which are immediately executable against each other do not require this time delay, provided they are entered immediately. If the orders are not immediately entered, then
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CME Rule 533. Simultaneous Buy and Sell Orders for Different Beneficial Owners (crossing)
Neurensic
A member who is in possession of both buy and sell orders for different beneficial owners for the same product and expiration month, and, for a put or call option, the same strike price, may execute such orders for and directly between such beneficial owners provided that in pit trading, a member executing such orders shall first bid and offer by open outcry three times at the same price, stating the number of contracts, and, thereafter, if neither the bid
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Cross Trade Detection
Neurensic
Crossing A cross trade is the purchase and sale by a broker of the same security for two clients. Futures exchange have crossing rules that mandate a delay between the entry of the buy and the sell to ensure that the buyer and seller receive a fair price. This delay allows time for other market participants to come in and trade at potentially better prices. The Neurensic Cross Trade Detection model identifies buys and sells placed at the same time
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