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. Bloomberg Financial Dictionary
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The transaction was effected as an agency cross or a riskless principle trade between two member firms at the same price and on the same terms. London Stock Exchange Glossary
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cross cross [krɒs ǁ krɒːs] verb [transitive]
cross a cheque BANKING to draw two lines and write the words `account payee' on a cheque, showing that it can only be paid into a bank account of the person named on the cheque, and not exchanged for cash or paid into a different account; = ENDORSE
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In the US, a cross is where the broker acts for both the buyer and seller of a security in the same deal. This is also known as an agency cross or dual agency, or in the UK it is known as a put through. Cross can also refer to a practice, usually illegal, where the buy and sell orders for a stock are offset by a broker without being recorded as a trade on the exchange. The risk is that either the buyer or the seller will not receive the fair market price.
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cross UK US /krɒs/ verb [T]
► UK BANKING if you cross a cheque, you draw two lines across the middle of it to show that it must be paid into a bank account: »
a crossed cheque
Financial and business terms. 2012.