Crossings / Crosses / Special crosses / Block trades

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    Crosses are pre-agreed trades between institutions (via their brokers).

    The terms of the trade (number of shares and price) are agreed in advance and are traded instantaneously across the exchange (or via a dark pool).

    These trades do not usually appear in Level 1 or Level 2 depth data and cannot be traded against by other participants. The volume traded via crossings is usually included in daily volumes traded statistics published by the stock exchange, although this varies from exchange to exchange.

    Crosses are generally used by institutions to move large parcels of shares without adverse price movements arising from the trade, or having to accumulate the position using many trades at different prices across the open market.