A crossing network that belongs to a broker/ dealer which also privately operates it. Examples include investment banks, brokerages, universal banks, etc. These firms commingle properietary flows with client flows captured by the sponsoring institution. Initially, they receive orders electronically, use algorithms to determine best ways of execution, in accordance with a client‘s objectives, and then pass the flow through an internal system for matching (crossing). Some networks match only client orders, while others also provide matching between external flows (client orders) and internal flows (house orders).
Exchanges
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