Crossing network

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A crossing network is an electronic financial network for matching orders for execution without first routing the order to an exchange or market center (ATS, ECN, etc) where the order would be accessible for public viewing. Instead the order is flagged to other participants in the crossing network. The advantage of the crossing network is the ability to execute an order without impacting the public quote. However, since the crossing network executes without displaying information to the market, the network can only take available pricing.

Examples of crossing networks would be Liquidnet, Pipeline, ITG's Posit or Goldman Sachs' SIGMA X.

[edit] See also

• Dark pools of liquidity