NYSE Rule 76 – Crossing Orders
A crossing order is when a member firm receives an order to both buy and sell the same security at the same price. When this occurs, an NYSE member firm is not allowed to immediately cross the order within the firm; they must first offer the security to the public (by announcing it on the trading floor) at $.01 higher than the bid price. If the offer is not taken, then the member may fill the crossing order.
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