What is a Cross Trade (XT)?

[mrWoodo]

Can someone please tell me what the XT's are, when looking at trades for the day ?

[Mouse]

Hi MrWoodo,

The ASX website has information on cross trades here http://www.asx.com.au/investor/education/basics/crossings.htm

cheers
Mouse

[mrWoodo]

Cheers Mouse ! The ASX site is a monster to wade through, I always have trouble in there.

[Mouse]

Hey Mr Woodo,

They have a search function on the site, up towards the top of the screen it says "Search ASX". :)

cheers
Mouse

[Broadside]

Can someone please tell me what the XT's are, when looking at trades for the day ?

In a nutshell the same broker is on both sides of the transaction...that is both buying and selling...perhaps because there are 2 different clients.

[sam76]

Do brokers have to tell the buyer that it is a cross trade?

It seems XT's could be a conflict of interest.

[spitrader1]

Do brokers have to tell the buyer that it is a cross trade?

It seems XT's could be a conflict of interest.
conflict of interest?? why??

a xt trade is simply when a broker has both the buyer and the seller. It can be either a pre-organised trade (as in one broker says to another broker i have 50T BHP to buy here is anyone a seller, they find a seller and they cross the stock) and then the operator puts the crossing through the market. The other one it can be is where a client of the firm is in the screen already buying stock and then the same firm gets a seller but for not the same volume as the buyer is looking for, thats when (if you worked on a trading floor) you would here the broker say to the operator "just hit the screen" ie, the seller trades to the buyer and whoever has more to work stays in the screen with the residual.

and no they dont have to tell the client is a cross trade, only if on the other side is the firms P book. Often they will though to see if the clients are ongoing sellers to try and get more business. XT's are what every broker looks for, getting the brokerage on both sides of the trade.

[sam76]

conflict of interest?? why??

a xt trade is simply when a broker has both the buyer and the seller. It can be either a pre-organised trade (as in one broker says to another broker i have 50T BHP to buy here is anyone a seller, they find a seller and they cross the stock) and then the operator puts the crossing through the market. The other one it can be is where a client of the firm is in the screen already buying stock and then the same firm gets a seller but for not the same volume as the buyer is looking for, thats when (if you worked on a trading floor) you would here the broker say to the operator "just hit the screen" ie, the seller trades to the buyer and whoever has more to work stays in the screen with the residual.

and no they dont have to tell the client is a cross trade, only if on the other side is the firms P book. Often they will though to see if the clients are ongoing sellers to try and get more business. XT's are what every broker looks for, getting the brokerage on both sides of the trade.

Cheers. I thought it might have been a bit "darker" than that.

ie: "I'll find some sucker small client to buy your falling shares big client, then you'll see how much I do for you and you'll spend more money with my firm"

[rozella]

Also we often see XT trades going through after the closing matchout. From time to time my online broker will ring me after the matchout (4:20pm/4;30pm) to say he has a buyer & do I still want to sell at my price in the que. I have not had this for some time now, so I suppose this still happens.

[aleckara]

Have to ask what is the difference between a XT trade and an XTOS trade?

I saw a massive one just then with this code on it and thought "never seen that before".

I'm aware that XT is a cross trade. Just don't know what OS would mean.

[bvbfan]

OS - Overseas

[doctorj]

This might help:

AM: ASX Match Facility Trade
BK: Buy Back
BP: Booking Purposes Only
BV: Book Value Switch
BW: Buy Write
CO: Standard Combination Trade
CT: Combination Trade
DR: Directed Reporting
EC: Exercise of Call
EF: Exercise Futures
EP: Exercise of Put
FM: Foreign Market Trade
LN: Loan
LR: Loan Return
PR: Prompt Re-booking
PS: Prompt Sale
PT: Put Through
ST: Stabilisation Trade
VW: Volume Weighted Average Price (VWAP) Trade
ON: Overnight
OS: Overseas
FD: Forward Delivery
OD: Overseas Delivery
OR: Overseas Resident
MI: Market Information
XT: Crossed Trade
SP: Block Special Sale (Special crossings where the consideration is greater than $1M)
SX: Special Sale Portfolio
SO: Other Special Sale (ie. Special Sales other than 'SP', 'SX' and 'SA')
SA: Special Crossing Sale to complete client order
IB: Index Replicating Special Crossing
ET: Exchange Traded Funds Special Trade
SH: Short

[steven1234]

What is stopping say someone accumalating shares for a take over through cross trades. eg broker tells a client that he has another client that is prepared to buy 1mil shares of XXX at $x on date. This will allow acumalation without the transparancy of accumalation.

[rossw]

steven, not sure what you mean?

crossing are not executed days in advance

[Trembling Hand]

What is stopping say someone accumalating shares for a take over through cross trades. eg broker tells a client that he has another client that is prepared to buy 1mil shares of XXX at $x on date. This will allow accumulation without the transparency of accumulation.

Happens every minute of the day. its called a call option :cool:

[yaot]

will share price increase or drop if a Cross Trade happen?

[Trembling Hand]

will share price increase or drop if a Cross Trade happen?

A cross is nothing special so you cannot take anything from it like your question is asking. Oh and you forgot to add 'do nothing'.

[roland]

Just had my first Cross Trade - odd thing is that I sold after the market close and at a higher price than the close :confused:

Doesn't seem to make a lot of sense to buy above the market price.

[mattryanshares]

Just been watch LYC and they were sitting at 2.00 and 2.01, yet a lucky few somehow bought them for 1.95??? Ill copy to trades not sure how it will come out??

10:59:59 AM 2.010 1,050 2,110.50 XT
10:59:26 AM 2.010 12,422 24,968.22
10:59:26 AM 2.010 2,000 4,020.00
10:59:26 AM 2.010 15,578 31,311.78
10:59:23 AM 1.995 40,707 81,210.47 XT 10:59:23 AM 2.000 11,051 22,102.00
10:59:23 AM 2.000 10,339 20,678.00
10:59:23 AM 2.000 5,893 11,786.00
10:59:22 AM 2.000 195 390.00
10:59:22 AM 2.000 22,866 45,732.00
10:59:22 AM 2.000 1,211 2,422.00
10:59:22 AM 2.000 195 390.00
10:59:22 AM 2.000 9,640 19,280.00
10:59:22 AM 2.000 15,360 30,720.00
10:59:22 AM 2.000 4,640 9,280.00
10:59:17 AM 1.995 1,800 3,591.00
10:59:10 AM 1.995 40,000 79,800.00 XT 10:59:08 AM 2.000 3,800 7,600.00
10:59:04 AM 2.000 20,546 41,092.00
10:59:04 AM 2.000 1,454 2,908.00

Oh o see my own mistake!!! I read it as 1.95 not 1.995!!!

Mods please delete this useless thread!!!

[nomore4s]

Just been watch LYC and they were sitting at 2.00 and 2.01, yet a lucky few somehow bought them for 1.95??? Ill copy to trades not sure how it will come out??

10:59:23 AM 1.995 40,707 81,210.47 XT 10:59:23 AM 2.000

Oh o see my own mistake!!! I read it as 1.95 not 1.995!!!

They are what is called a cross trade - notice the XT.
I have moved your post into this thread which has info on cross trades. Also check this link out for more info - http://www.investopedia.com/terms/c/crosstrade.asp

[skivvy]

Bit of a beginners question here, but I was wondering about a trade of S1 XT and how it differs to a cross trade of XT. Today NGE traded approx 110 million shares in three trades with the S1 XT suffix for each trade.

I was wondering how this many shares could be traded without pushing the SP through the roof as average volume is less than 1 million shares traded per day.

Thanks:confused: