A trade of securities involving buy and sell orders for the same securities which are offset without recording the trade on the exchange. Pre-arranged cross trades are generally not permitted by most exchanges except in specific circumstances. For example, section 633(5) of the TSX Company Manual provides that a participating organization may distribute the whole of a control block sale to its own clients by means of a cross trade. Established crossing rules require that, prior to execution, all orders that are entered on any Canadian exchange at better prices than the price of the proposed cross trade must be filled in full. If the market is to be moved before execution of a cross trade, the responsible registered trader should be notified in advance.