A crossing network is an alternative trading system (ATS) that matches buy and sell orders electronically for execution without first routing the order to an exchange or other public displayed market such as an electronic communication network (ECN).
Such crossing networks are a type of dark pool that employ computerized systems to match buyers and sellers of large blocks of shares without using a stock exchange.
[2] These networks are often owned and operated by broker-dealers to match buyers and sellers of large blocks of shares.
[2] Crossing networks tend to be used for highly liquid stocks and offer money managers the advantages of very low commissions, anonymity for the buying or selling, and avoidance of market impact.
As of 2012[update], examples of crossing networks included Liquidnet, Pipeline Trading Systems, ITG POSIT and Goldman Sachs' SIGMA X.