Arrangement in which a party acquires the right but not the obligation to buy or sell a specified amount of a currency on a fixed date and at a fixed rate.
Used in the context of general equities. Create a crossed market by expressing a willingness to sell on the bid side of the market and buy on the offer side.
To create a crossed market. One overlaps the market when offers to buy a security at a price higher than the lowest offer or to sell at a price lower than the highest bid.