Orders for Vivendi Universal Have Been Entered on a Crossing

question 7

Essay

Orders for Vivendi Universal have been entered on a crossing network for European shares. There is one order from Participant A to buy 100,000 shares, one order from Participant B to buy 200,000 shares, and one order from Participant C to sell 80,000 shares. Assume that the orders were entered in that chronological order and that the network gives priority to the oldest orders. At the time specified for the crossing session, Vivendi Universal is transacted at 17.40 euros on Euronext in Paris, its primary market.
a. What trades would take place on the crossing network?
b. Assume now that all the orders are AON (all or nothing), meaning that the whole block has to be traded at the same price. What trades would take place?

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Definitions:

Physiological Signals

Biological data generated by the body, used to measure and assess bodily functions, such as heart rate, brain activity, and muscle movement.

Urinary System

The body's drainage system for removing wastes and extra water, including the kidneys, ureters, bladder, and urethra.

Ureters

Tubes that carry urine from the kidneys to the bladder.

Clean-Voided Urine

A method of collecting urine that helps in minimizing contamination from the external genitalia to ensure a sample is as sterile as possible.