here's a bit of a read, if you like that sort of thing.

as I understand it, it's an off-exchange rules exemption for a designated trade type that indicates an intentional internal cross at a pre-arranged price that disregards "interference" from better priced (or same-priced) orders, in order to move the price down.

it "bypasses" the established bid/ask, it doesn't have to take into account (it can "displace") visible liquidity.

imo, it and other ECN HFT tactics like it wreak havoc on market quality.

(TL;DR: it must be good to be King?)

GLAL,

R.