Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-79

“Cross trades are controversial because they may undermine trust in the market. While some cross trades are technically legal, other market participants were not given the opportunity to interact with those orders. Market participants may have wanted to interact with one of those orders, but was not given the chance because the trade occurred off the exchange. Another concern is that a series of cross trades can be used to 'paint the tape,' a form of illegal market manipulation whereby market players attempt to influence the price of a security by buying and selling it among themselves to create the appearance of substantial trading activity.”