Crossing shares - It's pretty much trading shares outside the market. Consider them pre-arranged sells. Some times you see them on level 2, sometimes you don't. Here's a couple of examples.
An investor has 500,000 shares and has decided to sell all but 100,000. The current PPS is 2.00 and the volume typically is 50,000 shares a day. He knows if he hits the market with 400k shares he'll sell some at 2.00 but by the time he is done he might be selling them for 1.20. Maybe he averages 1.50 a share. Instead, he contacts IR and tells IR he wants to sell 400,000 shares. IR has been pushing the stock and has 3 investors looking for 500,000 shares. If the buyers hit the market with 500,000 shares they might start at 2.00 but when they are done they may drive the price to 2.50. IR arranges a sale between the seller and the buyers at $1.90. Everybody is happy.
or
A market maker is looking for a bunch of shares calls IR, IR is aware of a large seller and arranges the transaction.
or
IR sees a MM relentlessly on the ask and the stock is getting whacked. He's got an investor(s) looking for large positions. He contacts the market maker and they arrange the transaction(s).
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