@jrockway: I'm curious about this, do you have any links to texts you've read about this or is this from personal experience? In my experience there are all so

@jrockway: I'm curious about this, do you have any links to texts you've read about this or is this from personal experience? In my experience there are all sorts of reasons why different desks WANT to price things differently. When 2 internal desks cross markets, they trade with each other instead of the broad market. Its advantageous for both internal desks because if the order is crossed internally, they don't have to print on an exchange, they save transaction costs, and they can be incentivized to give internal desks better prices. Its important for them to be able to shift risk from desk to desk so they can properly attribute PnL to the right agent. edit: jrockway, just read further down that you said you work at a bank, where I'm assuming you had that experience. Ultimately the question is whether it is or should be the case that security XYZ should be considered to have the same price firm wide.