Business and Personal Finance Dictionary

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• LEPO
  
  In a normal market the bid is less than the ask, and the difference – the bid-ask spread – would be the market maker's profit on a round trip in the stock. In a crossed market, the bid price exceeds the ask (offer) price. In an OTC market one market maker may show the best bid and another the best offer, and these may cross. A crossed market cannot last, in equilibrium. A Low Exercise Price Option (q.v.) traded on the Australian Stock Exchange (q.v.) or SOFFEX (Switzerland). (Source: Australian Stock Exchange.)
  
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