Which statement regarding cross trades in continuous trading is correct?

The statement that all options are correct can be understood by evaluating the nuances of each individual statement concerning cross trades in continuous trading.

Cross trades are transactions where buyer and seller orders match without the orders being visible in the market's order book. The first statement indicates that cross trades are permissible as long as the parties involved had no knowledge of opposing orders that could be executed immediately. This means that if a trader enters a trade without any awareness of an equivalent order waiting within the market at that moment, it is permissible under certain circumstances, ensuring that the integrity of market order flow is maintained.

The second statement addresses the situation where a trader has knowledge of incoming orders that could directly conflict with the trade being initiated. It states that if a consistent and rule-compliant trade request has been made prior to this knowledge, then such awareness does not invalidate the trade. This acknowledges that trade requests must align with market protocols to ensure fair trading practices.

The last statement focuses on the timing of entering trades. It stipulates that there must be adherence to specific timing protocols for the trade request to be categorized as admissible. This ensures that there is not a timing advantage affecting the market dynamics, which would align with the overarching principles of maintaining market integrity.

Each of these points highlights