A trade of 100,000 shares of LOM Holdings on the Royal Gazette / Bermuda Stock Exchange last week was a crossing transaction, a device normally conducted by a single agent both buying and selling.

The BSX has been advised that the large volume trade in LOM's stock, which was made on the same day that 470,000 shares of Butterfield Bank were bought back by the bank, was a crossing transaction.

The two extremely high volume trades last Wednesday were made on day when a total of $28.5 million-worth of shares were exchanged and the Index reached an all-time record high of 5,188.66.

The LOM trade was made the day after the company's shares had reached their 52-week high of $3.50.

Lines Overseas Management informed the BSX that the big trade was a crossing transaction — commonly a situation in which a broker acts as agent on both the buying and selling side of a transaction.

In a statement the BSX said it had been advised that "the transaction was made as agent for LOM Securities (Bermuda) and LOM Securities (Bahamas), and although each of these entities was in turn acting as agent for separate customers, both (entities) customers have similar beneficiaries."