(1) A security which has not been admitted to the Stock Exchange's Daily Official List. Usually the issuer will be an unlisted company, but not always; it is not uncommon for a company to apply for its Ordinary Shares to be listed but not its loan stocks, or vice versa. (2) A security traded on the USM.

A security not listed on one of the organized exchanges or auction markets.

a security that is traded over-the-counter and not listed on any exchange

Unrealized Profits