A transaction of a listed stock which is not completed on a national exchange,...

Used for listed equity securities. Transacted away from a national securities exchange even though the stock itself is listed, such as on the NYSE, and instead of on the OTC market, a regional exchange, or in the third or fourth markets (between customers directly). After 9:30 a.m., if the stock has not opened due to the exchange's discretion, trading can occur elsewhere, but the trader must assume the role of a quasi-specialist in the process.

The term for transactions of exchange-listed shares that are executed over-the-counter.

A stock that isn't bought or sold on a stock exchange, even though the company is listed on that exchange. Off-board transactions can occur over-the-counter, on a regional stock exchange, or directly between two parties.

This term may refer to transactions over-the-counter in unlisted securities or to transactions of listed shares that are not executed on a national securities exchange.

This expression may refer to transactions over-the-counter in unlisted securities or to transactions involving listed shares that were not executed on a national securities exchange.

Said of listed security transactions that are not executed on a national exchange, or of unlisted security transactions executed over-the-counter. See: Over The Counter; ThirdMarket