Over-the-counter trading of listed securities among institutional investors and broker/dealers for their own accounts, rather than as agents for investors. see also fourth market, market, exchange, nonmember firm.
The buying and selling of exchange listed stocks in the over-the-counter market by non-exchange member brokers and institutional investors. See: Institutional Investor; Listed Security; Over The Counter
A market in the shares of smaller, unlisted companies, who do not want to go to the expense of a listing on the stock exchange, nor want the regulations of the USM. Effectively replaces the 'over the counter' market.