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Finance Dictionary and Glossary of Investment Terms
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.
A transaction of a listed stock which is not completed on a national exchange, or a transaction of an over-the-counter stock. also called off the board.