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Finance Dictionary and Glossary of Investment Terms
Over-the-counter trading of listed securities among institutional investors and broker/dealers for their own accounts, rather than as agents for investors.
Exchange-listed securities trading in the OTC market.
Over-the-counter trading of exchange-listed securities among institutional investors and broker/dealers for their own accounts (not as agents for buyers and sellers). Stock exchange members or non-members may trade large blocks of stock off the floor to avoid the transaction's unsettling effect on the market, or avoid paying a commission on the sale. (See dealer market, fourth market, institutional investor, secondary market)
Trading by nonexchange-member brokers/dealers and institutional investors of exchange-listed stocks. In other words, the third market is exchange-listed securities trading in the OTC market.