Used for listed equity securities. Transacted away from a national securities
exchange even though the
stock itself is
listed, such as on the
N.Y.S.E., and instead of on the
O.T.C. 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.
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