Third market
Over-the-counter trading of exchange-listed securities
In finance, third market is the trading of exchange-listed securities in the over-the-counter (OTC) market. These trades allow institutional investors to trade blocks of securities directly, rather than through an exchange, providing liquidity and anonymity to buyers.[1]
Third market trading was pioneered in the 1960s by firms such as Jefferies & Company although today there are a number of brokerage firms focused on third market trading, and more recently dark pools.[2]
See also
- Primary market
- Secondary market
- Fourth market
- Private equity secondary market
- OTC Markets Group
References
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Financial markets
- Primary market
- Secondary market
- Third market
- Fourth market
- Common stock
- Golden share
- Preferred stock
- Restricted stock
- Tracking stock
- Exchange
- Over-the-counter (off-exchange)
- Alternative Trading System (ATS)
- Multilateral trading facility (MTF)
- Electronic communication network (ECN)
- Direct market access (DMA)
- Straight-through processing (STP)
- Dark pool (private exchange)
- Crossing network
- Liquidity aggregator
- Alpha
- Arbitrage pricing theory (APT)
- Beta
- Buffett indicator (Cap-to-GDP)
- Book value (BV)
- Capital asset pricing model (CAPM)
- Capital market line (CML)
- Dividend discount model (DDM)
- Dividend yield
- Earnings yield
- EV/EBITDA
- Fed model
- Net asset value (NAV)
- Security characteristic line
- Security market line (SML)
- T-model
and strategies
- Algorithmic trading
- Buy and hold
- Contrarian investing
- Dollar cost averaging
- Efficient-market hypothesis (EMH)
- Fundamental analysis
- Growth stock
- Market timing
- Modern portfolio theory (MPT)
- Momentum investing
- Mosaic theory
- Pairs trade
- Post-modern portfolio theory (PMPT)
- Random walk hypothesis (RMH)
- Sector rotation
- Style investing
- Swing trading
- Technical analysis
- Trend following
- Value averaging
- Value investing
- Bid–ask spread
- Block trade
- Cross listing
- Dividend
- Dual-listed company
- DuPont analysis
- Efficient frontier
- Financial law
- Flight-to-quality
- Government bond
- Greenspan put
- Haircut
- Initial public offering (IPO)
- Long
- Mandatory offer
- Margin
- Market anomaly
- Market capitalization
- Market depth
- Market manipulation
- Market trend
- Mean reversion
- Momentum
- Open outcry
- Order book
- Position
- Public float
- Public offering
- Rally
- Returns-based style analysis
- Reverse stock split
- Share repurchase
- Short selling
- Slippage
- Speculation
- Squeeze-out
- Stock dilution
- Stock exchange
- Stock market index
- Stock split
- Stock swap
- Trade
- Tender offer
- Uptick rule
- Volatility
- Voting interest
- Yield
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