Series 24: Third Market

Taken from our Series 24 Online Guide

Third Market

The third market is a negotiated OTC market that trades listed securities. Any time a trader buys or sells an exchange-listed security over the counter, it is called “the third market.” This market provides significant competition for exchanges. Third market participants are typically broker-dealers who are trading for their own accounts or institutional investors. It is also called the Intermarket.

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