HOME

TheInfoList



OR:

In finance, third market is the trading of exchange-listed
securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
in the over-the-counter (OTC) market. These trades allow
institutional investors An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linke ...
to trade blocks of securities directly, rather than through an exchange, providing liquidity and anonymity to buyers. 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 pool In finance, a dark pool (also black pool) is a private forum (alternative trading system or ATS) for trading securities, derivatives, and other financial instruments.Boyd L. Jefferies Dies at 70; Headed Institutional Broker
New York Times, August 25, 2001


See also

* Primary market * Secondary market * Fourth market * Private equity secondary market * OTC Markets Group


References

Financial markets {{Econ-stub