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Third Market
Source:
Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order
it here)
The
dealer market in large blocks that developed off the board in listed stocks,
as the result of the growing institutionalization of the security markets.
The third market, however, a dealer market, has been adversely
affected by development of the fourth market, providing for direct electronic
communication among institutions buying and selling large blocks.
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