Series 24: Fourth Market

Taken from our Series 24 Online Guide

Fourth Market

The fourth market is a negotiated market where institutional investors trade listed securities without a broker-dealer. Institutional investors often choose the fourth market because they can get a better price on large orders than market makers can provide. It also allows them to avoid broker-dealer commissions. Institutional investors generally use Electronic Communications Networks (ECNs), which match buy and sell orders 24 hours a day.

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