OFF-BOARD

Used for listed equity securities. Transacted away from a national securities exchange even though the stock itself is listed , such as on the N.Y.S.E. , and instead of on the O.T.C. market, a regional exchange , or in the third or fourth markets (between customers directly). After 9:30 a.m., if the stock has not opened due to the exchange's discretion, trading can occur elsewhere, but the trader must assume the role of a quasi- specialist in the process.