Fourth market

Fourth market trading is direct institution-to-institution trading without using the service of broker-dealers, thus avoiding both commissions,^[1] and the bid–ask spread.^[2][3] Trades are usually done in blocks. It is impossible to estimate the volume of fourth market activity because trades are not subject to reporting requirements.^{[citation needed]} Studies have suggested that several million shares are traded per day.^{[citation needed]}

See also

• Primary market
• Secondary market
• Third market
• Dark pool