A market whereby large institutional investors arrange purchases and sales of securities among themselves without the benefit of a broker or dealer is referred to as the:

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The fourth market is a market where large institutional investors trade securities directly with one another, without the involvement of a broker or dealer. This market is also known as the "upstairs market" or "off-exchange market". It is designed to facilitate large block trades and typically involves buying and selling of a large volume of securities outside of the public exchanges.

A Market Whereby Large Institutional Investors Arrange Purchases and Sales