One characteristic of the fourth market that distinguishes it from the other three is

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The fourth market is characterized by direct trading between institutional investors without the involvement of brokers or exchanges. This distinguishes it from the first, second, and third markets, which all involve brokerages and either exchanges or over-the-counter markets. While electronic trading is common in the fourth market, the absence of brokers and exchanges is the defining characteristic.

One Characteristic of the Fourth Market That Distinguishes It from the Other