Fourth market trading is direct institution-to-institution trading without using the service of broker-dealers, thus avoiding both commissions, and the bid-ask spread. 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 ]


This article uses material from the Wikipedia article Fourth market, which is released under the Creative Commons Attribution-Share-Alike License 3.0.