Securities that are not listed on any of the traditional exchanges trade over the counter or on the NASDAQ. NASDAQ stands for National Association of Securities Dealers Automated Quotation System. It is the inter-dealer network of computers and phone lines that allows securities to be traded between broker dealers. NASDAQ is not an auction market but has been granted exchange status by the SEC. The NASDAQ is a negotiated market. One broker dealer negotiates a price directly with another broker dealer. None of the other interested parties for that particular security have any idea of the terms that are being proposed. The broker dealers may communicate over their NASDAQ workstations or can speak directly to one another over the phone. The normal business hours for the NASDAQ market are from 9:30 AM to 4:00 PM EST

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