Off-board

Off-board

Used for listed equity securities. Transacted away from a national securities exchange even though the stock itself is listed, such as on the NYSE, and instead of on the OTC market, a regional exchange, or in the third or fourth markets (between customers directly). After 9:30 a.m., if the stock has not opened due to the exchange's discretion, trading can occur elsewhere, but the trader must assume the role of a quasi-specialist in the process.

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Off-board. Transactions in New York Stock Exchange (NYSE) listed securities that aren't executed on a national exchange are known as off-board transactions.

Those trades may be handled through an electronic market, such as the Nasdaq Stock Market, through an electronic communications network (ECN), or internally at a brokerage firm. The term off-board derives from the fact that the NYSE is colloquially known as the Big Board.