Upstairs Trade

A trade of a listed security that occurs off of the floor of the exchange. An upstairs trade is essentially an over-the-counter trade for a listed security. Sometimes upstairs trades occur within a broker-dealer firm, with the broker-dealer acting as the agent for both parties. Some exchanges prohibit these trades.

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The line has gone on to be, without question, the all-time best selling brand in home for the upstairs trade. It set the business model for shop-in-shops, cross-category coordination and even wholesale structure for a generation of brands that have followed.

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In addition, for the subset of stocks with less restrictive crossing rules (eligible stocks), the authors find that a v ery high proportion of the upstairs trades are executed at prices near the quotes.