Second Market
The second market is a negotiated market in mostly unlisted securities. Unlike the auction market, which is facilitated by a single market maker, the negotiated market is created by multiple market makers who post competing bid and ask prices over a computerized network. Orders are filled either automatically, with the computer matching the best quotes first, or by private negotiation.
The second market is composed of securities that trade on the Nasdaq stock exchange and securities that trade on over-the-counter (OTC) markets, such as the