The market for securities not quoted on the major exchanges, often those of small- and medium-sized companies. Unlisted securities market is the British term, since 1980, for the market in stocks of smaller companies; over-the-counter market is the term used in the U.S. (the system is operated under the National Association of Securities Dealers Automated Quotation (NASDAQ) system) and Japan (the OTC Market Automated Quotation System is used); third market is the U.S. term used to describe the over the-counter market in exchange-listed securities; marché des valeurs mobilières non inscrites à la cote officielle is the official name and second marchéthe common term used in France for the unlisted securities market for small- and medium sized companies, since 1983, while marché hors cote is the name used for the general over-the-counter market for all companies.