Which of the following is a third-market trade?
A) 12,000 shares of PQ, a stock listed on the Philadelphia Stock Exchange are sold on the Chicago Stock Exchange floor.
B) 10,000 shares of LMNO, a stock listed on Nasdaq, are traded between two financial institutions via an electronic communications network (ECN).
C) 12,000 shares of XYZ, a stock listed on the New York Stock Exchange, are sold over the counter.
D) 10,000 shares of XYZ, a stock listed on the New York Stock Exchange, are sold on the Chicago Stock Exchange floor.
Answer: C) 12,000 shares of XYZ, a stock listed on the New York Stock Exchange, are sold over the counter.