A transaction of a listed stock which is not completed on a national exchange,...

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.

The term for transactions of exchange-listed shares that are executed over-the-counter.

not eating the feast (might be going to a restaurant, or bringing one's own meal), but might be allowed space in the feast hall.

offer off-floor order