The trading systems for shares on the New Third Board

Shares on the New Third Board, the National Equities Exchange and Quotations, change hands under three principal trading systems: negotiated transfer, market-making transfer and auction transfer. This article takes the three systems in turn, setting out how each of them is to be understood as a matter of the trading rules, and then summarises the conditions that a trading participant must satisfy before it is admitted to the market. The piece is therefore an outline of the trading framework rather than an account of any particular transaction, and is meant as an introduction to the three systems.