Thousands of companies do not list their stock on any exchange. These stocks make up the over-the-counter (OTC) market. The largest of these companies are traded on the Nasdaq Stock Market. Nasdaq stands for National Association of Securities Dealers Automated Quotation system. The member countries of the European Union (EU) have an equivalent market, called EASDAQ. Nasdaq is a shareholder in and provides operational advice to EASDAQ. Nasdaq and EASDAQ operate like exchanges, but instead of having central locations, their specialists are located at computer terminals all over the United States and Europe. Trades are carried out primarily online through computer networks. Companies that list their stock on Nasdaq and EASDAQ are generally smaller than those listed on centralized exchanges. However, some of the financial instruments of large high-tech corporations also trade in this market.
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