Securities (usually equities) in companies that are not on an official stock-exchange list. They are therefore not required to satisfy the standards set for listing (see listed security). Unlisted securities are usually issued in relatively small companies and their shares usually carry a high degree of risk. In London, unlisted securities were traded on the Unlisted Securities Market (USM) until 1995, when it was replaced by the Alternative Investment Market. Other exchanges have similar markets.
Subjects: Financial Institutions and Services — Accounting.