| Shares (usually in small companies) that are not listed on a recognised investment exchange. A number of unlisted securities were traded in the UK between 1980 and 1996 on the Unlisted Securities Market (USM). The USM was replaced by the Alternative Investment Market (AIM), and several other markets in the UK and elsewhere have been established that have less onerous listing requirements than main markets. The market for unlisted securities is normally less liquid as deals are negotiated between brokers and bid-offer spreads are wider.
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