单选题 The direct exchange of securities between investors without using an intermediary or the services of a broker occurs in which of the following markets?

A、

A. The third market.
B、

B. The fourth market.
C、

C. The over-the-counter market.

【正确答案】 B

【答案解析】This is the definition of the Fourth Market. Recall that the Third Market is where non-member investment firms can make markets in and trade registered securities without going through the exchange.