Third Market -
May 08 2013 03:38 PM
Many times institutional investors such as mutual funds, insurance companies etc will buy large chunks of shares directly from a member/dealer of the stock exchange. Such a transaction were an bulk stock transaction is happening between a member/dealer and a non-member outside of the stock exchange itself is called third market transactions.
Fourth Market -
When 2 institutional funds transact stock without any intermediate broker/dealer/member then it is called the fourth market transaction.