Nonlisted

Nonlisted is an adjective used in finance and business to describe assets, securities, or entities that are not registered or traded on a formal securities exchange. The term contrasts with listed instruments, which trade on exchanges such as the New York Stock Exchange or the London Stock Exchange. 'Nonlisted' thus signals a different trading venue and regulatory framework.

Nonlisted securities include private company shares, private placements, and certain debt instruments that are traded over-the-counter (OTC) or on alternative trading systems. They generally have lower liquidity and less transparent price discovery than listed securities because trades occur through dealers or negotiated private transactions rather than through centralized, transparent order books.

Regulation and disclosure for nonlisted assets vary by jurisdiction. They are often subject to exemptions from full registration, with investor qualifications or accredited-investor limitations. Disclosure standards tend to be lighter, with valuation relying on private financial data or comparable transactions rather than regulatory filings. Accessibility to nonlisted securities is typically greater for institutional investors.

In practice, nonlisted is widely used to describe privately held companies or investments not intended for public market listing. The term is common in private equity, venture capital, and OTC markets, and its precise meaning can differ by country or regulatory regime.