In the milieu of global financial markets, securities of various
types are often classified as either 'listed',
'unlisted' or 'quoted'. This classification is
usually based upon whether securities are traded on an exchange or
'over the counter' ("OTC") dependant on the legal
system in which they are traded. Financial market colloquialisms
such as 'listed, 'unlisted' and 'quoted' in
relation to securities in South Africa are, at times, incorrectly
used, often because these terms have been imported into
market-speak from legislatively different financial market
jurisdictions. Frequently, it seems, we import terms from more
developed markets - predominantly the UK. Importation of any of
these terms from the UK carries a specific danger as the terms
'listed, 'unlisted' and 'quoted' carry vastly
different meanings under the laws of the UK and South Africa. This
article therefore attempts to provide clarity as to the definitions
and uses of the terms 'listed', 'unlisted'
