Stock or bond that has been accepted for trading by one of the organized and registered securities exchanges in the United States, which list more than 6,000 issues of securities of some 3,500 corporations. Generally, the advantages of being listed are that the exchanges provide (1) an orderly marketplace; (2) liquidity; (3) fair price determination; (4) accurate and continuous reporting on sales and quotations; (5) information on listed companies; and (6) strict regulations for the protection of security holders. Each exchange has its own listing requirements, those of the New York Stock Exchange being most stringent. Listed securities include stocks, bonds, convertible bonds, preferred stocks, warrants, rights, and options, although not all forms of securities are accepted on all exchanges. Unlisted securities are traded in the Over-The-Counter market. See also Listing Requirements; Stock Exchange.