over-the-counter market; OTC market
A financial market where stocks are traded directly between parties, not through a centralized exchange. In Japan, this term historically referred to the JASDAQ market before its integration into the Tokyo Stock Exchange.
Stocks traded on the over-the-counter market often have lower liquidity compared to listed companies.
The former over-the-counter market has been integrated into the current Tokyo Stock Exchange Standard Market.
店頭市場 is a broader term for over-the-counter markets in general, while 店頭株市場 specifically refers to the stock (equity) OTC market.
上場市場 refers to a listed exchange market, contrasting with the OTC nature of 店頭株市場.
Compound of 店頭 (over-the-counter) + 株 (stock) + 市場 (market). A straightforward financial term with no obscure historical derivation.