Conditions that a firm must meet before the security, be it a stock, shares, or bonds, is officially quoted or listed for public trading on an organized stock exchange. Some of these conditions state the issuer’s (1) business experience in years, (2) earnings record, (3) total assets value, (4) shares outstanding, and (5) share market value. In the over-the-counter market in the US or in alternative investment markets in the UK. is where smaller firms unable to meet listing requirements, but meet the statutory requirements, sell their securities.