A more thorough explanation:

Definition: Off-board refers to securities transactions that occur outside of a major exchange, either over-the-counter or between private parties.

Example: If a company's stock is not listed on a major exchange like the New York Stock Exchange or NASDAQ, it may be traded off-board. This means that the transaction occurs directly between brokers or dealers, rather than through an organized exchange.

Explanation: Off-board transactions are not subject to the same regulations and oversight as those that occur on major exchanges. This can make them riskier for investors, as there is less transparency and information available about the securities being traded. However, off-board transactions can also offer more flexibility and potentially higher returns for those willing to take on the additional risk.