PORTAL Market, Also referred to as PORTAL.
The PORTAL Market is a fully electronic, web-based closed trading system operated by NASDAQ. It facilitates the designation, negotiation and trading of unregistered equity, derivative and debt securities eligible to be resold under Rule 144A. Historically, the PORTAL security designation was important because it allowed for book entry clearing and settlement through the Depository Trust Company (DTC) As of 2009, DTC no longer requires a Rule 144A security to be PORTAL-designated for DTC eligibility. However, the liquidity of a PORTAL-designated Rule 144A security remains important for market participants.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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