very different tradition between the two.

是两个具有不同传统的交易所
I should say, the second market--I have to add that--

补充一点第二市场是纳斯达克国内市场
is the NASDAQ National Market

我不得不加上国内市场几个字
because NASDAQ is divided into two parts;

因为纳斯达克事实上被分为两部分
there's the national market.

第二市场指的是国内部分[纳斯达克全美市场]
The third market, so called third market, is NASDAQ small-cap;

所谓的第三市场则是纳斯达克小盘股部分
small-cap means companies whose capitalization is low.

小盘股指的是公司资本总额很小
Capitalization,

资本总额
remember, is the price per share times the number of shares,

是单位股票价格与股票总数的乘积
so it's the value of the whole company.

它就是公司的全部价值
The small caps are treated separately on NASDAQ.

小盘股在纳斯达克中是单独交易的
Then, there's the fourth market

第四市场