A security that has been delisted by the NYSE or Nasdaq?

A security that has been delisted from the NYSE or Nasdaq can indeed still find a place in trading markets, particularly through platforms like the OTC Bulletin Board. When a security is delisted, it generally means that it no longer meets the exchange's listing requirements, but it does not equate to the complete abandonment of trading opportunities.

The OTC Bulletin Board is an electronic trading platform for securities that are not listed on major exchanges. It allows investors to trade delisted securities, although it typically involves different regulations and may have less visibility than traditional exchanges.

This aspect of trading provides liquidity and trading opportunities for investors interested in continuing transactions with such securities, even though they may face increased risks associated with lower regulatory oversight and potentially less available information about these investments.

The other options imply stricter restrictions or consequences, such as preventing any trading at all or rendering the security worthless, which does not accurately reflect the typical situations of delisted securities. Hence, recognizing that these securities can still be traded on the OTC market highlights the nuanced reality of financial markets.