Submission declined on 14 July 2025 by AirshipJungleman29 (talk).

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Declined by AirshipJungleman29 10 days ago. Last edited by AirshipJungleman29 10 days ago.

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Over-the-counter trading

Over-the-counter (OTC) trading refers to the process of trading financial instruments directly between two parties, without the use of a formal exchange. OTC markets are used for a wide range of assets, including stocks, debt instruments, derivatives, and digital assets.

Overview

In OTC trading, buyers and sellers negotiate terms privately, often with the assistance of intermediaries such as brokers or dealers. This allows for greater flexibility in pricing, execution, and settlement compared to exchange-based trading. OTC trading is commonly used for large or bespoke transactions that may not be easily executed on public markets.

Markets and instruments

OTC trading occurs across a number of asset classes:

Equities: Securities of smaller companies not listed on major exchanges.

Fixed income: Bonds and other debt instruments, including structured products.

Derivatives: Contracts such as forwards, options, and swaps tailored to the needs of specific counterparties.

Digital assets: Cryptocurrencies and tokens are often traded OTC, especially in large volumes.

Characteristics

Key features of OTC trading include:

Lack of centralised pricing: Prices are negotiated individually, which can result in varying quotes for the same instrument.

Counterparty risk: Because trades do not settle through a central clearinghouse, there is a higher reliance on the creditworthiness of the counterparties.

Customisation: OTC contracts can be tailored in size, structure, and terms.

Regulation

OTC trading is regulated differently depending on the jurisdiction and the type of instrument:

In the United States, certain OTC instruments fall under the oversight of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).

In the European Union, OTC derivatives are subject to reporting and clearing obligations under EMIR (European Market Infrastructure Regulation).

Financial institutions facilitating OTC trades may be subject to licensing, reporting, and capital requirements.

References

External links

Investopedia – Over-the-Counter Market

Bank for International Settlements – OTC Derivatives Statistics

European Securities and Markets Authority – EMIR Guidelines

Draft:OTC Trading