Over-The-Counter market (OTC)

The market for securities or derivatives created outside organised exchanges by dealers trading directly with one another, or their counterparties, by telephone, screen, telex or electronic network. A method of trading that does not involve a multilateral system. The options are generally tailored to meet customers´ specific requirements with no standardisation of exercise prices or expiry dates, as is the case with exchange traded options. Tradability is low or impossible.