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class="link__wrapper">Advanced Concepts</span></a></li></ul> <header id="article-header_1-0" class="comp article-header mntl-block right-rail__offset js-toc-appear"><h1 id="article-heading_1-0" class="comp article-heading mntl-text-block">OTC Options: Difference From Standard Options, Risks</h1> <div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div> <div id="article-meta_1-0" class="comp article-meta mntl-block" data-tracking-container="true"><div id="finance-bylines_1-0" class="comp finance-bylines mntl-bylines"><div id="mntl-bylines__group_1-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--author"><div id="mntl-bylines__item_1-0" class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"> <span class="mntl-attribution__item-descriptor">By</span> <a href="https://www.investopedia.com/akhilesh-ganti-4590113" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="0" >Akhilesh Ganti</a> </div> <div class="mntl-attribution__item-date">Updated May 25, 2022</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <a href="https://www.investopedia.com/charles-potters-4942512" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="0" >Charles Potters</a> </div></div> <div id="mntl-bylines__group_3-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--fact_checker"><div id="mntl-bylines__item_3-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use 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id="toc-what-are-otc-options"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What are OTC Options? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> OTC options are <a href="https://www.investopedia.com/terms/e/exoticoption.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">exotic options</a> that trade in the <a href="https://www.investopedia.com/terms/o/over-the-countermarket.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2" rel="noopener noreferrer">over-the-counter market</a> rather than on a formal exchange like <a href="https://www.investopedia.com/terms/e/exchangetradedoption.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3" rel="noopener noreferrer">exchange traded option</a> contracts. </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>OTC options are exotic options that trade in the over-the-counter market rather than on a formal exchange like exchange traded option contracts.</li><li>OTC options are the result of a private transaction between the buyer and the seller.</li><li>OTC option strike prices and expiration dates are not standardized, which allows participants to define their own terms, and there is no secondary market.</li></ul></div></div></div> <span class="heading-toc" id="toc-understanding-otc-options"></span><h2 id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Understanding OTC Options </span> </h2> <p id="mntl-sc-block_7-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Investors turn to OTC options when the <a href="https://www.investopedia.com/terms/e/exchangetradedoption.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">listed options</a> do not quite meet their needs. The flexibility of these options is attractive to many investors. There is no standardization of strike prices and expiration dates, so participants essentially define their own terms and there is no <a href="https://www.investopedia.com/terms/s/secondarymarket.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2" rel="noopener noreferrer">secondary market</a>. As with other OTC markets, these options transact directly between buyer and seller. However, <a href="https://www.investopedia.com/terms/b/broker.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3" rel="noopener noreferrer">brokers</a> and <a href="https://www.investopedia.com/terms/m/marketmaker.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="4" rel="noopener noreferrer">market makers</a> participating in OTC option markets are usually regulated by some government agency, like <a href="https://www.investopedia.com/terms/f/finra.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="5" rel="noopener noreferrer">FINRA</a> in the U.S.<span class="ql-inline-citation" data-cite="2"></span><span class="ql-inline-citation" data-cite="1"></span> </p> <div id="mntl-sc-block_8-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_9-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> With OTC options, both hedgers and <a href="https://www.investopedia.com/terms/s/speculator.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">speculators</a> avoid the restrictions placed on listed options by their respective exchanges. This flexibility allows participants to achieve their desired position more precisely and cost-effectively.<span class="ql-inline-citation" data-cite="2"></span> </p> <div id="mntl-sc-block_10-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_11-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Aside from the trading venue, OTC options differ from listed options because they are the result of a private transaction between the buyer and the seller. On an exchange, options must clear through the <a href="https://www.investopedia.com/terms/c/clearinghouse.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">clearing house</a>. This clearing house step essentially places the exchange as the middleman. The market also sets specific terms for <a href="https://www.investopedia.com/terms/s/strikeprice.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2" rel="noopener noreferrer">strike prices</a>, such as every five points, and <a href="https://www.investopedia.com/terms/e/expirationdate.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3" rel="noopener noreferrer">expiration dates</a>, such as on a particular day of each month.<span class="ql-inline-citation" data-cite="2"></span> </p> <div id="mntl-sc-block_12-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_13-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Because buyers and seller deal directly with each other for OTC options, they can set the combination of strike and expiration to meet their individual needs. While not typical, terms may include almost any condition, including some from outside the realm of regular trading and markets. There are no <a href="https://www.investopedia.com/terms/d/disclosure.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">disclosure requirements</a>, which represents a risk that counterparties will not fulfill their obligations under the options contract. Also, these trades do not enjoy the same protection given by an <a href="https://www.investopedia.com/terms/e/exchange.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2" rel="noopener noreferrer">exchange</a> or clearing house.<span class="ql-inline-citation" data-cite="2"></span> </p> <div id="mntl-sc-block_14-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_15-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Finally, since there is no <a href="https://www.investopedia.com/terms/s/secondarymarket.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">secondary market</a>, the only way to close an OTC options position is to create an <a href="https://www.investopedia.com/terms/o/offsetting-transaction.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2" rel="noopener noreferrer">offsetting transaction</a>. An offsetting transaction will effectively nullify the effects of the original trade. This is in stark contrast to an exchange-listed option where the holder of that option merely has to go back to the exchange to sell their position. </p> <div id="mntl-sc-block_16-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-otc-option-default-risk"></span><h2 id="mntl-sc-block_17-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> OTC Option Default Risk </span> </h2> <p id="mntl-sc-block_18-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> OTC defaults can quickly propagate around the marketplace. While risks of OTC options did not originate during the financial crisis of 2008, the failure of investment bank Lehman Brothers provides an excellent example of the difficulty of assessing actual risk with OTC options and other <a href="https://www.investopedia.com/terms/d/derivative.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">derivatives</a>. Lehman was a counterparty to many OTC transactions. When the bank failed, the counterparties to its transactions were left exposed to market conditions without <a href="https://www.investopedia.com/terms/h/hedge.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2" rel="noopener noreferrer">hedges</a> and could not, in turn, meet their obligations to their other <a href="https://www.investopedia.com/terms/c/counterparty.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3" rel="noopener noreferrer">counterparties</a>. Therefore, a chain reaction took place, impacting counterparties further away from the Lehman OTC trade. Many of the affected secondary and tertiary counterparties had no direct dealings with the bank, yet the cascading effect from the original event hurt them as well. This is one of the major reasons that led to the severity of the crisis, which ended up causing widespread damage to the global economy.<span class="ql-inline-citation" data-cite="4"></span> </p></div> <div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div> <div id="textnote_1-0" class="comp textnote mm-ads-gpt-adunit gpt textnote "> <div id="textnote" class="wrapper" data-timed-refresh="30000" ></div> </div></div> </div><div class="loc article-post-content"><div id="article-sources_1-0" class="comp article-sources mntl-article-sources mntl-expandable-block" data-scroll-offset="100"><div class="loc toggle-content"><div id="mntl-article-sources__wrapper_1-0" class="comp mntl-article-sources__wrapper mntl-block article-sources__wrapper" data-click-tracked="true"><div id="mntl-article-sources__heading_1-0" class="comp mntl-article-sources__heading mntl-text-block article-sources__heading">Article Sources</div> <div id="mntl-article-sources__icon-wrapper_1-0" class="comp mntl-article-sources__icon-wrapper mntl-block article-sources__icon-wrapper"><div id="article-sources__show-icon_1-0" class="comp article-sources__show-icon mntl-block"></div> <div id="article-sources__hide-icon_1-0" class="comp article-sources__hide-icon mntl-block"></div></div></div> </div><div class="loc expandable-content"> <div id="article-sources__disclaimer_1-0" class="comp article-sources__disclaimer mntl-block">Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our <a href="https://www.investopedia.com/legal-4768893#EditorialPolicy" rel="nocaes" class="article-sources__disclaimer-text-link mntl-text-link " id="article-sources__disclaimer-text-link_1-0" data-tracking-container="true" ><span class="link__wrapper">editorial policy.</span></a></div> <div id="mntl-article-sources__citation-sources-1_1-0" class="comp mntl-article-sources__citation-sources-1 mntl-citation-sources mntl-sources" data-tracking-container="true"> <ol class="mntl-sources__content"> <li class="mntl-sources__source" id="citation-2"><p>FINRA. "<a href="https://www.finra.org/filing-reporting/market-transparency-reporting/otcbb/faq" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">OTCBB Frequently Asked Questions</a>." Accessed April 7, 2021.</p></li> <li class="mntl-sources__source" id="citation-1"><p>OTCMarkets. "<a href="https://www.otcmarkets.com/learn/finra-sec-rules" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">FINRA/SEC Rules</a>." Accessed April 7, 2021.</p></li> <li class="mntl-sources__source" id="citation-4"><p>European Journal of Accounting, Auditing and Finance Research. "<a href="https://www.eajournals.org/wp-content/uploads/The-Role-of-Over-The-Counter-OTC-Derivatives-in-Global-Financial-Crisis-and-Corporate-Failures-in-Recent-Times-and-Its-Regulatory-Impacts.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="noopener noreferrer">The Role of Over-the-Counter (OTC) Derivatives in Global Financial Crisis and Corporate Failures in Recent Times and Its Regulatory Impact</a>," Pages 61-62. Accessed April 7, 2021.</p></li> </ol> </div> </div></div> <div id="performance-marketing_1-0" class="comp performance-marketing mntl-block "><div id="gam-ad-table_1-0" class="comp gam-ad-table ad-table mntl-block"><div id="brokertable--v2_1-0" class="comp brokertable--v2 brokertable finance-ad-table mm-ads-ad-table mntl-block ad-table--v2" data-ad-table="brokertable2-"><div id="mm-ads-ad-table__heading_1-0" class="comp mm-ads-ad-table__heading mntl-text-block">Compare Accounts</div> <div id="mm-ads-ad-table__disclosure_1-0" class="comp mm-ads-ad-table__disclosure mntl-block" data-tracking-container="true"><button id="mm-ads-ad-table__disclosure-label_1-0" class="comp mm-ads-ad-table__disclosure-label mntl-button"> Advertiser Disclosure </button> <div id="mm-ads-ad-table__disclosure-description_1-0" class="comp mm-ads-ad-table__disclosure-description mntl-block"><div id="mm-ads-ad-table__disclosure-close_1-0" class="comp mm-ads-ad-table__disclosure-close mntl-text-block">×</div> <div id="mm-ads-ad-table__disclosure-content_1-0" class="comp mm-ads-ad-table__disclosure-content mntl-text-block">The offers that appear in this table are from partnerships from which Investopedia receives compensation. 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dynamic"> <div id="square-fixed" class="wrapper" data-timed-refresh="30000" data-type="square" data-pos="btf5" data-priority="8" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_8-0" class="comp mntl-block"><div id="fin-billboard7-sticky-dynamic_1-0" class="comp fin-billboard7-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_7-0" class="comp mm-ads-sc-sticky-square-ad billboard7-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-timed-refresh="30000" data-type="square" data-pos="btf6" data-priority="9" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_9-0" class="comp mntl-block"></div> <div 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