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vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Citations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Citations"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Citations</span> </div> </a> <ul id="toc-Citations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" 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Available in 28 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-28" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">28 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D8%AF%D8%A7%D9%88%D9%84_%D8%AE%D8%A7%D8%B1%D8%AC_%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9" title="تداول خارج البورصة – Arabic" lang="ar" hreflang="ar" data-title="تداول خارج البورصة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Mercat_no_organitzat" title="Mercat no organitzat – Catalan" lang="ca" hreflang="ca" data-title="Mercat no organitzat" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Over-the-counter" title="Over-the-counter – Czech" lang="cs" hreflang="cs" data-title="Over-the-counter" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Au%C3%9Ferb%C3%B6rslicher_Handel" title="Außerbörslicher Handel – German" lang="de" hreflang="de" data-title="Außerbörslicher Handel" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Mercado_extraburs%C3%A1til" title="Mercado extrabursátil – Spanish" lang="es" hreflang="es" data-title="Mercado extrabursátil" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%81%D8%B1%D8%A7%D8%A8%D9%88%D8%B1%D8%B3" title="فرابورس – Persian" lang="fa" hreflang="fa" data-title="فرابورس" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/De_gr%C3%A9_%C3%A0_gr%C3%A9" title="De gré à gré – French" lang="fr" hreflang="fr" data-title="De gré à gré" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9E%A5%EC%99%B8%EA%B1%B0%EB%9E%98" title="장외거래 – Korean" lang="ko" hreflang="ko" data-title="장외거래" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B1%D6%80%D5%BF%D5%A1%D5%A2%D5%B8%D6%80%D5%BD%D5%A1%D5%B5%D5%A1%D5%AF%D5%A1%D5%B6_%D5%B7%D5%B8%D6%82%D5%AF%D5%A1" title="Արտաբորսայական շուկա – Armenian" lang="hy" hreflang="hy" data-title="Արտաբորսայական շուկա" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%93%E0%A4%B5%E0%A4%B0-%E0%A4%A6-%E0%A4%95%E0%A4%BE%E0%A4%89%E0%A4%82%E0%A4%9F%E0%A4%B0_(Over-the-counter)(%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4)" title="ओवर-द-काउंटर (Over-the-counter)(वित्त) – Hindi" lang="hi" hreflang="hi" data-title="ओवर-द-काउंटर (Over-the-counter)(वित्त)" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Mercato_over_the_counter" title="Mercato over the counter – Italian" lang="it" hreflang="it" data-title="Mercato over the counter" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%A2%D7%91%D7%A8_%D7%9C%D7%93%D7%9C%D7%A4%D7%A7" title="מעבר לדלפק – Hebrew" lang="he" hreflang="he" data-title="מעבר לדלפק" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/%C4%80rpusbir%C5%BEas_tirgus" title="Ārpusbiržas tirgus – Latvian" lang="lv" hreflang="lv" data-title="Ārpusbiržas tirgus" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/U%C5%BEbir%C5%BEin%C4%97_rinka" title="Užbiržinė rinka – Lithuanian" lang="lt" hreflang="lt" data-title="Užbiržinė rinka" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Over-the-counter_(financieel)" title="Over-the-counter (financieel) – Dutch" lang="nl" hreflang="nl" data-title="Over-the-counter (financieel)" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%93%E0%A4%AD%E0%A4%B0-%E0%A4%A6-%E0%A4%95%E0%A4%BE%E0%A4%89%E0%A4%A8%E0%A5%8D%E0%A4%9F%E0%A4%B0_(%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4)" title="ओभर-द-काउन्टर (वित्त) – Nepali" lang="ne" hreflang="ne" data-title="ओभर-द-काउन्टर (वित्त)" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%BA%97%E9%A0%AD%E6%9C%89%E4%BE%A1%E8%A8%BC%E5%88%B8" title="店頭有価証券 – Japanese" lang="ja" hreflang="ja" data-title="店頭有価証券" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Over-the-counter" title="Over-the-counter – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Over-the-counter" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Obr%C3%B3t_pozagie%C5%82dowy" title="Obrót pozagiełdowy – Polish" lang="pl" hreflang="pl" data-title="Obrót pozagiełdowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Mercado_de_balc%C3%A3o" title="Mercado de balcão – Portuguese" lang="pt" hreflang="pt" data-title="Mercado de balcão" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%92%D0%BD%D0%B5%D0%B1%D0%B8%D1%80%D0%B6%D0%B5%D0%B2%D0%B0%D1%8F_%D1%81%D0%B4%D0%B5%D0%BB%D0%BA%D0%B0" title="Внебиржевая сделка – Russian" lang="ru" hreflang="ru" data-title="Внебиржевая сделка" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/OTC-lista" title="OTC-lista – Finnish" lang="fi" hreflang="fi" data-title="OTC-lista" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Handel_%C3%B6ver_disk" title="Handel över disk – Swedish" lang="sv" hreflang="sv" data-title="Handel över disk" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Tezg%C3%A2h_%C3%BCst%C3%BC_piyasa" title="Tezgâh üstü piyasa – Turkish" lang="tr" hreflang="tr" data-title="Tezgâh üstü piyasa" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9F%D0%BE%D0%B7%D0%B0%D0%B1%D1%96%D1%80%D0%B6%D0%BE%D0%B2%D0%B0_%D1%82%D0%BE%D1%80%D0%B3%D1%96%D0%B2%D0%BB%D1%8F_%D1%86%D1%96%D0%BD%D0%BD%D0%B8%D0%BC%D0%B8_%D0%BF%D0%B0%D0%BF%D0%B5%D1%80%D0%B0%D0%BC%D0%B8" title="Позабіржова торгівля цінними паперами – Ukrainian" lang="uk" hreflang="uk" data-title="Позабіржова торгівля цінними паперами" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Th%E1%BB%8B_tr%C6%B0%E1%BB%9Dng_phi_t%E1%BA%ADp_trung" title="Thị trường phi tập trung – Vietnamese" lang="vi" hreflang="vi" data-title="Thị trường phi tập trung" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E6%AB%83%E6%AA%AF%E8%B2%B7%E8%B3%A3" title="櫃檯買賣 – Cantonese" lang="yue" hreflang="yue" data-title="櫃檯買賣" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh 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markets</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img alt="Looking up at a computerized stocks-value board at the Philippine Stock Exchange" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/250px-Philippine-stock-market-board.jpg" decoding="async" width="200" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/330px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/500px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-above" style="padding-bottom:0.7em;"> <ul><li><a href="/wiki/Market_(economics)" title="Market (economics)">Public market</a></li> <li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <b>·</b> <a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></li></ul></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Bond_market" title="Bond market">Bond market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><br /><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Stock_market" title="Stock market">Stock market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Registered_share" title="Registered share">Registered share</a></li> <li><a href="/wiki/Shareholder" title="Shareholder">Shareholder</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Stock_certificate" title="Stock certificate">Stock certificate</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Other markets</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a href="/wiki/Hybrid_security" title="Hybrid security">Hybrid security</a>)</li></ul></div> </div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="/wiki/Currency" title="Currency">Currency</a></li><li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Private_credit" title="Private credit">Private credit</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li> <li><a href="/wiki/Carried_Interest" class="mw-redirect" title="Carried Interest">Carried Interest</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leveraged finance</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a class="mw-selflink selflink">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></li></ul></div> <div class="hlist"><ul><li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li><li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Asset_management" title="Asset management">Asset management</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bulls</a> and <a href="/wiki/Market_trend#Bear_market)" title="Market trend">Bears</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a> <ul><li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li></ul></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li></ul></td> </tr><tr><td class="sidebar-navbar" style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Over-the-counter</b> (<b>OTC</b>) or <b>off-exchange</b> trading or <b>pink sheet</b> trading is done directly between two parties, without the supervision of an <a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">exchange</a>. It is contrasted with exchange trading, which occurs via exchanges. A stock exchange has the benefit of facilitating <a href="/wiki/Liquidity" title="Liquidity">liquidity</a>, providing transparency, and maintaining the current <a href="/wiki/Market_price" class="mw-redirect" title="Market price">market price</a>. In an OTC trade, the price is not necessarily publicly disclosed. </p><p>OTC trading, as well as exchange trading, occurs with <a href="/wiki/Commodities" class="mw-redirect" title="Commodities">commodities</a>, <a href="/wiki/Financial_instrument" title="Financial instrument">financial instruments</a> (including <a href="/wiki/Stock" title="Stock">stocks</a>), and <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a> of such products. Products traded on traditional stock exchanges, and other regulated bourse platforms, must be well standardized. This means that exchanged deliverables match a narrow range of quantity, quality, and identity which is defined by the exchange and identical to all transactions of that product. This is necessary for there to be transparency in stock exchange-based equities trading. </p><p>The OTC market does not have this limitation. Parties may agree on an unusual quantity, for example<small><b><sup id="cite_ref-FOOTNOTEMcCrank2014_1-0" class="reference"><a href="#cite_note-FOOTNOTEMcCrank2014-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></b></small> in OTC, market contracts are bilateral (i.e. the contract is only between two parties), and each party could have credit risk concerns with respect to the other party. The OTC derivative market is significant in some asset classes: <a href="/wiki/Interest_rate" title="Interest rate">interest rate</a>, <a href="/wiki/Exchange_rate" title="Exchange rate">foreign exchange</a>, <a href="/wiki/Stock" title="Stock">stocks</a>, and <a href="/wiki/Commodities" class="mw-redirect" title="Commodities">commodities</a>.<sup id="cite_ref-FOOTNOTEGregory20117_2-0" class="reference"><a href="#cite_note-FOOTNOTEGregory20117-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>In 2008, approximately 16% of all U.S. stock trades were "off-exchange trading"; by April 2014, that number increased to about 40%.<sup id="cite_ref-FOOTNOTEMcCrank2014_1-1" class="reference"><a href="#cite_note-FOOTNOTEMcCrank2014-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Although the notional amount outstanding of OTC derivatives in late 2012 had declined 3.3% over the previous year, the volume of <a href="/wiki/Otc_clearing" title="Otc clearing">cleared</a> transactions at the end of 2012 totalled US$346.4 <a href="/wiki/Trillion_(short_scale)" class="mw-redirect" title="Trillion (short scale)">trillion</a>.<sup id="cite_ref-FOOTNOTEISDA2013_3-0" class="reference"><a href="#cite_note-FOOTNOTEISDA2013-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a> statistics on OTC derivatives markets showed that "notional amounts outstanding totalled $693 trillion at the end of June 2013... The gross market value of OTC derivatives – that is, the cost of replacing all outstanding contracts at current market prices – declined between end-2012 and end-June 2013, from $25 trillion to $20 trillion."<sup id="cite_ref-FOOTNOTEBank_for_International_Settlements_(BIS)2013_4-0" class="reference"><a href="#cite_note-FOOTNOTEBank_for_International_Settlements_(BIS)2013-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Stocks">Stocks</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Over-the-counter_(finance)&action=edit&section=1" title="Edit section: Stocks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Penny_stock" title="Penny stock">Penny stock</a> and <a href="/wiki/Microcap_stock" title="Microcap stock">Microcap stock</a></div> <p>In the United States, over-the-counter trading in stock is carried out by <a href="/wiki/Market_maker" title="Market maker">market makers</a> using inter-dealer quotation services such as OTC Link (a service offered by <a href="/wiki/OTC_Markets_Group" title="OTC Markets Group">OTC Markets Group</a>). </p><p>Although exchange-listed stocks can be traded OTC on the <a href="/wiki/Third_market_trading" class="mw-redirect" title="Third market trading">third market</a>, it is rarely the case. Usually OTC stocks are not listed nor traded on exchanges, and vice versa. Stocks quoted on the OTCBB must comply with certain limited <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> (SEC) reporting requirements. </p><p>The SEC imposes more stringent financial and reporting requirements on other OTC stocks, specifically the <a href="/wiki/OTCQX" class="mw-redirect" title="OTCQX">OTCQX</a> stocks (traded through the OTC Market Group Inc). Other OTC stocks have no reporting requirements, for example <a href="/wiki/Pink_Sheets_LLC" class="mw-redirect" title="Pink Sheets LLC">Pink Sheets</a> securities and "gray market" stocks. However, in 2021, the pink sheets market came under the spotlight of greater regulatory scrutiny.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Some companies, with Wal-Mart as one of the largest,<sup id="cite_ref-FOOTNOTEBetter_Trades2012_6-0" class="reference"><a href="#cite_note-FOOTNOTEBetter_Trades2012-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> began trading as OTC stocks and eventually upgraded to a listing on fully regulated market. By 1969 Wal-Mart Stores Inc. was incorporated. In 1972, with stores in five states, including Arkansas, Kansas, Louisiana, Oklahoma and Missouri, Wal-Mart began trading as over-the-counter (OTC) stocks. By 1972 Walmart had earned over US$1 billion in sales — the fastest company to ever accomplish this. In 1972 Wal-Mart was listed on the New York Stock Exchange (NYSE) under the ticker symbol WMT.<sup id="cite_ref-FOOTNOTEBetter_Trades2012_6-1" class="reference"><a href="#cite_note-FOOTNOTEBetter_Trades2012-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>In a 2017 <i><a href="/wiki/Kiplinger_Personal_Finance" title="Kiplinger Personal Finance">Kiplinger Personal Finance</a></i> article, Dan Burrows wrote that American OTC markets are rife with <a href="/wiki/Penny_stock" title="Penny stock">penny stock</a> fraud and other risks, and should generally be avoided by investors "with the exception of large, established foreign firms". Reputable companies located outside the U.S., he notes, sometimes sell stock over-the-counter to gain access to American markets while avoiding the expense of keeping two sets of audited paperwork to be listed on multiple stock exchanges (one in their homeland or to international standards, and one for American standards).<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Contracts">Contracts</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Over-the-counter_(finance)&action=edit&section=2" title="Edit section: Contracts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An over-the-counter is a <a href="https://en.wiktionary.org/wiki/bilateral" class="extiw" title="wikt:bilateral">bilateral</a> contract in which two parties (or their brokers or bankers as intermediaries) agree on how a particular trade or agreement is to be settled in the future. It is usually from an investment bank to its clients directly. <a href="/wiki/Forward_contract" title="Forward contract">Forwards</a> and <a href="/wiki/Swap_(finance)" title="Swap (finance)">swaps</a> are prime examples of such contracts. It is mostly done online or by telephone. For <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a>, these agreements are usually governed by an <a href="/wiki/International_Swaps_and_Derivatives_Association" title="International Swaps and Derivatives Association">International Swaps and Derivatives Association</a> agreement. This segment of the OTC market is occasionally referred to as the "<a href="/wiki/Fourth_market" title="Fourth market">Fourth Market</a>". Critics have labelled the OTC market as the "dark market" because prices are often unpublished and unregulated.<sup id="cite_ref-FOOTNOTEMcCrank2014_1-2" class="reference"><a href="#cite_note-FOOTNOTEMcCrank2014-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Over-the-counter derivatives are especially important for hedging risk in that they can be used to create a "perfect hedge". With exchange traded contracts, standardization does not allow for as much flexibility to hedge risk because the contract is a one-size-fits-all instrument. With OTC derivatives, though, a firm can tailor the contract specifications to best suit its risk exposure.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Counterparty_risk">Counterparty risk</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Over-the-counter_(finance)&action=edit&section=3" title="Edit section: Counterparty risk"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>OTC derivatives can lead to significant risks. Especially <a href="/wiki/Counterparty_risk" class="mw-redirect" title="Counterparty risk">counterparty risk</a> has gained particular emphasis due to the <a href="/wiki/Financial_crisis_of_2007%E2%80%9308" class="mw-redirect" title="Financial crisis of 2007–08">credit crisis in 2007</a>. Counterparty risk is the risk that a counterparty in a derivatives transaction will <a href="/wiki/Default_(finance)" title="Default (finance)">default</a> prior to expiration of the trade and will not make the current and future payments required by the contract.<sup id="cite_ref-FOOTNOTEGregory201117_9-0" class="reference"><a href="#cite_note-FOOTNOTEGregory201117-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> There are many ways to limit counterparty risk. One of them focuses on controlling credit exposure with <a href="/wiki/Diversification_(finance)" title="Diversification (finance)">diversification</a>, <a href="/wiki/Netting" class="mw-redirect" title="Netting">netting</a>, <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateralisation</a> and <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedging</a>.<sup id="cite_ref-FOOTNOTEGregory201125_10-0" class="reference"><a href="#cite_note-FOOTNOTEGregory201125-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Central_counterparty_clearing" title="Central counterparty clearing">Central counterparty clearing</a> of OTC trades has become more common in recent years, with regulators placing pressure on the OTC markets to clear and display trades openly.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>In their market review published in 2010, the <a href="/wiki/International_Swaps_and_Derivatives_Association" title="International Swaps and Derivatives Association">International Swaps and Derivatives Association</a><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>Notes 1<span class="cite-bracket">]</span></a></sup> examined OTC Derivative Bilateral Collateralization Practice as one way of mitigating risk.<sup id="cite_ref-FOOTNOTEInternational_Swaps_and_Derivatives_Association_(ISDA)2010_14-0" class="reference"><a href="#cite_note-FOOTNOTEInternational_Swaps_and_Derivatives_Association_(ISDA)2010-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Importance_of_OTC_derivatives_in_modern_banking">Importance of OTC derivatives in modern banking</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Over-the-counter_(finance)&action=edit&section=4" title="Edit section: Importance of OTC derivatives in modern banking"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>OTC derivatives are a significant part of the world of global finance. The OTC derivatives markets grew exponentially from 1980 through 2000. This expansion has been driven by interest rate products, foreign exchange instruments and credit default swaps. The notional outstanding of OTC derivatives markets rose throughout the period and totalled approximately US$601 trillion at December 31, 2010.<sup id="cite_ref-FOOTNOTEInternational_Swaps_and_Derivatives_Association_(ISDA)2010_14-1" class="reference"><a href="#cite_note-FOOTNOTEInternational_Swaps_and_Derivatives_Association_(ISDA)2010-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>In their 2000 paper by Schinasi et al. published by the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> in 2001, the authors observed that the increase in OTC derivatives transactions would have been impossible "without the dramatic advances in information and computer technologies" that occurred from 1980 to 2000.<sup id="cite_ref-FOOTNOTESchinasiCraigDreesKramer20015–7_15-0" class="reference"><a href="#cite_note-FOOTNOTESchinasiCraigDreesKramer20015–7-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> During that time, major internationally active financial institutions significantly increased the share of their earnings from derivatives activities. These institutions manage portfolios of derivatives involving tens of thousands of positions and aggregate global turnover over $1 trillion. At that time prior to the financial crisis of 2008, the OTC market was an informal network of bilateral counter-party relationships and dynamic, time-varying credit exposures whose size and distribution tied to important asset markets. International financial institutions increasingly nurtured the ability to profit from OTC derivatives activities and financial markets participants benefitted from them. In 2000 the authors acknowledged that the growth in OTC transactions "in many ways made possible, the modernization of commercial and investment banking and the globalization of finance".<sup id="cite_ref-FOOTNOTESchinasiCraigDreesKramer20015–7_15-1" class="reference"><a href="#cite_note-FOOTNOTESchinasiCraigDreesKramer20015–7-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> However, in September, an IMF team led by Mathieson and Schinasi cautioned that "episodes of turbulence" in the late 1990s "revealed the risks posed to market stability originated in features of OTC derivatives instruments and markets.<sup id="cite_ref-FOOTNOTEMathiesonSchinasi20003_16-0" class="reference"><a href="#cite_note-FOOTNOTEMathiesonSchinasi20003-16"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Over-the-counter_(finance)&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Collateral_management" title="Collateral management">Collateral management</a></li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a></li> <li><a href="/wiki/Delta_one" title="Delta one">Delta one</a></li> <li><a href="/wiki/London_Platinum_and_Palladium_Market" title="London Platinum and Palladium Market">London Platinum and Palladium Market</a></li> <li><a href="/wiki/Special_settlement_(securities)" title="Special settlement (securities)">Special settlement (securities)</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Over-the-counter_(finance)&action=edit&section=6" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">ISDA 2012 Market Analysis drew on "information sources including <a href="/wiki/LCH.Clearnet" class="mw-redirect" title="LCH.Clearnet">LCH.Clearnet's SwapClear</a>, TriOptima, the <a href="/wiki/Trade_Information_Warehouse" title="Trade Information Warehouse">DTCC Trade Information Warehouse</a>, <a href="/wiki/Markit" title="Markit">Markit</a>, <a href="/wiki/Intercontinental_Exchange" title="Intercontinental Exchange">ICE</a>, <a href="/wiki/Chicago_Mercantile_Exchange" title="Chicago Mercantile Exchange">CME</a>, ISDA's 2012 Margin Survey and other clearinghouses and trade vendors."</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Citations">Citations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Over-the-counter_(finance)&action=edit&section=7" title="Edit section: Citations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626" /><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-FOOTNOTEMcCrank2014-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEMcCrank2014_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEMcCrank2014_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTEMcCrank2014_1-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFMcCrank2014">McCrank 2014</a>.</span> </li> <li id="cite_note-FOOTNOTEGregory20117-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGregory20117_2-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGregory2011">Gregory 2011</a>, p. 7.</span> </li> <li id="cite_note-FOOTNOTEISDA2013-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEISDA2013_3-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFISDA2013">ISDA 2013</a>.</span> </li> <li id="cite_note-FOOTNOTEBank_for_International_Settlements_(BIS)2013-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEBank_for_International_Settlements_(BIS)2013_4-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFBank_for_International_Settlements_(BIS)2013">Bank for International Settlements (BIS) 2013</a>.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFPriceMccrank2021" class="citation news cs1">Price, Michelle; Mccrank, John (2021-09-23). <a rel="nofollow" class="external text" href="https://www.reuters.com/business/finance/us-pink-sheets-shakeup-securities-regulator-looks-stamp-out-fraud-2021-09-23/">"U.S. 'pink sheets' in shakeup as securities regulator looks to stamp out fraud"</a>. <i>Reuters</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-05-09</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=U.S.+%27pink+sheets%27+in+shakeup+as+securities+regulator+looks+to+stamp+out+fraud&rft.date=2021-09-23&rft.aulast=Price&rft.aufirst=Michelle&rft.au=Mccrank%2C+John&rft_id=https%3A%2F%2Fwww.reuters.com%2Fbusiness%2Ffinance%2Fus-pink-sheets-shakeup-securities-regulator-looks-stamp-out-fraud-2021-09-23%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span> </span> </li> <li id="cite_note-FOOTNOTEBetter_Trades2012-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEBetter_Trades2012_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEBetter_Trades2012_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFBetter_Trades2012">Better Trades 2012</a>.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBurrows2023" class="citation magazine cs1">Burrows, Dan (2023-06-14). <a rel="nofollow" class="external text" href="https://www.kiplinger.com/investing/603303/penny-stocks-always-stay-away">"Penny Stocks: Why You Should Always Stay Away"</a>. <i><a href="/wiki/Kiplinger_Personal_Finance" title="Kiplinger Personal Finance">Kiplinger Personal Finance</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">2025-02-26</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Kiplinger+Personal+Finance&rft.atitle=Penny+Stocks%3A+Why+You+Should+Always+Stay+Away&rft.date=2023-06-14&rft.aulast=Burrows&rft.aufirst=Dan&rft_id=https%3A%2F%2Fwww.kiplinger.com%2Finvesting%2F603303%2Fpenny-stocks-always-stay-away&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://chicagofed.org/digital_assets/publications/understanding_derivatives/understanding_derivatives_chapter_3_over_the_counter_derivatives.pdf">chicagofed.org</a></span> </li> <li id="cite_note-FOOTNOTEGregory201117-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGregory201117_9-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGregory2011">Gregory 2011</a>, p. 17.</span> </li> <li id="cite_note-FOOTNOTEGregory201125-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGregory201125_10-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGregory2011">Gregory 2011</a>, p. 25.</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://fixglobal.com/home/otc-clearing-fixed-up-2/">OTC Clearing 'FIX'ed Up</a>. FIXGlobal.</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.theice.com/publicdocs/ice_trust/Global%2520Investor%2520Magazine.pdf">A Focus on OTC Clearing Innovation</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110929171350/https://www.theice.com/publicdocs/ice_trust/Global%20Investor%20Magazine.pdf">Archived</a> 2011-09-29 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. <a href="/wiki/Intercontinental_Exchange" title="Intercontinental Exchange">Intercontinental Exchange</a>.</span> </li> <li id="cite_note-FOOTNOTEInternational_Swaps_and_Derivatives_Association_(ISDA)2010-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEInternational_Swaps_and_Derivatives_Association_(ISDA)2010_14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEInternational_Swaps_and_Derivatives_Association_(ISDA)2010_14-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFInternational_Swaps_and_Derivatives_Association_(ISDA)2010">International Swaps and Derivatives Association (ISDA) 2010</a>.</span> </li> <li id="cite_note-FOOTNOTESchinasiCraigDreesKramer20015–7-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTESchinasiCraigDreesKramer20015–7_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTESchinasiCraigDreesKramer20015–7_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFSchinasiCraigDreesKramer2001">Schinasi et al. 2001</a>, pp. 5–7.</span> </li> <li id="cite_note-FOOTNOTEMathiesonSchinasi20003-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEMathiesonSchinasi20003_16-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFMathiesonSchinasi2000">Mathieson & Schinasi 2000</a>, p. 3.</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Over-the-counter_(finance)&action=edit&section=8" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin refbegin-columns references-column-width" style="column-width: 30em"> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBank_for_International_Settlements_(BIS)2013" class="citation cs2">Monetary and Economic Department (November 2013), <a rel="nofollow" class="external text" href="http://www.bis.org/publ/otc_hy1311.pdf">"Statistical release: OTC derivatives statistics at end June 2013"</a> <span class="cs1-format">(PDF)</span>, <i>Bank for International Settlements (BIS)</i><span class="reference-accessdate">, retrieved <span class="nowrap">12 April</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bank+for+International+Settlements+%28BIS%29&rft.atitle=Statistical+release%3A+OTC+derivatives+statistics+at+end+June+2013&rft.date=2013-11&rft.au=Monetary+and+Economic+Department&rft_id=http%3A%2F%2Fwww.bis.org%2Fpubl%2Fotc_hy1311.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBetter_Trades2012" class="citation cs2"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140413130427/http://www.bettertrades.org/companies/walmart-ticker-wmt.asp">"WMT Overview"</a>, <i>Better Trades</i>, 2012, archived from <a rel="nofollow" class="external text" href="http://www.bettertrades.org/companies/walmart-ticker-wmt.asp">the original</a> on 13 April 2014<span class="reference-accessdate">, retrieved <span class="nowrap">12 April</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Better+Trades&rft.atitle=WMT+Overview&rft.date=2012&rft_id=http%3A%2F%2Fwww.bettertrades.org%2Fcompanies%2Fwalmart-ticker-wmt.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFInternational_Swaps_and_Derivatives_Association_(ISDA)2010" class="citation cs2"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130512183553/http://www.isda.org/c_and_a/pdf/Collateral-Market-Review.pdf">"Market Review of OTC Derivative Bilateral Collateralization Practices"</a> <span class="cs1-format">(PDF)</span>, <i>International Swaps and Derivatives Association (ISDA)</i>, 1 March 2010, archived from <a rel="nofollow" class="external text" href="http://www.isda.org/c_and_a/pdf/Collateral-Market-Review.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 12 May 2013<span class="reference-accessdate">, retrieved <span class="nowrap">12 April</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Swaps+and+Derivatives+Association+%28ISDA%29&rft.atitle=Market+Review+of+OTC+Derivative+Bilateral+Collateralization+Practices&rft.date=2010-03-01&rft_id=http%3A%2F%2Fwww.isda.org%2Fc_and_a%2Fpdf%2FCollateral-Market-Review.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFISDA2011" class="citation cs2">"OTC Derivatives Market Analysis, Year-End 2010", <i>ISDA</i>, 26 May 2011</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=ISDA&rft.atitle=OTC+Derivatives+Market+Analysis%2C+Year-End+2010&rft.date=2011-05-26&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFISDA2013" class="citation cs2">"OTC Derivatives Market Analysis, Year-End 2012", <i>ISDA</i>, June 2013</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=ISDA&rft.atitle=OTC+Derivatives+Market+Analysis%2C+Year-End+2012&rft.date=2013-06&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFGregory2011" class="citation cs2">Gregory, Jon (7 September 2011), <i>Counterparty Credit Risk: The new challenge for global financial markets</i>, John Wiley & Sons, p. 448, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-68576-1" title="Special:BookSources/978-0-470-68576-1"><bdi>978-0-470-68576-1</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Counterparty+Credit+Risk%3A+The+new+challenge+for+global+financial+markets&rft.pages=448&rft.pub=John+Wiley+%26+Sons&rft.date=2011-09-07&rft.isbn=978-0-470-68576-1&rft.aulast=Gregory&rft.aufirst=Jon&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMathiesonSchinasi2000" class="citation cs2">Mathieson, Donald J.; Schinasi, Garry J. (September 2000), <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/icm/2000/01/eng/pdf/chap1.pdf"><i>International Capital Markets: Developments, Prospects, and Key Policy Issues</i></a> <span class="cs1-format">(PDF)</span>, World Economic and Financial Surveys</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=International+Capital+Markets%3A+Developments%2C+Prospects%2C+and+Key+Policy+Issues&rft.series=World+Economic+and+Financial+Surveys&rft.date=2000-09&rft.aulast=Mathieson&rft.aufirst=Donald+J.&rft.au=Schinasi%2C+Garry+J.&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Ficm%2F2000%2F01%2Feng%2Fpdf%2Fchap1.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMcCrank2014" class="citation cs2">McCrank, John (6 April 2014), <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-dark-markets-analysis-idUSBREA3508V20140406"><i>Dark markets may be more harmful than high-frequency trading</i></a>, New York: Reuters<span class="reference-accessdate">, retrieved <span class="nowrap">12 April</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Dark+markets+may+be+more+harmful+than+high-frequency+trading&rft.place=New+York&rft.pub=Reuters&rft.date=2014-04-06&rft.aulast=McCrank&rft.aufirst=John&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-dark-markets-analysis-idUSBREA3508V20140406&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSchinasiCraigDreesKramer2001" class="citation cs2">Schinasi, Garry J.; Craig, R. Sean; Drees, Burkhard; Kramer, Charles (9 January 2001), <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/modernbankingotc0000unse"><i>Modern Banking and OTC Derivatives Markets: The Transformation of Global Finance and its Implications for Systemic Risk</i></a></span>, International Monetary Fund, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-55775-999-5" title="Special:BookSources/1-55775-999-5"><bdi>1-55775-999-5</bdi></a><span class="reference-accessdate">, retrieved <span class="nowrap">12 April</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Modern+Banking+and+OTC+Derivatives+Markets%3A+The+Transformation+of+Global+Finance+and+its+Implications+for+Systemic+Risk&rft.pub=International+Monetary+Fund&rft.date=2001-01-09&rft.isbn=1-55775-999-5&rft.aulast=Schinasi&rft.aufirst=Garry+J.&rft.au=Craig%2C+R.+Sean&rft.au=Drees%2C+Burkhard&rft.au=Kramer%2C+Charles&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmodernbankingotc0000unse&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOver-the-counter+%28finance%29" class="Z3988"></span></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Over-the-counter_(finance)&action=edit&section=9" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140219012612/http://ec.europa.eu/internal_market/financial-markets/derivatives/index_en.htm">European Union proposals on derivatives regulation - 2008 onwards</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140720080558/http://chicagofed.org/digital_assets/publications/understanding_derivatives/understanding_derivatives_chapter_3_over_the_counter_derivatives.pdf">Understanding Derivatives: Markets and Infrastructure – Chapter 3, Over-the-Counter Derivatives</a> By Richard Heckinger, Ivana Ruffini, and Kirstin Wells (Federal Reserve Bank of Chicago)</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox 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class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets_navigation" title="Template:Financial markets navigation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets_navigation" title="Template talk:Financial markets navigation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets_navigation" title="Special:EditPage/Template:Financial markets navigation"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_markets208" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a class="mw-selflink selflink">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)ьесЖ</li></ul> <ul><li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li> <li><a href="/wiki/Uptick_rule" title="Uptick rule">Uptick rule</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li> <li><a href="/wiki/Voting_interest" title="Voting interest">Voting interest</a></li> <li><a href="/wiki/Yield_(finance)" title="Yield (finance)">Yield</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /></div><div role="navigation" class="navbox" aria-labelledby="Derivatives_market428" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Derivatives_market" title="Template:Derivatives market"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Derivatives_market" title="Template talk:Derivatives market"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Derivatives_market" title="Special:EditPage/Template:Derivatives market"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Derivatives_market428" style="font-size:114%;margin:0 4em"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives market</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivative (finance)</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Delta_neutral" title="Delta neutral">Delta neutral</a></li> <li><a href="/wiki/Exercise_(options)" title="Exercise (options)">Exercise</a></li> <li><a href="/wiki/Expiration_(options)" title="Expiration (options)">Expiration</a></li> <li><a href="/wiki/Moneyness" title="Moneyness">Moneyness</a></li> <li><a href="/wiki/Open_interest" title="Open interest">Open interest</a></li> <li><a href="/wiki/Pin_risk" title="Pin risk">Pin risk</a></li> <li><a href="/wiki/Risk-free_interest_rate" class="mw-redirect" title="Risk-free interest rate">Risk-free interest rate</a></li> <li><a href="/wiki/Strike_price" title="Strike price">Strike price</a></li> <li><a href="/wiki/Synthetic_position" title="Synthetic position">Synthetic position</a></li> <li><a href="/wiki/Greeks_(finance)" title="Greeks (finance)">the Greeks</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Vanilla_option" class="mw-redirect" title="Vanilla option">Vanillas</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/American_option" class="mw-redirect" title="American option">American</a></li> <li><a href="/wiki/Bond_option" title="Bond option">Bond option</a></li> <li><a href="/wiki/Call_option" title="Call option">Call</a></li> <li><a href="/wiki/Employee_stock_option" title="Employee stock option">Employee stock option</a></li> <li><a href="/wiki/European_option" class="mw-redirect" title="European option">European</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Foreign_exchange_option" title="Foreign exchange option">FX</a></li> <li><a href="/wiki/Option_style" title="Option style">Option styles</a></li> <li><a href="/wiki/Put_option" title="Put option">Put</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrants</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Exotic_option" title="Exotic option">Exotics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asian_option" title="Asian option">Asian</a></li> <li><a href="/wiki/Barrier_option" title="Barrier option">Barrier</a></li> <li><a href="/wiki/Basket_option" title="Basket option">Basket</a></li> <li><a href="/wiki/Binary_option" title="Binary option">Binary</a></li> <li><a href="/wiki/Callable_bull/bear_contract" title="Callable bull/bear contract">Callable bull/bear contract</a></li> <li><a href="/wiki/Chooser_option" title="Chooser option">Chooser</a></li> <li><a href="/wiki/Cliquet_option" title="Cliquet option">Cliquet</a></li> <li><a href="/wiki/Commodore_option" title="Commodore option">Commodore</a></li> <li><a href="/wiki/Compound_option" title="Compound option">Compound</a></li> <li><a href="/wiki/Forward_start_option" title="Forward start option">Forward start</a></li> <li><a href="/wiki/Interest_rate_option" title="Interest rate option">Interest rate</a></li> <li><a href="/wiki/Lookback_option" title="Lookback option">Lookback</a></li> <li>Mountain range</li> <li><a href="/wiki/Rainbow_option" title="Rainbow option">Rainbow</a></li> <li><a href="/wiki/Spread_option" title="Spread option">Spread</a></li> <li><a href="/wiki/Swaption" title="Swaption">Swaption</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Options_strategy" title="Options strategy">Strategies</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Backspread" title="Backspread">Backspread</a></li> <li><a href="/wiki/Box_spread_(options)" class="mw-redirect" title="Box spread (options)">Box spread</a></li> <li><a href="/wiki/Butterfly_(options)" title="Butterfly (options)">Butterfly</a></li> <li><a href="/wiki/Calendar_spread" title="Calendar spread">Calendar spread</a></li> <li><a href="/wiki/Collar_(finance)" title="Collar (finance)">Collar</a></li> <li><a href="/wiki/Condor_(options)" title="Condor (options)">Condor</a></li> <li><a href="/wiki/Covered_option" title="Covered option">Covered option</a></li> <li><a href="/wiki/Credit_spread_(options)" title="Credit spread (options)">Credit spread</a></li> <li><a href="/wiki/Debit_spread" title="Debit spread">Debit spread</a></li> <li><a href="/wiki/Diagonal_spread" title="Diagonal spread">Diagonal spread</a></li> <li><a href="/wiki/Fence_(finance)" title="Fence (finance)">Fence</a></li> <li><a href="/wiki/Intermarket_spread" title="Intermarket spread">Intermarket spread</a></li> <li><a href="/wiki/Iron_butterfly_(options_strategy)" title="Iron butterfly (options strategy)">Iron butterfly</a></li> <li><a href="/wiki/Iron_condor" title="Iron condor">Iron condor</a></li> <li><a href="/wiki/Jelly_roll_(options)" title="Jelly roll (options)">Jelly roll</a></li> <li><a href="/wiki/Ladder_(option_combination)" title="Ladder (option combination)">Ladder</a></li> <li><a href="/wiki/Naked_option" title="Naked option">Naked option</a></li> <li><a href="/wiki/Straddle" title="Straddle">Straddle</a></li> <li><a href="/wiki/Strangle_(options)" title="Strangle (options)">Strangle</a></li> <li><a href="/wiki/Protective_option" title="Protective option">Protective option</a></li> <li><a href="/wiki/Ratio_spread" title="Ratio spread">Ratio spread</a></li> <li><a href="/wiki/Risk_reversal" title="Risk reversal">Risk reversal</a></li> <li><a href="/wiki/Vertical_spread" title="Vertical spread">Vertical spread</a> (<a href="/wiki/Bear_spread" title="Bear spread">Bear</a>, <a href="/wiki/Bull_spread" title="Bull spread">Bull</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Valuation_of_options" title="Valuation of options">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bachelier_model" title="Bachelier model">Bachelier</a></li> <li><a href="/wiki/Binomial_options_pricing_model" title="Binomial options pricing model">Binomial</a></li> <li><a href="/wiki/Black_model" title="Black model">Black</a></li> <li><a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes</a> (<a href="/wiki/Black%E2%80%93Scholes_equation" title="Black–Scholes equation">equation</a>)</li> <li><a href="/wiki/Finite_difference_methods_for_option_pricing" title="Finite difference methods for option pricing">Finite difference</a></li> <li><a href="/wiki/Foreign_exchange_option#Valuation:_the_Garman–Kohlhagen_model" title="Foreign exchange option">Garman–Kohlhagen</a></li> <li><a href="/wiki/Heston_model" title="Heston model">Heston</a></li> <li><a href="/wiki/Lattice_model_(finance)" title="Lattice model (finance)">Lattices</a></li> <li><a href="/wiki/Margrabe%27s_formula" title="Margrabe's formula">Margrabe</a></li> <li><a href="/wiki/Put%E2%80%93call_parity" title="Put–call parity">Put–call parity</a></li> <li><a href="/wiki/Monte_Carlo_methods_for_option_pricing" title="Monte Carlo methods for option pricing">MC Simulation</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Trinomial_tree" title="Trinomial tree">Trinomial</a></li> <li><a href="/wiki/Vanna%E2%80%93Volga_pricing" title="Vanna–Volga pricing">Vanna–Volga</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Amortising_swap" title="Amortising swap">Amortising</a></li> <li><a href="/wiki/Asset_swap" title="Asset swap">Asset</a></li> <li><a href="/wiki/Basis_swap" title="Basis swap">Basis</a></li> <li><a href="/wiki/Commodity_swap" title="Commodity swap">Commodity</a></li> <li><a href="/wiki/Conditional_variance_swap" title="Conditional variance swap">Conditional variance</a></li> <li><a href="/wiki/Constant_maturity_swap" title="Constant maturity swap">Constant maturity</a></li> <li><a href="/wiki/Correlation_swap" title="Correlation swap">Correlation</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default</a></li> <li><a href="/wiki/Currency_swap" title="Currency swap">Currency</a></li> <li><a href="/wiki/Dividend_swap" title="Dividend swap">Dividend</a></li> <li><a href="/wiki/Equity_swap" title="Equity swap">Equity</a></li> <li><a href="/wiki/Foreign_exchange_swap" title="Foreign exchange swap">Forex</a></li> <li><a href="/wiki/Forward_rate_agreement" title="Forward rate agreement">Forward Rate Agreement</a></li> <li><a href="/wiki/Inflation_swap" title="Inflation swap">Inflation</a></li> <li><a href="/wiki/Interest_rate_swap" title="Interest rate swap">Interest rate</a></li> <li><a href="/wiki/Overnight_indexed_swap" title="Overnight indexed swap">Overnight indexed</a></li> <li><a href="/wiki/Total_return_swap" title="Total return swap">Total return</a></li> <li><a href="/wiki/Variance_swap" title="Variance swap">Variance</a></li> <li><a href="/wiki/Volatility_swap" title="Volatility swap">Volatility</a></li> <li><a href="/wiki/Year-on-year_inflation-indexed_swap" title="Year-on-year inflation-indexed swap">Year-on-year inflation-indexed</a></li> <li><a href="/wiki/Zero_coupon_swap" title="Zero coupon swap">Zero Coupon</a></li> <li><a href="/wiki/Zero-coupon_inflation_swap" title="Zero-coupon inflation swap">Zero-coupon inflation-indexed</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Futures_contract" title="Futures contract">Futures</a></li></ul></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Contango" title="Contango">Contango</a></li> <li><a href="/w/index.php?title=Commodities_future&action=edit&redlink=1" class="new" title="Commodities future (page does not exist)">Commodities future</a></li> <li><a href="/wiki/Currency_future" title="Currency future">Currency future</a></li> <li><a href="/wiki/Dividend_future" title="Dividend future">Dividend future</a></li> <li><a href="/wiki/Forward_market" title="Forward market">Forward market</a></li> <li><a href="/wiki/Forward_price" title="Forward price">Forward price</a></li> <li><a href="/wiki/Forward_contract#Spot–forward_parity" title="Forward contract">Forwards pricing</a></li> <li><a href="/wiki/Forward_rate" title="Forward rate">Forward rate</a></li> <li><a href="/wiki/Futures_contract#Pricing" title="Futures contract">Futures pricing</a></li> <li><a href="/wiki/Interest_rate_future" title="Interest rate future">Interest rate future</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Normal_backwardation" title="Normal backwardation">Normal backwardation</a></li> <li><a href="/wiki/Perpetual_futures" title="Perpetual futures">Perpetual futures</a></li> <li><a href="/wiki/Single-stock_futures" title="Single-stock futures">Single-stock futures</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Stock_market_index_future" title="Stock market index future">Stock market index future</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Exotic_derivative" title="Exotic derivative">Exotic derivatives</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commodity_derivative" class="mw-redirect" title="Commodity derivative">Commodity derivative</a></li> <li><a href="/wiki/Energy_derivative" title="Energy derivative">Energy derivative</a></li> <li><a href="/wiki/Freight_derivative" class="mw-redirect" title="Freight derivative">Freight derivative</a></li> <li><a href="/wiki/Inflation_derivative" title="Inflation derivative">Inflation derivative</a></li> <li><a href="/wiki/Property_derivative" title="Property derivative">Property derivative</a></li> <li><a href="/wiki/Weather_derivative" title="Weather derivative">Weather derivative</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other derivatives</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation (CDO)</a></li> <li><a href="/wiki/Constant_proportion_portfolio_insurance" title="Constant proportion portfolio insurance">Constant proportion portfolio insurance</a></li> <li><a href="/wiki/Contract_for_difference" title="Contract for difference">Contract for difference</a></li> <li><a href="/wiki/Credit-linked_note" title="Credit-linked note">Credit-linked note (CLN)</a></li> <li><a href="/wiki/Credit_default_option" title="Credit default option">Credit default option</a></li> <li><a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li> <li><a href="/wiki/Equity-linked_note" title="Equity-linked note">Equity-linked note (ELN)</a></li> <li><a href="/wiki/Equity_derivative" title="Equity derivative">Equity derivative</a></li> <li><a href="/wiki/Foreign_exchange_derivative" title="Foreign exchange derivative">Foreign exchange derivative</a></li> <li><a href="/wiki/Fund_derivative" title="Fund derivative">Fund derivative</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Interest_rate_derivative" title="Interest rate derivative">Interest rate derivative</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li> <li><a href="/wiki/Power_reverse_dual-currency_note" title="Power reverse dual-currency note">Power reverse dual-currency note (PRDC)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Market issues</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_debt" title="Consumer debt">Consumer debt</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate debt</a></li> <li><a href="/wiki/Government_debt" title="Government debt">Government debt</a></li> <li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></li> <li><a href="/wiki/Municipal_debt" class="mw-redirect" title="Municipal debt">Municipal debt</a></li> <li><a href="/wiki/Tax_policy" title="Tax policy">Tax policy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/20px-Emblem-money.svg.png" decoding="async" width="15" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/40px-Emblem-money.svg.png 1.5x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /></div><div role="navigation" class="navbox" aria-labelledby="Financial_risk_and_financial_risk_management192" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_risk" title="Template:Financial risk"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_risk" title="Template talk:Financial risk"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_risk" title="Special:EditPage/Template:Financial risk"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_risk_and_financial_risk_management192" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_risk" title="Financial risk">Financial risk</a> and <a href="/wiki/Financial_risk_management" title="Financial risk management">financial risk management</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Categories</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Credit_risk" title="Credit risk">Credit risk</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_credit_risk" title="Consumer credit risk">Consumer credit risk</a></li> <li><a href="/wiki/Sovereign_credit_risk" title="Sovereign credit risk">Sovereign credit risk</a></li> <li><a href="/wiki/Settlement_risk" title="Settlement risk">Settlement risk</a></li> <li><a href="/wiki/Default_(finance)" title="Default (finance)">Default risk</a></li> <li><a href="/wiki/Concentration_risk" title="Concentration risk">Concentration risk</a></li> <li><a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Market_risk" title="Market risk">Market risk</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commodity_risk" title="Commodity risk">Commodity risk</a> (e.g. <a href="/wiki/Volume_risk" title="Volume risk">Volume risk</a>, <a href="/wiki/Basis_risk" title="Basis risk">Basis risk</a>, <a href="/wiki/Shape_risk" title="Shape risk">Shape risk</a>, <a href="/wiki/Holding_period_risk" title="Holding period risk">Holding period risk</a>, <a href="/wiki/Price_area_risk" class="mw-redirect" title="Price area risk">Price area risk</a>)</li> <li><a href="/wiki/Equity_risk" title="Equity risk">Equity risk</a></li> <li><a href="/wiki/Valuation_risk" title="Valuation risk">Valuation risk</a></li> <li><a href="/wiki/Foreign_exchange_risk" title="Foreign exchange risk">FX risk</a></li> <li><a href="/wiki/Margining_risk" title="Margining risk">Margining risk</a></li> <li><a href="/wiki/Interest_rate_risk" title="Interest rate risk">Interest rate risk</a></li> <li><a href="/wiki/Inflation_risk" class="mw-redirect" title="Inflation risk">Inflation risk</a></li> <li><a href="/wiki/Volatility_risk" title="Volatility risk">Volatility risk</a></li> <li><a href="/wiki/Liquidity_risk" title="Liquidity risk">Liquidity risk</a> (e.g. <a href="/wiki/Refinancing_risk" title="Refinancing risk">Refinancing risk</a>, <a href="/wiki/Deposit_risk" title="Deposit risk">Deposit risk</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Operational_risk" title="Operational risk">Operational risk</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Operational_risk_management" title="Operational risk management">Operational risk management</a></li> <li><a href="/wiki/Business_risk" class="mw-redirect" title="Business risk">Business risk</a></li> <li><a href="/wiki/Model_risk" title="Model risk">Model risk</a></li> <li><a href="/wiki/Reputational_risk" class="mw-redirect" title="Reputational risk">Reputational risk</a></li> <li><a href="/wiki/Country_risk" title="Country risk">Country risk</a></li> <li><a href="/wiki/Political_risk" title="Political risk">Political risk</a></li> <li><a href="/wiki/Legal_risk" title="Legal risk">Legal risk</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Execution_risk" class="mw-redirect" title="Execution risk">Execution risk</a></li> <li><a href="/wiki/Profit_risk" title="Profit risk">Profit risk</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Non-financial_risk" title="Non-financial risk">Non-financial risk</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Financial_risk_modeling" title="Financial risk modeling">Modeling</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes model</a></li> <li><a href="/wiki/Replicating_portfolio" title="Replicating portfolio">Replicating portfolio</a></li> <li><a href="/wiki/Cashflow_matching" title="Cashflow matching">Cash flow matching</a></li> <li><a href="/wiki/Expected_shortfall" title="Expected shortfall">Conditional Value-at-Risk (CVaR)</a></li> <li><a href="/wiki/Copula_(probability_theory)" class="mw-redirect" title="Copula (probability theory)">Copula</a></li> <li><a href="/wiki/Drawdown_(economics)" title="Drawdown (economics)">Drawdown</a></li> <li><a href="/wiki/First-hitting-time_model" title="First-hitting-time model">First-hitting-time model</a></li> <li><a href="/wiki/Immunization_(finance)" title="Immunization (finance)">Interest rate immunization</a></li> <li><a href="/wiki/Market_portfolio" title="Market portfolio">Market portfolio</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a></li> <li><a href="/wiki/Omega_ratio" title="Omega ratio">Omega ratio</a></li> <li><a href="/wiki/Risk-adjusted_return_on_capital" title="Risk-adjusted return on capital">RAROC</a></li> <li><a href="/wiki/Risk-free_interest_rate" class="mw-redirect" title="Risk-free interest rate">Risk-free rate</a></li> <li><a href="/wiki/Risk_parity" title="Risk parity">Risk parity</a></li> <li><a href="/wiki/Sharpe_ratio" title="Sharpe ratio">Sharpe ratio</a></li> <li><a href="/wiki/Sortino_ratio" title="Sortino ratio">Sortino ratio</a></li> <li><a href="/wiki/Survival_analysis" title="Survival analysis">Survival analysis</a> (<a href="/wiki/Proportional_hazards_model" title="Proportional hazards model">Proportional hazards model</a>)</li> <li><a href="/wiki/Tracking_error" title="Tracking error">Tracking error</a></li> <li><a href="/wiki/Value_at_risk" title="Value at risk">Value-at-Risk (VaR)</a> and extensions (<a href="/wiki/Profit_at_risk" title="Profit at risk">Profit at risk</a>, <a href="/wiki/Margin_at_risk" title="Margin at risk">Margin at risk</a>, <a href="/wiki/Liquidity_at_risk" title="Liquidity at risk">Liquidity at risk</a>, <a href="/wiki/Cash_flow_at_risk" class="mw-redirect" title="Cash flow at risk">Cash flow at risk</a>, <a href="/wiki/Earnings_at_risk" title="Earnings at risk">Earnings at risk</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Basic concepts</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">Asset allocation</a></li> <li><a href="/wiki/Asset_and_liability_management" title="Asset and liability management">Asset and liability management</a></li> <li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded 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