CINXE.COM

<!DOCTYPE html> <html id="termsScTemplate_1-0" class="comp termsScTemplate scTemplate html mntl-html no-js " data-finance-resource-version="2.168.0" data-ab="99,99,99,99,99,99,99,99,99,99,62,99,99,99,99,99,99,55,99,99,99" data-mm-transactional-resource-version="1.14.22" data-mm-ads-resource-version="1.2.160" data-mm-video-resource-version="1.4.10" data-mantle-resource-version="4.0.743" lang="en" data-tracking-container="true" data-resource-version="2.168.0"> <head class="loc head"> <link rel="preconnect" href="//js-sec.indexww.com"> <link rel="preconnect" href="//c.amazon-adsystem.com"> <link rel="preconnect" href="//securepubads.g.doubleclick.net"> <link rel="dnsprefetch" href="//www.google-analytics.com"> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="robots" content="max-image-preview:large, NOODP, NOYDIR" /> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <link rel="canonical" href="https://www.investopedia.com/terms/o/otc.asp" /> <title>Over-the-Counter (OTC) Markets: Trading and Securities</title> <meta name="description" content="OTC market trades for securities are transacted via a dealer network, not on a centralized exchange such as NYSE." itemprop="description"> <meta name="emailcontenttype" content="TERMSC" /> <meta name="emailvertical" content="INVESTOPEDIA" /> <meta name="sailthru.author" content="Chris B. Murphy" /> <meta name="sailthru.tags" content="trading,stock-trading,stock-trading-strategy-and-education" /> <meta name="parsely-section" content="Trading" /> <meta name="parsely-tags" content="Investopedia,Trading,Stock Trading,Stock Trading Strategy & Education" /> <meta name="revenuegroup" content="FINANCIALSERVICES" />  <meta itemprop="name" content="Over-the-Counter (OTC) Markets: Trading and Securities" />  <meta property="og:type" content="article" /> <meta property="og:site_name" content="Investopedia" /> <meta property="og:url" content="https://www.investopedia.com/terms/o/otc.asp" /> <meta property="og:title" content="Over-the-Counter (OTC) Markets: Trading and Securities" /> <meta property="og:description" content="OTC market trades for securities are transacted via a dealer network, not on a centralized exchange such as NYSE." /> <meta property="og:image" content="https://www.investopedia.com/thmb/cxQrwBeFDE5jUJthisrVxmMCgAo=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/otc-ff2e9e69c97649c6938ecf5f0acb1f2f.png" />  <meta name="twitter:card" content="summary" /> <meta name="twitter:site" content="@Investopedia" /> <meta name="twitter:title" content="Over-the-Counter (OTC) Markets: Trading and Securities" /> <meta name="twitter:description" content="OTC market trades for securities are transacted via a dealer network, not on a centralized exchange such as NYSE." /> <meta name="twitter:image" content="https://www.investopedia.com/thmb/cxQrwBeFDE5jUJthisrVxmMCgAo=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/otc-ff2e9e69c97649c6938ecf5f0acb1f2f.png" /> <link rel="alternate" type="application/rss+xml" href="https://feeds-api.dotdashmeredith.com/v1/rss/google/f8466ec3-5044-46bc-94b7-2df65f770eff"> <style type="text/css" data-glb-resource-path="/static/2.168.0/cache/eNqtV1u64yAI3tD4ZRHzOpswSlKmRnu89LS7H7ykaVJr0vPNQ1NAfkRQxM557lF0E9deQSec66IEfnWvAzjxEdhFcQEnoyTYmtIEFiVy3aGWcHtoZMN3BW4BGRmI74SZLkaD9q7ruSs-CMblovqkQuKkMV58y5LlqNgVJZiknagXdxf1b5Qj0L82HgcUpGU067nWYPPSoXAHbJwAx5P_feJ6hD_oPEQjNWFteaMyPVekzmVCcVnX0_yKY3Kzc2e8MIX6vFA1xASUlk6Z0aTPjtHgUaG_MxI90zXUYOxEjscVccUccCtOG7YGm8M1gXNxX5Vor9kdL3N8kpMLuYMZglJOWACdcGu2kd7niBuBtLYIT5v1we5lasEVd9vQOUQKr8CEuVJER1hzrA_ek-ma8KcmUbwYjKLWaVRpOb3hVjK4-UNnfFBww14BnfSW_pPp7VQ74f4bpnIwHtSxBA1GKfO95hqHdTDG087Nf2kat2J2JiW9ydF-twt1bBtK4yV3JxY05cq6srOq0oZBbkleinehq5kuagNqrgUlbaNayVwquuzvN90Yd4rPTLwvThnwTr0ZC28E6aE439ma3At-XXl3LvqxidszObqQx-C9pR0sbJh690zvOPoBak5V-WflMlmzPwSiHrf8EUsTeL5iGqHq73RqINeVQh-eYsb-FMeDPxlLW8Eoj5fWqfHeIpVZSs2KYehhOtAklBm6AzOtXMrHtO7l7qVTuW0q4Z_rM9wuXEseK3SvjDg3MAJ9bpmcCVaU3G2FR5Ix4zf8p1Ojjulk81iz5-SS-bjIHNnCNFvL2Mmx2GAmyMK2QO4rcDv316ncZMlRzFq5cgP3qNT6UqxY1DRwzRYz2bLY0NhkjZoDamh9VwqCe1wS1ManrfMoHe8GGgl23gbhgwW5zOMnlT4155LdmgsRVJV-YkVwagaCfzvw2ULSiyp_G8CslR49OHzibAbWxe9v4QFHcpIWdMn98or9bH1xlFt0dDwVPXq2_EeBf0CTpZ3xTyx_BXBxabHYafcdO7ldlda58dQA0zuyeXJigFAHExxNYqnBfJXU4A5EvnEsKHqkS2ZBoBWsyHM9qg79X2uMpVa1ZjRGf4EltTVXA80KJTyvgtYFEN8ceXfN1I52-rQySBvJ0-Nz3by_2jqTi7f8_Qd4U6YY.min.css"> .is-hidden{display:none!important}.visually-hidden{position:absolute;width:.0625rem;height:.0625rem;border:0;padding:0;overflow:hidden;clip:rect(.0625rem,.0625rem,.0625rem,.0625rem)} img[src="//:0"]{position:relative}img[src="//:0"]:after{content:" ";display:block;position:absolute;top:0;left:0;width:100%;height:100%;background-color:#ccc}img{height:auto}.img--noscript,.primary-img--noscript{display:block;width:100%;max-width:none;height:auto;background-color:#c7c7c7}.no-js .mntl-primary-image:not(.primary-img--noscript),.no-js img.lazyload{display:none}img{height:auto}.img--noscript,.primary-img--noscript{display:block;width:100%;max-width:none;height:auto;background-color:#c7c7c7}.no-js .mntl-primary-image:not(.primary-img--noscript),.no-js .primary-image__image:not(.primary-img--noscript),.no-js img.lazyload{display:none}.img-placeholder{height:0;overflow:hidden;background-color:#c7c7c7}.img-placeholder img[data-placeholder=blurry].lazyload,.img-placeholder img[data-placeholder=blurry].lazyloading{filter:blur(10px)}.img-placeholder img[data-placeholder=blurry].lazyloaded{filter:none;transition:filter .3s ease-in} @keyframes loaderSpin{100%{transform:rotate(360deg)}} h1{margin:0 0 1rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:2.125rem;font-weight:400;line-height:1.1}h1:not(.article-heading--no-underline){position:relative;padding-bottom:1rem}h1:not(.article-heading--no-underline)::after{content:"";width:1.875rem;height:.3125rem;position:absolute;bottom:0;left:0;background-color:#2c40d0}@media (min-width:50em){h1{font-size:calc(-.0625rem + 4.375vw)}}@media (min-width:70em){h1{font-size:3rem}}h2{font-size:1.5rem;font-weight:400;line-height:1.2;color:#666}@media (min-width:50em){h2{font-size:calc(.5625rem + 1.875vw)}}@media (min-width:70em){h2{font-size:1.875rem}}h3{margin:0;font-size:1.5rem;font-weight:400;line-height:1.2}@media (min-width:70em){h3{font-size:1.625rem}}h4{margin:0;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif}.button--night,.mntl-email-form__button{letter-spacing:.05rem;text-transform:uppercase;display:flex;align-items:center;flex:0 0 auto;padding:.75rem 1.25rem .5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;text-decoration:none;color:#fff;background:#323a56}.button--night:hover,.mntl-email-form__button:hover{color:#fff;background:#2c40d0}.button--night:hover::after,.mntl-email-form__button:hover::after{border-top:2px solid #fff;border-right:2px solid #fff}.button--night::after,.mntl-email-form__button::after{content:"";display:inline-block;width:7px;height:7px;margin:-3px 0 0 .25rem;border-top:2px solid #ff8c6c;border-right:2px solid #ff8c6c;vertical-align:middle;transform:rotate(45deg)}.home-learn__content .button--night::after,.home-learn__content .mntl-email-form__button::after{margin:-.25rem 0 0 .25rem}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}*,::after,::before,html{box-sizing:border-box}figure{margin:0}[type=email],[type=text],input{outline:0;font-size:1rem}h1{margin:0 0 1rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:2.125rem;font-weight:400;line-height:1.1}h1:not(.article-heading--no-underline){position:relative;padding-bottom:1rem}h1:not(.article-heading--no-underline)::after{content:"";width:1.875rem;height:.3125rem;position:absolute;bottom:0;left:0;background-color:#2c40d0}@media (min-width:50em){h1{font-size:calc(-.0625rem + 4.375vw)}}@media (min-width:70em){h1{font-size:3rem}}h2{font-size:1.5rem;font-weight:400;line-height:1.2;color:#666}@media (min-width:50em){h2{font-size:calc(.5625rem + 1.875vw)}}@media (min-width:70em){h2{font-size:1.875rem}}h3{margin:0;font-size:1.5rem;font-weight:400;line-height:1.2}@media (min-width:70em){h3{font-size:1.625rem}}h4{margin:0;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif}.button--night,.mntl-email-form__button{letter-spacing:.05rem;text-transform:uppercase;display:flex;align-items:center;flex:0 0 auto;padding:.75rem 1.25rem .5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;text-decoration:none;color:#fff;background:#323a56}.button--night:hover,.mntl-email-form__button:hover{color:#fff;background:#2c40d0}.button--night:hover::after,.mntl-email-form__button:hover::after{border-top:2px solid #fff;border-right:2px solid #fff}.button--night::after,.mntl-email-form__button::after{content:"";display:inline-block;width:7px;height:7px;margin:-3px 0 0 .25rem;border-top:2px solid #ff8c6c;border-right:2px solid #ff8c6c;vertical-align:middle;transform:rotate(45deg)}.home-learn__content .button--night::after,.home-learn__content .mntl-email-form__button::after{margin:-.25rem 0 0 .25rem}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}html{height:100%;font-size:16px}body{display:flex;flex-direction:column;min-height:100%;margin:0;padding-top:3.25rem;font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif;font-size:1.125rem;letter-spacing:.05px;line-height:1.5;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale;color:#111;background:#fff}@media (min-width:50em){body{padding-top:3.25rem}}a{text-decoration:underline;color:#2c40d0}a:focus,a:hover{text-decoration:none;color:#2333a6}blockquote,ol,p,ul{margin-top:0;margin-bottom:1.75rem}ul{padding-left:1.5rem;list-style:disc}ol{padding:0;list-style:none;counter-reset:section}ol>li{padding-left:1rem;text-indent:-1rem;counter-increment:section}ol>li::before{content:counter(section) ".";display:inline-block;width:1rem;margin-right:.5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;text-align:right}b,strong{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif}blockquote{word-wrap:break-word;font-style:italic}button{margin:0;border:none;font-family:inherit;font-size:100%;text-decoration:none;cursor:pointer;background:0 0;-webkit-appearance:default-button}.mntl-email-form__button{margin-bottom:.6rem;padding:.75rem 1.25rem .65rem}.mntl-email-form__button::after{content:none}.mntl-email-form__button[disabled]{color:#eee;cursor:not-allowed;background:#d4d4d4}@font-face{font-family:"Source Sans Pro-fallback";font-weight:400;font-display:swap;size-adjust:91.75%;ascent-override:110%;src:local("Arial")}@font-face{font-family:Cabin-fallback;font-weight:600;font-display:swap;size-adjust:95.68%;ascent-override:104%;src:local("Arial")}@font-face{font-family:SourceSansPro;font-weight:400;font-display:swap;src:url(/static/fonts/SourceSansPro-regular.woff2) format("woff2"),url(/static/fonts/SourceSansPro-regular.woff) format("woff"),url(/static/fonts/SourceSansPro-regular.ttf) format("truetype")}@font-face{font-family:Cabin-semi-bold;font-weight:600;font-display:swap;src:url(/static/fonts/cabin-semi-bold.woff2) format("woff2"),url(/static/fonts/cabin-semi-bold.woff) format("woff"),url(/static/fonts/cabin-semi-bold.ttf) format("truetype")}::-webkit-input-placeholder{font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif;font-size:1rem}::-moz-placeholder{font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif;font-size:1rem}:-ms-input-placeholder{font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif;font-size:1rem}input,textarea{width:100%;padding:.6rem .65rem;line-height:1.2rem}input[type=search]{-webkit-appearance:none}input[type=search]::-webkit-search-cancel-button,input[type=search]::-webkit-search-decoration{-webkit-appearance:none}input[type=checkbox],input[type=radio]{width:auto;margin-right:.3em}h1{margin:0 0 1rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:2.125rem;font-weight:400;line-height:1.1}h1:not(.article-heading--no-underline){position:relative;padding-bottom:1rem}h1:not(.article-heading--no-underline)::after{content:"";width:1.875rem;height:.3125rem;position:absolute;bottom:0;left:0;background-color:#2c40d0}@media (min-width:50em){h1{font-size:calc(-.0625rem + 4.375vw)}}@media (min-width:70em){h1{font-size:3rem}}h2{font-size:1.5rem;font-weight:400;line-height:1.2;color:#666}@media (min-width:50em){h2{font-size:calc(.5625rem + 1.875vw)}}@media (min-width:70em){h2{font-size:1.875rem}}h3{margin:0;font-size:1.5rem;font-weight:400;line-height:1.2}@media (min-width:70em){h3{font-size:1.625rem}}h4{margin:0;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif}.button--night,.mntl-email-form__button{letter-spacing:.05rem;text-transform:uppercase;display:flex;align-items:center;flex:0 0 auto;padding:.75rem 1.25rem .5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;text-decoration:none;color:#fff;background:#323a56}.button--night:hover,.mntl-email-form__button:hover{color:#fff;background:#2c40d0}.button--night:hover::after,.mntl-email-form__button:hover::after{border-top:2px solid #fff;border-right:2px solid #fff}.button--night::after,.mntl-email-form__button::after{content:"";display:inline-block;width:7px;height:7px;margin:-3px 0 0 .25rem;border-top:2px solid #ff8c6c;border-right:2px solid #ff8c6c;vertical-align:middle;transform:rotate(45deg)}.home-learn__content .button--night::after,.home-learn__content .mntl-email-form__button::after{margin:-.25rem 0 0 .25rem}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}h1{margin:0 0 1rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:2.125rem;font-weight:400;line-height:1.1}h1:not(.article-heading--no-underline){position:relative;padding-bottom:1rem}h1:not(.article-heading--no-underline)::after{content:"";width:1.875rem;height:.3125rem;position:absolute;bottom:0;left:0;background-color:#2c40d0}@media (min-width:50em){h1{font-size:calc(-.0625rem + 4.375vw)}}@media (min-width:70em){h1{font-size:3rem}}h2{font-size:1.5rem;font-weight:400;line-height:1.2;color:#666}@media (min-width:50em){h2{font-size:calc(.5625rem + 1.875vw)}}@media (min-width:70em){h2{font-size:1.875rem}}h3{margin:0;font-size:1.5rem;font-weight:400;line-height:1.2}@media (min-width:70em){h3{font-size:1.625rem}}h4{margin:0;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif}.button--night,.mntl-email-form__button{letter-spacing:.05rem;text-transform:uppercase;display:flex;align-items:center;flex:0 0 auto;padding:.75rem 1.25rem .5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;text-decoration:none;color:#fff;background:#323a56}.button--night:hover,.mntl-email-form__button:hover{color:#fff;background:#2c40d0}.button--night:hover::after,.mntl-email-form__button:hover::after{border-top:2px solid #fff;border-right:2px solid #fff}.button--night::after,.mntl-email-form__button::after{content:"";display:inline-block;width:7px;height:7px;margin:-3px 0 0 .25rem;border-top:2px solid #ff8c6c;border-right:2px solid #ff8c6c;vertical-align:middle;transform:rotate(45deg)}.home-learn__content .button--night::after,.home-learn__content .mntl-email-form__button::after{margin:-.25rem 0 0 .25rem}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}img{max-width:100%;vertical-align:bottom;background-color:#d4d4d4}img[src*=".gif"],img[src*=".png"],img[src*=".svg"]{background-color:transparent}.card--circular-image img.lazyloading{color:transparent}.l-container{width:100%;max-width:80rem;margin:0 auto;padding:0 1.5rem}.has-left-rail{flex:1}.left-rail{display:none;flex-shrink:0;width:17rem;margin:6rem 1.25rem 0 0;padding-left:2.5rem}.bioTemplate .left-rail{margin-top:3rem}.article-journey .left-rail{display:block;width:100%;height:3.5rem;margin:0;padding:0}@media (min-width:64em){.article-journey .left-rail{width:17rem;height:inherit;margin:0 1.25rem 0 0;padding-left:2.5rem}}@media (min-width:50em){.article-journey main:not(.has-right-rail) .left-rail{width:17rem;height:inherit;margin:0 1.25rem 0 0;padding-left:2.5rem}}.is-journey-root .left-rail{height:.1rem}.scTemplate.is-journey-root .left-rail{height:auto}@media (min-width:64em){.left-rail{display:block}}.right-rail.right-rail{display:grid}.right-rail.right-rail.right-rail--ad-container{display:block;height:auto}@media (min-width:34em){.article--video .right-rail.right-rail.right-rail--ad-container{padding-top:5rem}}@media (min-width:50em){.article--searchTemplate .right-rail.right-rail.right-rail--ad-container{padding-top:9.75rem}}@media (min-width:64em){.article--searchTemplate .right-rail.right-rail.right-rail--ad-container{padding-top:7rem}}@media (min-width:34em){.article[data-rail-bp=med] .right-rail.right-rail{display:block;height:100%;position:absolute;top:0;right:0}}@media (min-width:50em){.article[data-rail-bp=med2] .right-rail.right-rail{display:block;height:100%;position:absolute;top:0;right:0}}.taxonomy-main{flex-direction:column}.taxonomy-spotlight{display:flex}.top-100-bio{display:grid}@media (min-width:50em){.dictionaryTemplate{position:relative;overflow-x:hidden}}.dictionary__sticky{position:relative}h1{margin:0 0 1rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:2.125rem;font-weight:400;line-height:1.1}h1:not(.article-heading--no-underline){position:relative;padding-bottom:1rem}h1:not(.article-heading--no-underline)::after{content:"";width:1.875rem;height:.3125rem;position:absolute;bottom:0;left:0;background-color:#2c40d0}@media (min-width:50em){h1{font-size:calc(-.0625rem + 4.375vw)}}@media (min-width:70em){h1{font-size:3rem}}h2{font-size:1.5rem;font-weight:400;line-height:1.2;color:#666}@media (min-width:50em){h2{font-size:calc(.5625rem + 1.875vw)}}@media (min-width:70em){h2{font-size:1.875rem}}h3{margin:0;font-size:1.5rem;font-weight:400;line-height:1.2}@media (min-width:70em){h3{font-size:1.625rem}}h4{margin:0;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif}.button--night,.mntl-email-form__button{letter-spacing:.05rem;text-transform:uppercase;display:flex;align-items:center;flex:0 0 auto;padding:.75rem 1.25rem .5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;text-decoration:none;color:#fff;background:#323a56}.button--night:hover,.mntl-email-form__button:hover{color:#fff;background:#2c40d0}.button--night:hover::after,.mntl-email-form__button:hover::after{border-top:2px solid #fff;border-right:2px solid #fff}.button--night::after,.mntl-email-form__button::after{content:"";display:inline-block;width:7px;height:7px;margin:-3px 0 0 .25rem;border-top:2px solid #ff8c6c;border-right:2px solid #ff8c6c;vertical-align:middle;transform:rotate(45deg)}.home-learn__content .button--night::after,.home-learn__content .mntl-email-form__button::after{margin:-.25rem 0 0 .25rem}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.main{display:flex;width:100%;max-width:1280px;padding:0 .625rem}@media (min-width:34em){html .main{flex:1 0 auto;margin:0 auto;padding:0 1.25rem}}html.corporateTemplate.corporateTemplate .main{max-width:50rem;padding-top:3rem}html.bioTemplate.bioTemplate .main{max-width:65rem}.article-journey .main{flex-direction:column}@media (min-width:64em){.article-journey .main{flex-direction:row}}@media all and (min-width:50em){.article-journey .main:not(.has-right-rail){flex-direction:row}}.searchTemplate .main{flex-direction:column}.listScCommerceTemplate .main,.liveBlogTemplate .main,.scTemplate .main,.taxonomyScTemplate .main,.termsScTemplate .main{display:grid;width:auto;padding:0;grid-template-columns:minmax(0,1fr)}.homeTemplate .main{max-width:unset}.homeTemplate .main,.quoteTemplate .main{flex-direction:column}.bioTemplate .main{flex-wrap:wrap}.bioTemplate .main .left-rail{flex:0 0 100%}@media (min-width:50em){.bioTemplate .main .left-rail{flex:0 0 28%}}.bioTemplate .main .content-well{flex:0 0 100%}@media (min-width:50em){.bioTemplate .main .content-well{flex:0 0 70%}}.bioTemplate .main .bio-recirc{flex-basis:100%;position:relative}.bioTemplate .main .bio-recirc::before{content:"";z-index:-1;width:100vw;height:100%;position:absolute;right:50%;left:50%;margin-right:-50vw;margin-left:-50vw;background:linear-gradient(to bottom,#fff 0,#fff 125px,#f5f5f6 125px,#f5f5f6 100%)}.dictionaryListingTemplate .main{flex-flow:column;max-width:80rem;margin:0 auto;padding:1rem}@media (min-width:34em){.dictionaryListingTemplate .main{padding:1rem 1.75rem}}.dictionaryTemplate .main{flex-flow:column;position:relative;padding:2rem 3.5rem 6rem 1rem}@media (min-width:50em){.dictionaryTemplate .main{padding-right:1rem}}.marketsTemplate .main{flex-direction:column}.mntl-dynamic-tooltip.mntl-dynamic-tooltip{z-index:90}.is-vishidden.is-vishidden.is-vishidden{width:1px;height:1px;position:absolute;padding:0;border:0;overflow:hidden;clip:rect(1px,1px,1px,1px)}.is-hidden.is-hidden.is-hidden{display:none}.is-noscroll{height:100%;overflow:hidden} .js-scads-inline-content{position:absolute;top:-10000in}.billboard{min-width:300px;min-height:250px}.billboard[data-ad-height="0"]{display:none}.billboard[data-ad-height=fluid]{min-height:0;padding:0} .gpt{text-align:center} .video-ad{position:relative}.mm-ads-gpt-adunit .video-placeholder{background:#f0f0f0}.mm-ads-gpt-adunit .video-placeholder[class*=leaderboard]{height:250px;max-width:970px;width:100%}.mm-ads-gpt-adunit .video-placeholder[class*=mm-ads-square],.mm-ads-gpt-adunit .video-placeholder[class*=square]{display:block;height:250px;width:300px}.mm-ads-gpt-adunit .video-placeholder[class*=mm-ads-square]~*,.mm-ads-gpt-adunit .video-placeholder[class*=square]~*{top:50%;transform:translateY(-50%)}.mm-ads-gpt-adunit .video-placeholder~*{position:absolute} .ie-notification-banner{position:fixed;z-index:99;top:0;right:0;left:0;padding:16px 0;font-family:Arial,sans-serif;text-align:center;background-color:#ffeca7}.ie-notification-banner.is-closed{display:none}.ie-notification-banner__content{display:inline-block}.ie-notification-banner__icon-alert{margin-top:5px;width:30px;height:30px;vertical-align:top}.ie-notification-banner__text-container{display:inline-block;margin:0 8px;width:600px;text-align:left}.ie-notification-banner__text--bold{font-weight:700}.ie-notification-banner__btn{display:inline-block;border-radius:4px;padding:12px;vertical-align:top;font-weight:700}.ie-notification-banner__btn-update{margin-right:8px;text-decoration:none;color:#fff;background-color:#2b922f}.ie-notification-banner__btn-update:hover{color:#fff;background-color:#126815}.ie-notification-banner__btn-close{border:none;color:#666;cursor:pointer;background-color:#dedcd0}.ie-notification-banner__btn-close:hover{background-color:#bcbbb0} #main{position:relative}#height-change-listener{position:absolute;left:0;width:0;height:100%;border:0;background-color:transparent} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.header{z-index:94;display:flex;flex-direction:column;width:100%;max-width:100vw;position:fixed;top:0;box-shadow:0 .125rem .375rem rgba(0,0,0,.15);background:rgba(0,0,0,.65)}.header.is-fullnav{height:100vh;overflow-x:hidden;overflow-y:scroll}.header.is-fullnav .header__nav-panel{display:block}.header.is-fullnav .header__menu-button .icon-close{display:block}.header.is-fullnav .header__menu-button .icon-menu{display:none}.header.is-searching .header-nav__list-wrapper,.header.is-searching .header__nav-button{display:none}@media (min-width:50em){.header.is-searching .header__menu-button-container{display:block}}@media (min-width:70em){.header.is-searching .header__menu-button-container{display:none}}.header.is-searching .header__logo-wrapper{display:none}@media (min-width:70em){.header.is-searching .header__logo-wrapper{display:block}}.header.is-searching .header__menu-top .utility-nav li:not(.utility-nav__search){display:none}.header__nav-button{padding:6px 10px;border-radius:3px;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.9375rem;letter-spacing:1px;text-transform:uppercase;text-decoration:none;color:#fff;background:#333e8b}.header__nav-button:hover{color:#fff;background:#2c40d0}.header__nav-button:focus{color:#fff}.header__menu-top{padding-right:1rem;padding-left:1rem;display:flex;align-items:center;justify-content:space-between;width:100%;height:3.25rem;background-color:#fff}@media (min-width:34em){.header__menu-top{padding-right:max(1.5rem,calc(50% - 18.75rem));padding-left:max(1.5rem,calc(50% - 18.75rem))}}@media (min-width:50em){.header__menu-top{padding-right:2rem;padding-left:2rem}}@media (min-width:64em){.header__menu-top{padding-right:max(2rem,calc(50% - 38.125rem));padding-left:max(2rem,calc(50% - 38.125rem))}}.header__menu-top .utility-nav__full-menu-item,.header__menu-top .utility-nav__search{display:none}@media (min-width:70em){.header__menu-top .utility-nav__full-menu-item,.header__menu-top .utility-nav__search{display:block}}.header__menu-top .utility-nav__subscribe{border-left:0}@media (min-width:70em){.header__menu-top .utility-nav__subscribe{display:none}}@media (min-width:50em){.header__menu-top{height:3.25rem}}@media (min-width:70em){.header__menu-top{height:auto;padding:0}}@media (min-width:34em){.header .utility-nav,.header__logo-wrapper,.header__menu-button-container{display:flex}}@media (min-width:34em){.header__menu-button-container{justify-content:flex-start}}@media (min-width:70em){.header__menu-button-container{display:none}}@media (min-width:34em){.header .utility-nav{justify-content:flex-end}}.header__menu-button{padding:0;border:0;background:unset}.header__menu-button,.header__menu-button__menu-button-inner{display:flex;align-items:center;line-height:0}.header__menu-button .icon{width:1.25rem;height:1.25rem;border:0;background:unset;fill:rgba(0,0,0,.65)}.header__menu-button .icon-close{display:none}@media (min-width:70em){.header__menu-button{display:none}}.header__logo-wrapper{flex-grow:1;justify-content:center;position:relative;top:2px;line-height:0}.header__logo-wrapper .icon{width:11rem;height:2rem}@media (min-width:70em){.header__logo-wrapper{flex-grow:0}}.header__nav-panel{display:none;width:100%;height:calc(100% - 3.75rem);padding-bottom:2rem;border-top:1px solid #d8d8d8;overflow-y:auto;background-color:#fff}@media (min-width:50em){.header__nav-panel{max-width:25rem}}@media (min-width:50em){.header--scroll-header{height:3.25rem}}@media (min-width:70em){.header--scroll-header{display:flex;align-items:center;gap:0;padding-top:0;padding-bottom:0}.header--scroll-header .header-nav{flex:1 1 auto;margin-top:0}.header--scroll-header .header-nav__list-wrapper{height:3.25rem;margin-left:0}.header--scroll-header .header-nav__list-item{height:2.5rem;margin-top:.75rem}.header--scroll-header .header-nav__sublist{max-height:calc(100vh - 3.25rem)}.header--scroll-header .navigation-links{display:none}.header--scroll-header .header__menu-top{gap:0}.header--scroll-header .header__logo-wrapper .icon-logo{width:8.7rem;height:1.5rem;margin-right:1rem}.header--scroll-header .utility-nav__full-menu-item{display:none}.header--scroll-header .utility-nav__subscribe{display:block;border-left:1px solid rgba(0,0,0,.15)}}.header--search .utility-nav__subscribe{display:none}.header--search .header__menu-top .utility-nav__search{display:block}.header--search .header__logo-wrapper{display:flex}@media (min-width:50em){.header{height:3.25rem}}@media (min-width:70em){.header{padding-right:1rem;padding-left:1rem;align-items:center;flex-direction:row;height:3.25rem;background-color:#fff;transition:height .1s}}@media (min-width:70em) and (min-width:34em){.header{padding-right:max(1.5rem,calc(50% - 18.75rem));padding-left:max(1.5rem,calc(50% - 18.75rem))}}@media (min-width:70em) and (min-width:50em){.header{padding-right:2rem;padding-left:2rem}}@media (min-width:70em) and (min-width:64em){.header{padding-right:max(2rem,calc(50% - 38.125rem));padding-left:max(2rem,calc(50% - 38.125rem))}} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.skip-link{z-index:100;position:absolute;top:0;left:-1000rem;padding:1rem 1.5rem;font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif;font-size:1rem;font-weight:700;letter-spacing:.0625rem;line-height:1.125rem;text-transform:uppercase;text-decoration:none;color:#fff;background-color:#333e8b;transition:top .3s ease-in-out}.skip-link:focus{left:0;color:#fff} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.footer__logo{display:inline-block;height:1.875rem}.footer__logo .inv-logo-inverted{align-self:flex-start;width:16rem;height:1.875rem;margin:0}@media (min-width:50em){.footer__logo .inv-logo-inverted{width:20rem;height:3rem}}@media (min-width:50em){.footer__logo{height:3rem}} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.utility-nav{display:none}.utility-nav__title{display:flex;align-items:center;padding:0;border:0;background:unset}.utility-nav__list{display:flex;align-items:center;gap:1.5rem .75rem;margin-bottom:0;padding-left:1rem}.utility-nav__list>li{padding-left:.75rem}.utility-nav__list>li.utility-nav__cta-button,.utility-nav__list>li:first-child{padding-left:0;border-left:0}.utility-nav__newsletter a:visited,.utility-nav__search a:visited,.utility-nav__sweepstakes a:visited{color:initial}.utility-nav__account a,.utility-nav__account button,.utility-nav__magazine a,.utility-nav__magazine button,.utility-nav__signin a,.utility-nav__signin button{display:flex;align-items:center}.utility-nav__account a .icon-account,.utility-nav__account button .icon-account,.utility-nav__magazine a .icon-account,.utility-nav__magazine button .icon-account,.utility-nav__signin a .icon-account,.utility-nav__signin button .icon-account{fill:#2c40d0;margin-right:.25rem}.utility-nav__account .icon,.utility-nav__magazine .icon,.utility-nav__signin .icon{width:1.5rem;height:1.5rem}.utility-nav__sublist-container{z-index:1;display:none;width:13.5rem;position:absolute;left:-.125rem;box-shadow:0 .1875rem .5625rem rgba(0,0,0,.15);background-color:#fff}.utility-nav__sublist-list-item:last-child{margin-bottom:0}.utility-nav__sublist-list-item a{display:block;padding:.75rem 1rem}.utility-nav__sublist-list-item a:visited{color:initial}@media (min-width:70em){.utility-nav__sublist-list-item a:active,.utility-nav__sublist-list-item a:hover{-webkit-text-decoration-line:none;text-decoration-line:none;background-color:rgba(0,0,0,.05)}.utility-nav__sublist-list-item a:focus{outline-offset:-3px}}@media (min-width:70em){.utility-nav__account,.utility-nav__magazine{position:relative}.utility-nav__account .utility-nav__link-list,.utility-nav__magazine .utility-nav__link-list{padding:.5rem 0}.utility-nav__account .utility-nav__title:hover+.utility-nav__sublist-container,.utility-nav__account:focus-within .utility-nav__sublist-container,.utility-nav__account:hover .utility-nav__sublist-container,.utility-nav__magazine .utility-nav__title:hover+.utility-nav__sublist-container,.utility-nav__magazine:focus-within .utility-nav__sublist-container,.utility-nav__magazine:hover .utility-nav__sublist-container{display:block}}.utility-nav__cta-button a{padding:.25rem .75rem;text-transform:none}.utility-nav__cta-button a:hover{-webkit-text-decoration-line:none;text-decoration-line:none}.is-searching .utility-nav{display:flex;align-items:center;justify-content:center;width:100%}.is-searching .utility-nav__list,.is-searching .utility-nav__search{width:100%}.is-searching .utility-nav__list .general-search,.is-searching .utility-nav__search .general-search{margin:0 auto}@media (min-width:50em){.is-searching .utility-nav__list .general-search,.is-searching .utility-nav__search .general-search{margin-right:0}}@media (min-width:50em){.is-searching .utility-nav{flex-grow:1;justify-content:flex-end;width:auto}}@media (min-width:70em){.is-searching .utility-nav{align-items:flex-start}}.utility-nav .general-search__form{display:none}.utility-nav .general-search__input-group{align-items:center}.utility-nav .general-search__validation-message{width:20.25rem}.utility-nav .general-search label{margin-right:.5rem}.is-searching .utility-nav .general-search{width:100%}.is-searching .utility-nav .general-search__form{z-index:1;display:block;background:#fff}.is-searching .utility-nav .general-search__icon-button{display:none}.utility-nav .general-search__close .icon-close,.utility-nav .general-search__icon-button .icon-search{fill:rgba(0,0,0,.65)}.utility-nav .general-search__close{margin-left:1rem}@media (min-width:34em){.utility-nav{display:block}} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.general-search{z-index:1;width:100%;position:relative}.general-search.is-focus .general-search__button{display:flex}.general-search .icon-close,.general-search .icon-search{position:relative;vertical-align:middle}.general-search .icon-search{width:1.25rem;height:1.25rem}.general-search .icon-close{width:1rem;height:1rem}.general-search__search-input{display:none}.general-search__form{width:350px;position:absolute;top:50%;right:0;transform:translateY(-50%)}.general-search__form .general-search__button,.general-search__form .general-search__close{position:absolute;top:50%;transform:translateY(-50%)}.general-search__form .general-search__button{left:.5rem}.general-search__form .general-search__close{right:0}.general-search__input-group .icon-search{width:.75rem;height:.75rem}.general-search__input-group input{width:calc(100% - 1.75rem);height:2.75rem;padding:0 .75rem 0 1.5rem;outline:0;border:1px solid #333e8b;border-radius:3px}.general-search__input-group input:focus-visible{outline:revert}.general-search__input-group input::-moz-placeholder{color:#777}.general-search__input-group input::placeholder{color:#777}@media (min-width:34em){.general-search__input-group input{height:2.375rem}}.general-search__input-group label{display:none;padding:0}.general-search__close{padding:0;border:0;cursor:pointer;background:unset}.general-search .general-search__button{padding:0}.general-search__icon-button-container{display:flex;align-items:center}.general-search__icon-button{margin-left:auto;padding:0;outline:0;border:0;text-align:right;background:0 0}.general-search__icon-button:focus-visible{outline:revert}.general-search .validation-message{z-index:-1;position:absolute;top:1.25rem;right:1.75rem;left:auto} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.message-banner{display:flex;align-items:center;width:100%;padding:.75rem 1rem}.message-banner.is-input-error{width:auto;margin:0 -.25rem}.message-banner--success{background-color:#e5f2e5}.message-banner--success .icon-check-circle{fill:green}.message-banner--informational{background-color:#e6eefa}.message-banner--informational .icon-info{fill:#014ecb}.message-banner--warning{background-color:#fff5e6}.message-banner--warning .icon-warning{fill:#fe9802}.message-banner--error{background-color:#fae6e6}.message-banner--error .icon-error{fill:#c00}.message-banner__icon{flex-shrink:0;width:1.5rem;height:1.5rem}.message-banner__text{flex-grow:1;padding:0 .5rem}.message-banner__close-button{display:flex;margin:0;padding:0;border:0;background:unset}.message-banner__close-button .icon-close{fill:rgba(0,0,0,.65)} .header-nav a{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.9375rem;letter-spacing:1px;line-height:20px;text-transform:uppercase;text-decoration:none;color:#0d0d0d}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.header-nav{display:none;background-color:#fff}.header-nav__list{display:flex;flex-wrap:wrap;margin:0;padding:0;list-style:none;background-color:#fff}.header-nav__list-wrapper{height:3.25rem;overflow:hidden}.header-nav__list-item{display:flex;align-items:center;height:3.25rem;padding:0 1vw}.header-nav__list-item:focus-within>a,.header-nav__list-item:hover>a{border-bottom:1px solid #0d0d0d;text-decoration:none}.header-nav__list-item:focus-within .header-nav__sublist,.header-nav__list-item:hover .header-nav__sublist{display:block}.header-nav__list-item:last-child{margin-right:0}.header-nav__list-item>a{position:relative;top:2px;border-bottom:1px solid transparent}.header-nav__list-item>a:visited{color:initial}@media (min-width:1240px){.header-nav__list-item{padding:0 1rem}}.header-nav__list-item-about-us>a{white-space:nowrap}.header-nav__sublist{z-index:-1;display:none;width:13rem;max-height:calc(100vh - 3.25rem);position:absolute;top:3.25rem;margin-left:-1rem;padding:0;border-top:none;overflow-y:auto;list-style:none;box-shadow:0 .1875rem .5625rem rgba(0,0,0,.15);background:#fff}.header-nav__sublist:focus,.header-nav__sublist:hover{display:block}.header-nav__sublist::after{content:"";z-index:-1;display:block;width:100%;height:1rem;position:absolute;top:0;left:0;transform:translateY(-100%);background-color:#fff}.header-nav__sublist-item.view-all a{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;letter-spacing:1px;text-transform:uppercase}.header-nav__sublist-item.view-all a:active,.header-nav__sublist-item.view-all a:hover{-webkit-text-decoration-line:none;text-decoration-line:none}.header-nav__sublist-item a{display:block;padding:.75rem 1rem .625rem;font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif;font-size:1.0625rem;letter-spacing:0;text-transform:capitalize}.header-nav__sublist-item a:active,.header-nav__sublist-item a:hover{-webkit-text-decoration-line:none;text-decoration-line:none;background-color:rgba(0,0,0,.05)}.header-nav__sublist-item a:focus{outline-offset:-3px}.header-nav__sublist-item a:visited{color:initial}.header-nav__subscribe-link:visited{color:initial}.header-nav .navigation-links{margin-left:auto}@media (min-width:70em){.header-nav{display:flex;align-items:center;flex:1;justify-content:center}} .fullscreen-nav__list a{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.9375rem;letter-spacing:1px;line-height:20px;text-transform:uppercase;text-decoration:none;color:#0d0d0d}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.fullscreen-nav{position:relative}.fullscreen-nav--subnav-open{visibility:hidden;height:100%;overflow-y:hidden}.fullscreen-nav__list{margin-bottom:1.25rem;list-style:none}.fullscreen-nav__list-item>a{height:49px}.fullscreen-nav__list .fullscreen-nav__link,.fullscreen-nav__list .fullscreen-nav__title{width:100%;padding:.75rem 0;border-width:0 0 1px;border-style:solid;border-color:rgba(0,0,0,.15)}.fullscreen-nav__list li:last-child .fullscreen-nav__link,.fullscreen-nav__list li:last-child .fullscreen-nav__title{border-bottom:none}.fullscreen-nav__sublist{padding-left:0;list-style:none}.fullscreen-nav .utility-nav__sublist-container,.fullscreen-nav__sublist-container{visibility:hidden;z-index:1;width:100%;height:100%;position:absolute;top:0;left:100vw;overflow-y:scroll;background-color:#fff}.fullscreen-nav .utility-nav__sublist-back-button,.fullscreen-nav__link,.fullscreen-nav__sublist-back-button,.fullscreen-nav__title{display:flex;align-items:center;justify-content:space-between;border-radius:0;background:unset}.fullscreen-nav__title .icon-chevron_right{fill:#2c40d0}.fullscreen-nav .fullscreen-nav__title.active+.utility-nav__sublist-container,.fullscreen-nav__title.active+.fullscreen-nav__sublist-container{visibility:visible;left:0}.fullscreen-nav .utility-nav__sublist-header,.fullscreen-nav__sublist-header{display:flex;align-items:center;position:relative;left:-.5rem;margin:1.5rem 0 2rem}.fullscreen-nav__sublist-header-text{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.9375rem;letter-spacing:1px;text-transform:uppercase;color:#333e8b}.fullscreen-nav .utility-nav__sublist-back-button,.fullscreen-nav__sublist-back-button{padding:0;border:0}.fullscreen-nav .utility-nav__sublist-list-item,.fullscreen-nav__sublist-item{margin-bottom:1rem}.fullscreen-nav .view-all.utility-nav__sublist-list-item a,.fullscreen-nav__sublist-item.view-all a{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.9375rem;letter-spacing:1px;text-transform:uppercase}.fullscreen-nav .utility-nav__sublist-list-item a,.fullscreen-nav__sublist-item a{display:inline-block;font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif;font-size:1.125rem;letter-spacing:0;text-transform:capitalize}.fullscreen-nav .general-search{margin-top:1.5rem;margin-bottom:1.25rem}.fullscreen-nav .general-search__input-group{flex-wrap:wrap;position:relative}.fullscreen-nav .general-search__input-group input{width:100%}.fullscreen-nav .general-search__button{fill:#fff;position:absolute;top:50%;left:.5rem;transform:translateY(-50%)}.fullscreen-nav .general-search label{width:100%;margin-bottom:.3125rem}.fullscreen-nav .general-search .validation-message{width:100%;top:2.5rem;right:auto;left:0}@media (min-width:34em){.fullscreen-nav .general-search{display:none}}.fullscreen-nav .utility-nav{display:none;flex-direction:row;padding-top:2rem;padding-bottom:2rem;border-top:2px solid rgba(0,0,0,.95)}.fullscreen-nav .utility-nav li{width:100%;padding-left:0;border-left:0}.fullscreen-nav .utility-nav li:last-child{margin-bottom:0}.fullscreen-nav .utility-nav__sublist-container{display:block}.fullscreen-nav .utility-nav__sublist-list-item a{padding:0}.fullscreen-nav .utility-nav__list{align-items:flex-start;flex-direction:column;justify-content:stretch;width:100%}.fullscreen-nav .utility-nav__magazine .fullscreen-nav .utility-nav__account{position:static}.fullscreen-nav .utility-nav__magazine .fullscreen-nav .utility-nav__account a{justify-content:space-between}.fullscreen-nav .utility-nav__magazine .fullscreen-nav .utility-nav__account .utility-nav__link-list{padding:0}.fullscreen-nav .utility-nav__title{width:100%}.fullscreen-nav .utility-nav__title span{flex-grow:1;text-align:left;color:rgba(0,0,0,.95)}.fullscreen-nav .utility-nav__title.active+.utility-nav__sublist-container{visibility:visible;left:0}.fullscreen-nav .utility-nav__title .icon-chevron_right{fill:rgba(0,0,0,.65)}.fullscreen-nav .utility-nav__cta-button a{display:inline-block;width:unset}.fullscreen-nav .icon-arrow_left,.fullscreen-nav .icon-chevron_right{width:1.5rem;height:1.5rem}.fullscreen-nav .icon-arrow_left{fill:#333e8b}.fullscreen-nav .general-search,.fullscreen-nav .general-search .validation-message,.fullscreen-nav .utility-nav,.fullscreen-nav .utility-nav__sublist-container,.fullscreen-nav__list,.fullscreen-nav__sublist-container{padding-right:1rem;padding-left:1rem}@media (min-width:34em){.fullscreen-nav .general-search,.fullscreen-nav .general-search .validation-message,.fullscreen-nav .utility-nav,.fullscreen-nav .utility-nav__sublist-container,.fullscreen-nav__list,.fullscreen-nav__sublist-container{padding-right:max(1.5rem,calc(50% - 18.75rem));padding-left:max(1.5rem,calc(50% - 18.75rem))}}@media (min-width:50em){.fullscreen-nav .general-search,.fullscreen-nav .general-search .validation-message,.fullscreen-nav .utility-nav,.fullscreen-nav .utility-nav__sublist-container,.fullscreen-nav__list,.fullscreen-nav__sublist-container{padding-right:2rem;padding-left:2rem}}@media (min-width:64em){.fullscreen-nav .general-search,.fullscreen-nav .general-search .validation-message,.fullscreen-nav .utility-nav,.fullscreen-nav .utility-nav__sublist-container,.fullscreen-nav__list,.fullscreen-nav__sublist-container{padding-right:max(2rem,calc(50% - 38.125rem));padding-left:max(2rem,calc(50% - 38.125rem))}}@media (min-width:50em){.fullscreen-nav{max-width:25rem}}@supports (-webkit-touch-callout:none){.fullscreen-nav{padding-bottom:5.125rem}@media (min-width:64em){.fullscreen-nav{padding-bottom:0}}} .social-nav__link:before{content:attr(data-text)}.social-nav__title{font-weight:400}.social-nav__list{display:flex}.social-nav__icon{width:24px;height:24px} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.header-social-nav{padding-right:1rem;padding-left:1rem;display:flex;align-items:center;justify-content:space-between;padding-top:2rem;border-top:2px solid #a3a6b3}@media (min-width:34em){.header-social-nav{padding-right:max(1.5rem,calc(50% - 18.75rem));padding-left:max(1.5rem,calc(50% - 18.75rem))}}@media (min-width:50em){.header-social-nav{padding-right:2rem;padding-left:2rem}}@media (min-width:64em){.header-social-nav{padding-right:max(2rem,calc(50% - 38.125rem));padding-left:max(2rem,calc(50% - 38.125rem))}}.header-social-nav .social-nav__list>.social-nav__item::before{content:unset}.header-social-nav .social-nav__title{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1rem}.header-social-nav .social-nav__list{justify-content:space-between;width:75%;margin:0;list-style:none}.header-social-nav .social-nav__item{margin-right:.25rem}.header-social-nav .social-nav__item:last-child{margin-right:0}.header-social-nav .social-nav__link{display:flex;align-items:center;justify-content:center;width:1.125rem;height:1.125rem;background-color:transparent}.header-social-nav .social-nav__link:hover{border-color:rgba(0,0,0,.95)}.header-social-nav .social-nav__icon{width:1.25rem;height:1.25rem;fill:#444}.header-social-nav .social-nav__icon.icon-facebook,.header-social-nav .social-nav__icon.icon-linkedin{width:1rem;height:1rem} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.live-coverage-button{margin:0;padding:.375rem .625rem;border-radius:3px;font-size:.9375rem;text-decoration:none;background-color:#c80d00}.live-coverage-button:hover{background-color:#b50d00}.live-coverage-button__text{letter-spacing:.05rem;text-transform:uppercase;margin-left:15px;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;color:#fff} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.live-coverage-icon{position:relative}.live-coverage-icon__dot{width:7px;height:7px;position:absolute;top:7px;border-radius:50%;background-color:#c80d00}.live-coverage-button .live-coverage-icon__dot{background-color:#fff}.home-hero-primary .live-coverage-icon__dot,.home-hero-secondary .live-coverage-icon__dot{top:6px;background-color:#c80d00}@media (min-width:50em){.home-hero-primary .live-coverage-icon__dot,.home-hero-secondary .live-coverage-icon__dot{top:8px}}@media (min-width:34em){.live-coverage-icon__dot{background-color:#fff}}.live-coverage-icon__pulse{opacity:0;width:15px;height:15px;position:absolute;top:3px;left:-4px;border:3px solid #c80d00;border-radius:30px;animation:liveblog-icon-pulse 2s ease-out;animation-iteration-count:infinite}.live-coverage-button .live-coverage-icon__pulse{animation-iteration-count:5}.home-hero-primary .live-coverage-icon__pulse,.home-hero-secondary .live-coverage-icon__pulse{top:2px}@media (min-width:50em){.home-hero-primary .live-coverage-icon__pulse,.home-hero-secondary .live-coverage-icon__pulse{top:4px}}@media (min-width:34em){.live-coverage-icon__pulse{border:3px solid #fff}}@keyframes liveblog-icon-pulse{0%{opacity:0;-webkit-transform:scale(.1,.1)}50%{opacity:1}100%{opacity:0;-webkit-transform:scale(1.2,1.2)}} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.leaderboard{background-color:#f0f0f0}.leaderboard.collapsed{display:none}.leaderboard.mm-ads-leaderboard-header{z-index:93;background-color:#fff}.leaderboard.mm-ads-leaderboard-header .wrapper{background-color:#f0f0f0}.leaderboard.visible-overflow{overflow:visible}.taxonomy-body .leaderboard{background:0 0}.toolsTemplate .leaderboard{margin:1rem auto 2rem;background-color:#fff}.homeTemplate .leaderboard:not(.mm-ads-leaderboard-header),.searchTemplate .leaderboard:not(.mm-ads-leaderboard-header){width:100vw;position:relative;right:50%;left:50%;margin-right:-50vw;margin-left:-50vw}.homeTemplate .leaderboard.mm-ads-leaderboard-fixed-lazy,.searchTemplate .leaderboard.mm-ads-leaderboard-fixed-lazy{margin-bottom:2rem}.eat-trust+.leaderboard{margin-top:0;margin-bottom:0}.leaderboard .wrapper::after,.leaderboard .wrapper::before{margin:0 -1.625rem!important;font-size:.75rem;color:#666}.leaderboardfooter.mm-ads-flexible-leaderboard,.leaderboardfooter2.mm-ads-flexible-leaderboard{width:100%;margin:1.75rem 0;overflow:visible;background:0 0}.taxonomy-body .leaderboardfooter.mm-ads-flexible-leaderboard,.taxonomy-body .leaderboardfooter2.mm-ads-flexible-leaderboard{margin-top:0}@media (min-width:70em){.article-journey .mm-ads-leaderboard-header{margin-top:0}}@media (min-width:70em){.article-journey .site-wide-banner:not(.is-closed)+.mm-ads-leaderboard-header{margin-top:4rem}} div[data-iab-container$=flex]{position:relative;width:100%;max-width:1252px;font-size:0}div[data-iab-container$=flex][data-iabc-aspect]::before{content:" ";display:block}div[data-iab-container$=flex][data-iabc-aspect="10x1"]::before{padding-top:10%}div[data-iab-container$=flex][data-iabc-aspect="8x1"]::before{padding-top:12.5%}div[data-iab-container$=flex][data-iabc-aspect="6x1"]::before{padding-top:16.6666666667%}div[data-iab-container$=flex][data-iabc-aspect="4x1"]::before{padding-top:25%}div[data-iab-container$=flex][data-iabc-aspect="3x1"]::before{padding-top:33.3333333333%}div[data-iab-container$=flex][data-iabc-aspect="1x1"]::before{padding-top:100%}div[data-iab-container$=flex][data-iabc-aspect="1x2"]::before{padding-top:200%}div[data-iab-container$=flex][data-iabc-aspect="1x3"]::before{padding-top:300%}div[data-iab-container$=flex]>iframe{position:absolute;top:0;right:0;bottom:0;left:0;width:100%;height:100%} @keyframes loaderSpin{100%{transform:rotate(360deg)}}.leaderboard{display:none;min-height:90px;width:100%;overflow:hidden}@media (min-width:720px){.leaderboard{display:block}}.leaderboard .mm-ads-leaderboard-fixed-0{max-height:90px}.leaderboard .wrapper{position:relative;display:flex;align-items:center;justify-content:center}.leaderboard .wrapper::after,.leaderboard .wrapper::before{content:"Advertisement";height:1rem;margin:0 -1.75rem;transform:rotate(270deg);transform-origin:center center 0;visibility:hidden}.leaderboard .wrapper[data-ad-width="1"]{min-height:auto}.leaderboard .wrapper[data-ad-width="1"] .wrapper::after,.leaderboard .wrapper[data-ad-width="1"] .wrapper::before{display:none}.leaderboard[data-ad-width="1"]{min-height:auto}.leaderboard[data-ad-width="1"] .wrapper::after,.leaderboard[data-ad-width="1"] .wrapper::before{display:none}.leaderboard[data-ad-height].has-left-label .wrapper::before,.leaderboard[data-ad-height].has-right-label .wrapper::after{visibility:visible}.leaderboard.mm-ads-leaderboard-header{position:fixed;left:0;width:100%;z-index:2}.leaderboard.mm-ads-leaderboard-header,.leaderboard.mm-ads-leaderboard-header.is-collapsed[data-ad-height="90"]:hover{transform:translate(0,0);transition:max-height .1s linear,min-height .1s linear,transform .2s ease-out}.leaderboard.mm-ads-leaderboard-header.is-collapsed{transform:translate(0,-200%);transition:max-height .1s linear,min-height .1s linear,transform .8s ease-in .8s}.leaderboard.mm-ads-leaderboard-header+.mm-ads-leaderboard-spacer{min-height:90px;transition:none}.leaderboard.mm-ads-leaderboard-header[data-ad-height="250"]+.mm-ads-leaderboard-spacer{min-height:250px}.leaderboard.mm-ads-leaderboard-header.not-sticky{position:absolute}.mm-ads-leaderboard-header__closing-elm{display:flex;align-items:center;justify-content:center;position:absolute;z-index:1;border-radius:50%;color:#fff;background-color:#000;right:0;height:20px;width:20px}.mm-ads-leaderboard-header__closing-elm.hidden{display:none}.mm-ads-leaderboard-spacer{display:none}@media (min-width:720px){.mm-ads-leaderboard-spacer{display:block}}.leaderboard-post-content[data-ad-height]{height:-moz-min-content;height:min-content}.haloShown .mm-ads-leaderboard-spacer{aspect-ratio:4/1} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.jump-link{transform:translateY(-3.25rem)}@media (max-width:50em){.jump-link{transform:translateY(-3.25rem)}} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.social-follow{display:flex;justify-content:flex-start}.left-rail .social-follow.social-follow--bio-page{display:none}@media (min-width:64em){.left-rail .social-follow.social-follow--bio-page{display:block}}.article-header--content .social-follow.social-follow--bio-page{display:block}@media (min-width:64em){.article-header--content .social-follow.social-follow--bio-page{display:none}}.social-follow.social-follow--bio-page .social-nav__item{display:flex;align-items:center;justify-content:center;order:-2;width:2.5rem;height:2.5rem;margin:0 .625rem .5rem 0;border:0;border-radius:.3125rem;font-size:0;cursor:pointer}.social-follow.social-follow--bio-page .social-nav__item--facebook{background:#3f5a94}.social-follow.social-follow--bio-page .social-nav__item--facebook:focus,.social-follow.social-follow--bio-page .social-nav__item--facebook:hover{background:#374f82}.social-follow.social-follow--bio-page .social-nav__item--instagram{background:#8a3ab9}.social-follow.social-follow--bio-page .social-nav__item--instagram:focus,.social-follow.social-follow--bio-page .social-nav__item--instagram:hover{background:#7c34a6}.social-follow.social-follow--bio-page .social-nav__item--x{background:#333}.social-follow.social-follow--bio-page .social-nav__item--x:focus,.social-follow.social-follow--bio-page .social-nav__item--x:hover{background:#262626}.social-follow.social-follow--bio-page .social-nav__item--linkedin{background:#2e77b0}.social-follow.social-follow--bio-page .social-nav__item--linkedin:focus,.social-follow.social-follow--bio-page .social-nav__item--linkedin:hover{background:#29699c}.social-follow.social-follow--bio-page .social-nav__item--website{background:#2c40d0}.social-follow.social-follow--bio-page .social-nav__item--website:focus,.social-follow.social-follow--bio-page .social-nav__item--website:hover{background:#2333a6}.social-follow.social-follow--bio-page .social-nav__item--email{background:#2c40d0}.social-follow.social-follow--bio-page .social-nav__item--email:focus,.social-follow.social-follow--bio-page .social-nav__item--email:hover{background:#2333a6}.social-follow.social-follow--footer{margin-top:4px;margin-left:6px;padding-bottom:.5rem}.social-follow.social-follow--footer .social-nav__link::before{display:none}@media (min-width:50em){.footer .social-follow.social-follow--footer{display:block}}.social-follow.social-follow--footer .social-nav__list{flex-wrap:nowrap;justify-content:space-between;width:20rem;position:relative;margin:0 auto;padding-left:0;outline:0;list-style-type:none}@media (min-width:50em){.social-follow.social-follow--footer .social-nav__list{margin:0}}.social-follow.social-follow--footer .social-nav__item:focus .icon,.social-follow.social-follow--footer .social-nav__item:hover .icon{fill:#c5dcff}.social-follow.social-follow--footer .social-nav__item a{text-decoration:none}.social-follow.social-follow--footer .social-nav__icon{width:1.5rem;height:1.5rem;margin:0;line-height:0;background:0 0}.social-follow.social-follow--footer .social-nav__icon>svg{width:1.5rem;height:1.5rem;fill:#fff}.social-follow.social-follow--footer .social-nav__icon>svg:focus,.social-follow.social-follow--footer .social-nav__icon>svg:hover{fill:#c5dcff}@media (min-width:64em){.social-follow.social-follow--footer{padding-bottom:1rem}}.social-follow .social-nav__list{display:flex;flex-wrap:wrap;margin-right:0;margin-bottom:-.01rem;margin-left:-1.45rem}.social-follow .social-nav--heading{margin-right:.5rem;margin-bottom:0;padding-top:calc((3rem - 1.5rem)/ 2);font-size:1.5rem;line-height:1.5rem}.social-follow .icon{width:1.5rem;height:1rem;fill:#fff} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.footer-links__list{display:flex;flex-wrap:wrap;margin:0 auto;padding:1rem 0 0;list-style:none}@supports (display:grid){.footer-links__list{display:grid;grid-template-columns:repeat(2,1fr)}}@media (min-width:50em){.footer-links__list{width:100%;margin:0;padding:0}@supports (display:grid){.footer-links__list{grid-template-columns:repeat(3,auto)}}}.footer-links__item{width:33%;padding-bottom:1rem;line-height:1}.footer-links__item .icon-privacy-options{width:30px;height:14px;position:relative;top:2px}@media (min-width:50em){.footer-links__item{padding:0 0 1.375rem 1.5rem}}@supports (display:grid){.footer-links__item{display:block;width:auto}}.footer-links__link{font-size:.875rem;letter-spacing:.03rem;line-height:1;text-decoration:none;color:#fff}.footer-links__link:focus,.footer-links__link:hover{color:#c5dcff}.footer-links__link:hover{text-decoration:underline}.footer-links__item__too-long .footer-links__link{max-width:10rem}.footer-links__link .privacy-options-icon{white-space:nowrap}@media (min-width:50em){.footer-links__link{font-size:1rem;white-space:normal}.footer-links__item__too-long .footer-links__link{display:block}}@media (min-width:64em){.footer-links__link{font-size:1.25rem}}.footer-links__privacy{padding:0} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.terms-bar{padding:1.5rem}.terms-bar__list{display:flex;justify-content:space-between;margin:0;padding:0;list-style:none}.terms-bar__link{text-transform:uppercase;text-decoration:none}.terms-bar .link__wrapper{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.25rem;color:#fff}.terms-bar .link__wrapper:hover{text-decoration:underline;color:#c5dcff}.terms-bar--footer{display:none;border-top:1px solid #666}@media (min-width:50em){.terms-bar--footer{display:block}}.terms-bar--dictionary{opacity:1;z-index:1;width:36px;height:calc(100vh - 48px);position:fixed;top:48px;right:0;padding:0;background:#f5f5f6;transition:opacity .25s ease-out}.terms-bar--dictionary.terms-bar--bottom,.terms-bar--dictionary.terms-bar--top{position:absolute;right:-3.5rem}.terms-bar--dictionary.terms-bar--top{opacity:0;top:0}.terms-bar--dictionary.terms-bar--bottom{top:auto;bottom:0}.terms-bar--dictionary .terms-bar__list{flex-direction:column;height:100%;padding:.5rem 0;background:#f5f5f6}@media (min-width:50em){.terms-bar--dictionary .terms-bar__list{z-index:1;flex-direction:row;width:auto;height:auto;position:relative;padding:0 .5rem}}.terms-bar--dictionary .terms-bar__link{display:block;padding:0;pointer-events:none}@media (min-width:50em){.terms-bar--dictionary .terms-bar__link{padding:.5rem 1.1vw .25rem}}@media (min-width:64em){.terms-bar--dictionary .terms-bar__link{padding:.5rem 1.2vw .25rem}}@media (min-width:70em){.terms-bar--dictionary .terms-bar__link{padding:.5rem 1rem .25rem}}.terms-bar--dictionary .link__wrapper{display:block;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.75rem;text-indent:-999em;color:#2c40d0;pointer-events:none}.terms-bar--dictionary .link__wrapper:hover{text-decoration:none}.terms-bar--dictionary .link__wrapper::after{content:"";display:block;width:2px;height:2px;position:absolute;top:50%;left:50%;border-radius:50%;transform:translate(-50%,-50%);background:#2c40d0}@media (min-width:50em){.terms-bar--dictionary .link__wrapper{font-size:1.25rem;text-indent:0;color:#333}}.terms-bar--dictionary .terms-bar__item{display:block;text-align:center;cursor:pointer}@media (min-width:50em){.terms-bar--dictionary .terms-bar__item.is-active,.terms-bar--dictionary .terms-bar__item:hover{background:#fff}.terms-bar--dictionary .terms-bar__item.is-active .link__wrapper,.terms-bar--dictionary .terms-bar__item:hover .link__wrapper{color:#2c40d0}}.terms-bar--dictionary .terms-bar__item .link__wrapper{position:relative;text-indent:-999em}@media (min-width:50em){.terms-bar--dictionary .terms-bar__item .link__wrapper{text-indent:0}.terms-bar--dictionary .terms-bar__item .link__wrapper::after{display:none}}.terms-bar--dictionary .terms-bar__item:first-child .link__wrapper,.terms-bar--dictionary .terms-bar__item:nth-child(3n+2) .link__wrapper{display:flex;align-items:center;justify-content:center;position:relative;padding:.25rem 0 0;text-indent:0}.terms-bar--dictionary .terms-bar__item:first-child .link__wrapper:hover,.terms-bar--dictionary .terms-bar__item:nth-child(3n+2) .link__wrapper:hover{text-decoration:none}.terms-bar--dictionary .terms-bar__item:first-child .link__wrapper::after,.terms-bar--dictionary .terms-bar__item:nth-child(3n+2) .link__wrapper::after{display:none}@media (min-width:50em){.terms-bar--dictionary .terms-bar__item:first-child .link__wrapper,.terms-bar--dictionary .terms-bar__item:nth-child(3n+2) .link__wrapper{padding:0}}@media (min-width:50em){.terms-bar--dictionary{visibility:visible;opacity:1;display:block;width:auto;height:auto;position:sticky;margin:0 -1rem}.terms-bar--dictionary::after,.terms-bar--dictionary::before{content:"";display:block;width:100%;height:42px;position:absolute;top:0;background:#f5f5f6}}@media (min-width:64em){.terms-bar--dictionary::before{left:-100%}.terms-bar--dictionary::after{right:-100%}} @keyframes loaderSpin{100%{transform:rotate(360deg)}}.mntl-dotdash-universal-nav{background-color:#fff}.mntl-dotdash-universal-nav.mntl-carbon-dotdash-universal-nav .mntl-dotdash-universal-nav__content{padding-right:1rem;padding-left:1rem;align-items:center;flex-direction:column}@media (min-width:34em){.mntl-dotdash-universal-nav.mntl-carbon-dotdash-universal-nav .mntl-dotdash-universal-nav__content{padding-right:max(1.5rem,calc(50% - 18.75rem));padding-left:max(1.5rem,calc(50% - 18.75rem))}}@media (min-width:50em){.mntl-dotdash-universal-nav.mntl-carbon-dotdash-universal-nav .mntl-dotdash-universal-nav__content{padding-right:2rem;padding-left:2rem}}@media (min-width:64em){.mntl-dotdash-universal-nav.mntl-carbon-dotdash-universal-nav .mntl-dotdash-universal-nav__content{padding-right:max(2rem,calc(50% - 38.125rem));padding-left:max(2rem,calc(50% - 38.125rem))}}@media (min-width:50em){.mntl-dotdash-universal-nav.mntl-carbon-dotdash-universal-nav .mntl-dotdash-universal-nav__content{align-items:flex-start;flex-direction:row}}.mntl-dotdash-universal-nav__content{display:flex;align-items:center;flex-direction:column;flex-wrap:wrap;margin:0 auto;padding:1.5625rem 1.5rem 1.875rem}@media (min-width:50em){.mntl-dotdash-universal-nav__content{align-items:flex-start;flex-direction:row;padding:1.25rem 1.5rem .875rem}}@media (min-width:64em){.mntl-dotdash-universal-nav__content{flex-wrap:nowrap}}.mntl-dotdash-universal-nav__logo{display:block;position:relative;flex-shrink:0;margin-bottom:.375rem;width:100px;height:25px}@media (min-width:50em){.mntl-dotdash-universal-nav__logo{margin-right:.625rem}}.mntl-dotdash-universal-nav__wrapper{display:flex;flex-direction:column;text-align:center}@media (min-width:50em){.mntl-dotdash-universal-nav__wrapper{justify-content:space-between;flex-direction:row;flex-wrap:wrap;width:calc(100% - 100px - .625rem);text-align:left;gap:0 125px}}.mntl-dotdash-universal-nav__notice,.mntl-dotdash-universal-nav__text{display:inline-block;font-family:Helvetica,Arial,sans-serif;font-size:.8125rem;font-weight:400;line-height:18px;text-align:center;color:#000}@media (min-width:34em){.mntl-dotdash-universal-nav__notice,.mntl-dotdash-universal-nav__text{flex-shrink:0;font-size:.9375rem;line-height:30px}}.mntl-dotdash-universal-nav__notice--link,.mntl-dotdash-universal-nav__text--link{white-space:nowrap;text-decoration:underline}.mntl-dotdash-universal-nav__notice--link:focus-visible,.mntl-dotdash-universal-nav__text--link:focus-visible{outline:3px solid #014ecb;outline-offset:1px}.mntl-dotdash-universal-nav__notice--link:hover,.mntl-dotdash-universal-nav__text--link:hover{text-decoration:none}.mntl-dotdash-universal-nav__notice,.mntl-dotdash-universal-nav__notice a{padding-top:1rem;color:#c00}@media (min-width:50em){.mntl-dotdash-universal-nav__notice,.mntl-dotdash-universal-nav__notice a{padding-top:0}} @keyframes loaderSpin{100%{transform:rotate(360deg)}}.mntl-article{padding:0 1rem;display:grid;position:relative;margin:0 auto;grid-template-columns:minmax(0,37.5rem);grid-template-areas:"header" "post-header" "left-rail" "pre-content" "content" "post-content" "footer"}@media (min-width:34em){.mntl-article{padding:0 1.5rem}}@media (min-width:50em){.mntl-article{padding:0 2rem}}.mntl-article--full-width{grid-template-columns:minmax(0,80.25rem)}@media (min-width:50em){.mntl-article--two-column-left-rail{grid-template-columns:14rem minmax(0,37.5rem);-moz-column-gap:4rem;column-gap:4rem;grid-template-areas:"header header" "post-header post-header" "left-rail pre-content" "left-rail content " "left-rail post-content" "footer footer"}}@media (min-width:64em){.mntl-article--two-column-left-rail{grid-template-columns:16.5rem minmax(0,37.5rem);-moz-column-gap:6rem;column-gap:6rem}}@media (min-width:70em){.mntl-article--two-column-left-rail{-moz-column-gap:8.25rem;column-gap:8.25rem}}@media (min-width:50em){.mntl-article--two-column-right-rail{grid-template-columns:minmax(0,37.5rem) 18.75rem;-moz-column-gap:2.5rem;column-gap:2.5rem;grid-template-areas:"header header" "post-header right-rail" "left-rail right-rail" "pre-content right-rail" "content right-rail" "post-content right-rail" "footer footer"}}@media (min-width:64em){.mntl-article--two-column-right-rail{-moz-column-gap:3rem;column-gap:3rem}}@media (min-width:70em){.mntl-article--two-column-right-rail{-moz-column-gap:6rem;column-gap:6rem}}@media (min-width:50em){.mntl-article--three-column{grid-template-columns:minmax(0,37.5rem) 18.75rem;-moz-column-gap:2.5rem;column-gap:2.5rem;grid-template-areas:"header header" "post-header right-rail" "left-rail right-rail" "pre-content right-rail" "content right-rail" "post-content right-rail" "footer footer"}}@media (min-width:64em){.mntl-article--three-column{-moz-column-gap:3rem;column-gap:3rem}}@media (min-width:70em){.mntl-article--three-column{grid-template-columns:14rem minmax(0,37.5rem) 18.75rem;grid-template-areas:"header header header" "post-header post-header right-rail" "left-rail pre-content right-rail" "left-rail content right-rail" "left-rail post-content right-rail" "footer footer footer"}}.article-header{grid-area:header}.article-post-header{grid-area:post-header}.article-left-rail{grid-area:left-rail}.article-pre-content{grid-area:pre-content}.article-content{grid-area:content}.article-post-content{grid-area:post-content}.article-right-rail{position:absolute;visibility:hidden;top:-10000in;max-height:0;grid-area:right-rail}@media (min-width:50em){.article-right-rail{display:block;position:static;visibility:visible;top:initial;max-height:initial}}.article-footer{grid-area:footer} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.article-body{position:relative}.article-left-rail{padding:0}.listScCommerceTemplate .mntl-article--three-column .article-left-rail{display:none}@media (min-width:70em){.listScCommerceTemplate .mntl-article--three-column .article-left-rail{display:block}}@media (min-width:70em){.mntl-article--three-column .article-left-rail{padding-top:13rem}}.listScCommerceTemplate .mntl-article--two-column-left-rail .article-left-rail{display:none}@media (min-width:50em){.listScCommerceTemplate .mntl-article--two-column-left-rail .article-left-rail{display:block}}@media (min-width:50em){.mntl-article--two-column-left-rail .article-left-rail{padding-top:13rem}}.article-right-rail{margin-top:2rem}.mntl-article--two-column-left-rail .article-right-rail{display:none}.mntl-sc-block{word-wrap:break-word} .jwplayer{z-index:1}.jwplayer.jw-flag-floating{z-index:2}.jwplayer.jw-flag-floating .jw-captions .jw-text-track-cue{font-size:1.2em;line-height:1.5}.jwplayer.jw-skin-mantle .jw-progress{background-color:red}.jwplayer.jw-skin-mantle .jw-icon-rewind{display:none}.jwplayer.jw-skin-mantle .jw-controlbar{z-index:10000}.jwplayer .jw-icon-cc{display:none}.jwplayer .cc-icon--active{color:#fff}.jwplayer.jw-state-paused .jw-display-icon-container,.jwplayer.jw-state-playing .jw-display-icon-container{background-color:#333;border-radius:50%}.jwplayer.jw-state-paused .jw-display-icon-rewind,.jwplayer.jw-state-playing .jw-display-icon-rewind{visibility:hidden}.jwplayer.jw-state-buffering:hover .jw-display-icon-container.jw-display-icon-display,.jwplayer.jw-state-complete:hover .jw-display-icon-container.jw-display-icon-display,.jwplayer.jw-state-idle:hover .jw-display-icon-container.jw-display-icon-display{background-color:#eee}.jwplayer.jw-state-buffering:hover .jw-display-icon-container.jw-display-icon-display .jw-icon-display.jw-icon .jw-svg-icon,.jwplayer.jw-state-complete:hover .jw-display-icon-container.jw-display-icon-display .jw-icon-display.jw-icon .jw-svg-icon,.jwplayer.jw-state-idle:hover .jw-display-icon-container.jw-display-icon-display .jw-icon-display.jw-icon .jw-svg-icon{fill:#444}.jwplayer.jw-state-buffering .jw-display-icon-container,.jwplayer.jw-state-complete .jw-display-icon-container,.jwplayer.jw-state-idle .jw-display-icon-container{padding:1.4rem;border-radius:50%;background-color:#333}.jwplayer.jw-state-buffering .jw-display-icon-container .jw-icon-display .jw-svg-icon,.jwplayer.jw-state-complete .jw-display-icon-container .jw-icon-display .jw-svg-icon,.jwplayer.jw-state-idle .jw-display-icon-container .jw-icon-display .jw-svg-icon{fill:#fff}.jwplayer.jw-flag-floating .jw-wrapper.jw-float-to-top{top:unset;bottom:8rem}.jw-state-idle .jw-wrapper .jw-controls-backdrop{background:0 0}.jw-state-idle .jw-icon-display{position:relative}.jw-state-idle.jw-breakpoint-0 .jw-icon-display::after,.jw-state-idle.jw-breakpoint-1 .jw-icon-display::after{top:25px;font-size:.75rem}.jw-state-idle.jw-breakpoint-2 .jw-icon-display::after{top:38px;font-size:.75rem}.jw-state-idle.jw-breakpoint-3 .jw-icon-display::after,.jw-state-idle.jw-breakpoint-4 .jw-icon-display::after{top:45px;font-size:1rem}.mntl-jwplayer{background-size:cover;width:100%;position:relative}.mntl-jwplayer__video{width:100%;height:100%;position:absolute;top:0;background-color:#000}.jw-plugin-googima{z-index:1}@keyframes spin{0%{transform:rotate(0)}100%{transform:rotate(360deg)}}.aspectratio-4\:5{padding-bottom:123%}.aspectratio-5\:4{padding-bottom:80%}.aspectratio-16\:9{padding-bottom:56.25%}.aspectratio-9\:16{padding-bottom:177%}.mntl-jwplayer-playbtn__placeholder{position:absolute;top:50%;left:50%;transform:translateZ(0) translate(-50%,-50%);font-size:2rem;width:120px;height:120px;background-color:#fff;padding:30px 20px 20px 42px;border-radius:57%}.mntl-jwplayer-playbtn__placeholder:hover{background-color:#d3d3d3}.mntl-jwplayer-playbtn__placeholder-icon--waiting{background-color:transparent;box-sizing:border-box;height:56px;border-color:transparent transparent transparent #000;transition:.1s all ease;will-change:border-width;cursor:pointer;border-style:solid;border-width:30px 0 26px 46px;padding:0}.mntl-jwplayer-playbtn__placeholder-icon--loading{background-color:transparent;animation:spin 1s linear infinite;border-top:4px solid #03a9f4;position:absolute;top:9%;left:9%;width:100px;height:100px;border-radius:50%}button.mntl-jwplayer__vpaid-skip-button{background:rgba(0,0,0,.8);border:1px solid rgba(255,255,255,.5);border-right:0;box-sizing:content-box;color:#fff;cursor:pointer;direction:ltr;font-family:arial,sans-serif;font-weight:400;font-size:1.125rem;text-align:center;line-height:normal;min-width:0;padding:6px 7px;width:auto;margin:0;position:absolute;bottom:26px;right:0;z-index:1;display:flex;gap:3px;align-items:center;outline:0}@media (min-width:50em){button.mntl-jwplayer__vpaid-skip-button{padding:7px 6px 7px 10px;bottom:37px}}button.mntl-jwplayer__vpaid-skip-button:hover{outline:0;border-color:#fff}.mntl-jwplayer__vpaid-skip-button-icon{width:24px;height:24px;background:#fff;clip-path:path("M16 18h2V6h-2M6 18l8.5-6L6 6v12z");filter:drop-shadow(0 1px 5px rgba(0, 0, 0, .2))} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.article__broad-video--jw{--color-brand-primary:#333E8B;z-index:90}.article__broad-video--jw .mntl-jwplayer-broad__btn:hover{background-color:#2c40d0}.article__broad-video--jw .mntl-jwplayer-broad__title{background:#fff}.article__broad-video--jw .mntl-jwplayer-broad__title--text{font-size:.75rem}.article__broad-video--jw .mntl-jwplayer-broad__title .mntl-jwplayer-broad__title-icon--close{font-size:.6875rem;font-weight:700;letter-spacing:.0469rem;line-height:1rem}.article__broad-video--jw .mntl-jwplayer-broad__title .mntl-jwplayer-broad__title-icon--close .close-icon{position:relative;top:-2px}.article__primary-video-container--jw{margin-bottom:1rem}.jwplayer.jw-flag-floating{z-index:91} .mntl-sticky-toc .mntl-toc-toggle{display:block;position:absolute;z-index:1;bottom:0;left:0}@media (min-width:54em){.mntl-sticky-toc .mntl-toc-toggle{display:none}}.mntl-sticky-toc .mntl-toc--expanded .mntl-toc-toggle,.mntl-sticky-toc .mntl-toc[data-chop-mobile=false] .mntl-toc-toggle{display:none}.mntl-sticky-toc.is-fixed .mntl-toc-toggle{display:none}.mntl-sticky-toc.is-fixed .mntl-toc__inner{position:absolute;top:40px;left:0;width:100%;height:40px}.mntl-toc__mobile-toggle{display:none;position:fixed;top:49px;left:0}.mntl-toc__mobile-toggle.is-visible{display:block}.mntl-continuous-scroll .mntl-toc__mobile-toggle{visibility:hidden} @charset "UTF-8";.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.sticky-toc-wrapper.stuck-bottom{bottom:0}@media (min-width:70em){.mntl-article--three-column .sticky-toc-wrapper{height:100%}}@media (min-width:50em){.mntl-article--two-column-left-rail .sticky-toc-wrapper{height:100%}}@media (min-width:70em){.mntl-article--three-column .sticky-toc{position:sticky;top:75px}}@media (min-width:50em){.mntl-article--two-column-left-rail .sticky-toc{position:sticky;top:75px}}.toc-wrapper{z-index:92;width:100%;position:fixed;top:-40px;left:0}@media (min-width:70em){.mntl-article--three-column .toc-wrapper{z-index:auto;width:auto;position:static}}@media (min-width:50em){.mntl-article--two-column-left-rail .toc-wrapper{z-index:auto;width:auto;position:static}}.mntl-toc__inner{position:absolute;top:0;transition:top .25s ease-in-out}@media (min-width:70em){.mntl-article--three-column .mntl-toc__inner{position:static}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-toc__inner{position:static}}.mntl-toc__heading{display:none;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.375rem}@media (min-width:70em){.mntl-article--three-column .mntl-toc__heading{display:block}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-toc__heading{display:block}}@media (min-width:70em){.mntl-article--three-column .mntl-sticky-toc .mntl-toc-toggle{display:none}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-sticky-toc .mntl-toc-toggle{display:none}}.mntl-toc__mobile-toggle{transition:top .25s ease-in-out}.mntl-toc__mobile-toggle.is-visible{display:flex;align-items:center;justify-content:space-between;width:100%;height:40px;top:3.125rem;padding:0 1rem;border-bottom:1px solid #d4d4d4;background-color:#f8f8f8;background-position:bottom left;background-repeat:no-repeat;background-size:100% 2px}.mntl-toc__mobile-toggle.is-visible.is-progress-10{background-image:linear-gradient(to right,#2c40d0 10%,transparent 10.01%)}.mntl-toc__mobile-toggle.is-visible.is-progress-30{background-image:linear-gradient(to right,#2c40d0 30%,transparent 30.01%)}.mntl-toc__mobile-toggle.is-visible.is-progress-50{background-image:linear-gradient(to right,#2c40d0 50%,transparent 50.01%)}.mntl-toc__mobile-toggle.is-visible.is-progress-70{background-image:linear-gradient(to right,#2c40d0 70%,transparent 70.01%)}.mntl-toc__mobile-toggle.is-visible.is-progress-90{background-image:linear-gradient(to right,#2c40d0 90%,transparent 90.01%)}.mntl-toc__mobile-toggle.is-visible.is-progress-100{background-image:linear-gradient(to right,#2c40d0 100%,transparent 100%)}@media (min-width:50em){.mntl-article--three-column .mntl-toc__mobile-toggle.is-visible{top:3.75rem}}@media (min-width:70em){.mntl-article--three-column .mntl-toc__mobile-toggle.is-visible{display:none}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-toc__mobile-toggle.is-visible{top:3.75rem}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-toc__mobile-toggle.is-visible{display:none}}.sticky-toc.is-expanded .mntl-toc__mobile-toggle{height:38px;border:#000}.is-continuous-article .mntl-toc__mobile-toggle{visibility:hidden}.mntl-toc__mobile-toggle .mntl-toc__heading-text{letter-spacing:.05rem;text-transform:uppercase;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;font-weight:600;letter-spacing:.07rem;text-transform:uppercase}.icon-drawer-arrow{width:1rem;height:1rem;fill:#666;transition:transform .15s linear}@media (min-width:70em){.mntl-article--three-column .icon-drawer-arrow{display:none}}@media (min-width:50em){.mntl-article--two-column-left-rail .icon-drawer-arrow{display:none}}.sticky-toc.is-expanded .icon-drawer-arrow{transform:rotate(180deg)}.mntl-toc__list{display:none;width:100%;min-height:0;position:absolute;top:1.5rem;transform:translateY(-135vh);font-size:.9375rem;list-style:none}@media (min-width:70em){.mntl-article--three-column .mntl-toc__list{display:block;width:auto;position:static;margin-left:-20px;transform:none}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-toc__list{display:block;width:auto;position:static;margin-left:-20px;transform:none}}.sticky-toc.is-fixed .mntl-toc__list{z-index:-1;margin-top:0;padding:1rem 1rem .5rem;border-bottom:1px solid #d4d4d4;font-size:inherit;font-weight:0;background:#f5f5f6}.sticky-toc.is-fixed.is-expanded .mntl-toc__list{display:block;max-height:60vh;overflow-y:auto;transform:none;transition:transform .25s ease-in-out}.mntl-toc__list-item{position:relative;font-size:1rem}.mntl-toc__list-item-link{display:inline-block;max-width:calc(100% - 1rem);margin-left:.2rem;padding:.5rem 0 .5rem .75rem;border-left:1.5px solid #d4d4d4;line-height:1.2;text-decoration:none;color:#111}.mntl-toc__list-item-link:hover{color:#000}.sticky-toc .mntl-toc__list-item-link.active::before{left:0;margin-top:0;border-width:5px 0 5px 8px;border-radius:0;border-color:transparent transparent transparent #2c40d0}.mntl-toc__list-item-link.active{border-color:transparent;font-weight:600;color:#000}.mntl-toc__list-item-link.is-passed{border-color:#d4d4d4}@media (min-width:70em){.mntl-article--three-column .mntl-toc__list-item-link{color:#444}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-toc__list-item-link{color:#444}}.mntl-toc-journey{margin-top:.5rem;padding:1rem 0 .5rem;border-top:.5px solid #aaa;font-size:.875rem;line-height:0}@media (min-width:70em){.mntl-article--three-column .mntl-toc-journey{margin-top:2rem;padding-bottom:1rem;border-bottom:.5px solid #aaa}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-toc-journey{margin-top:2rem;padding-bottom:1rem;border-bottom:.5px solid #aaa}}.mntl-toc-journey__heading,.mntl-toc-journey__title{line-height:1.3}.mntl-toc-journey__heading{display:inline-block}@media (min-width:70em){.mntl-article--three-column .mntl-toc-journey__heading{display:block}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-toc-journey__heading{display:block}}.mntl-toc-journey__title{letter-spacing:.05rem;text-transform:uppercase;display:inline}.mntl-toc-journey__article-link{display:block;margin-top:.75rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.25rem;line-height:27px;color:#111}.mntl-toc-journey__article-link:hover{color:none}.mntl-toc-journey__article-link::after{content:"›";margin-left:.25rem;font-weight:600}@media (min-width:70em){.mntl-article--three-column .mntl-toc-journey__article-link{font-size:1.375rem}}@media (min-width:50em){.mntl-article--two-column-left-rail .mntl-toc-journey__article-link{font-size:1.375rem}} .mntl-toc__list-item-link.active::before{content:"";position:absolute;left:-15px;margin-top:5px;width:0;height:0;border-width:6px 0 6px 8px;border-style:solid;border-radius:3px} .mntl-breadcrumbs__item{display:inline-block}.mntl-breadcrumbs__item+.mntl-breadcrumbs__item::before{content:">";display:inline-block;margin:0 .5rem}.mntl-universal-breadcrumbs{display:flex;flex-wrap:wrap;width:100%;color:#000;row-gap:.75rem}.mntl-universal-breadcrumbs .icon-chevron{margin:0 .25rem;width:1.5rem;height:1.5rem;fill:rgba(0,0,0,.65)}.mntl-universal-breadcrumbs .mntl-breadcrumbs__link{position:relative}.mntl-universal-breadcrumbs .mntl-breadcrumbs__link:hover{-webkit-text-decoration-line:underline;text-decoration-line:underline}.mntl-universal-breadcrumbs .mntl-breadcrumbs__link:disabled{color:rgba(0,0,0,.3)}.mntl-universal-breadcrumbs .mntl-breadcrumbs__item{display:flex;align-items:center;flex-direction:row}.mntl-universal-breadcrumbs .mntl-breadcrumbs__item::before{content:none;margin:0} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.mntl-breadcrumbs{margin:2rem 0 .5rem;padding-left:0;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;letter-spacing:1px;text-transform:uppercase;transition:font-size .15s}.mntl-breadcrumbs .icon-arrow-right{width:.75rem;height:.75rem;position:relative;top:1px;fill:#2c40d0}.toolsTemplate .mntl-breadcrumbs .icon-arrow-right{fill:#c5dcff}.mntl-breadcrumbs .mntl-breadcrumbs__item+.mntl-breadcrumbs__item{padding-left:16px;background-image:url(/static/icons/svg/icon-arrow-right.svg);background-position:left center;background-repeat:no-repeat;background-size:.75rem}.article-hero .mntl-breadcrumbs .mntl-breadcrumbs__item+.mntl-breadcrumbs__item{margin-top:0;background-image:url(/static/icons/svg/icon-arrow-right--white.svg)}.mntl-breadcrumbs__item+.mntl-breadcrumbs__item::before{display:none}.mntl-breadcrumbs__item{display:initial}.article-hero .mntl-breadcrumbs__item{z-index:1;position:relative}.mntl-breadcrumbs__link{text-decoration:none;color:#2c40d0;transition:color .15s}.mntl-breadcrumbs__link:hover{color:#333e8b}.toolsTemplate .mntl-breadcrumbs__link{color:#fff}.toolsTemplate .mntl-breadcrumbs__link:hover{color:#c5dcff} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}@media (min-width:34em){.has-right-rail .article-header{padding-right:21.5rem}}@media (min-width:50em){.has-right-rail .article-header{padding-right:0}}@media (min-width:64em){.has-right-rail .article-header{display:block}}.corporateTemplate .article-header{padding-bottom:1rem}.toolsTemplate .article-header{position:relative}.toolsTemplate .article-header::before{width:100vw;position:relative;right:50%;left:50%;margin-right:-50vw;margin-left:-50vw;content:"";z-index:-1;position:absolute;top:-200px;bottom:-1rem;background-color:#323a56}@media (min-width:56em){.toolsTemplate .article-header::before{opacity:.9}}.toolsTemplate .article-header>*{color:#fff}.product-roundup--finance .article-header.loc{max-width:65.25rem;margin:0 auto;padding:0 .625rem}@media (min-width:50em){.product-roundup--finance .article-header.loc{padding-left:17.1875rem}}.product-roundup__above-the-fold-redesign--finance.product-roundup--finance .article-header.loc{max-width:72rem!important}.article-header--journey-root{margin-top:.5rem}@media (min-width:34em){.article-header--journey-root{margin-top:1.25rem}}.article-hero .article-heading{display:block;max-width:100%;margin-bottom:0;padding:0;padding-bottom:1rem;font-size:2.3125rem;background:0 0}.article-hero .article-heading:not(.article-heading--no-underline){position:relative;padding-bottom:1rem}.article-hero .article-heading:not(.article-heading--no-underline)::after{content:"";width:1.875rem;height:.3125rem;position:absolute;bottom:0;left:0;background-color:#2c40d0}@media (min-width:64em){.article-hero .article-heading{font-size:3rem}}.article-hero .article-subheading{margin-top:1rem}.article-hero .breadcrumbs{margin-top:0;grid-column:2}@media (min-width:64em){.article-hero--container.mntl-article--three-column .article-heading,.article-hero--container.mntl-article--three-column .article-subheading,.article-hero--container.mntl-article--three-column .breadcrumbs{grid-column:1}}@media (min-width:70em){.article-hero--container.mntl-article--three-column .article-heading,.article-hero--container.mntl-article--three-column .article-subheading,.article-hero--container.mntl-article--three-column .breadcrumbs{grid-column:2}}.article-hero--container.mntl-article--two-column-right-rail .article-heading,.article-hero--container.mntl-article--two-column-right-rail .article-subheading,.article-hero--container.mntl-article--two-column-right-rail .breadcrumbs{grid-column:1}.article-hero--container .article-heading,.article-hero--container .article-subheading,.article-hero--container .mntl-breadcrumbs__link{color:#fff}.article-header--bio{display:flex}@media (min-width:65em){html:not(.new-layout-breakpoints-mntl) .article-header--bio{display:block}}@media (min-width:64em){.new-layout-breakpoints-mntl .article-header--bio{display:block}}@media (min-width:34em){.bioTemplate .article-header--bio{margin-bottom:1rem}}.article-header--bio .honorific-suffix{margin-bottom:.5rem;font-size:1.25rem;line-height:1.2;color:#777}@media (min-width:34em){.article-header--bio .honorific-suffix{font-size:1.5rem}} .toolsTemplate .article-heading{margin-bottom:.25rem}@media (min-width:56em){.toolsTemplate .article-heading{margin-bottom:1rem}} @charset "UTF-8";.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.article-meta{display:inline-block;position:relative;margin:0 0 .75rem}.article-heading+.article-meta{margin-top:0}.article-header--termsc .article-meta{margin:0 0 1rem}.article-header--journey-root .article-meta{margin:.5rem 0 .75rem}.market-news .article-meta{margin:0;line-height:1rem}.article-meta .byline--horizontal{display:block}.article-meta .byline--horizontal .mntl-attribution__item-date::before,.article-meta .byline--horizontal .mntl-bylines__group:not(:last-child)::after{content:unset}.article-meta .byline--horizontal .mntl-bylines__group:not(:last-child){margin-right:0}.article-meta .byline--horizontal .mntl-bylines__group--author .mntl-attribution__item-name:not(.mntl-author-tooltip__name){margin-right:.5rem}.article-meta .byline--horizontal .mntl-attribution__item-date{white-space:nowrap;color:#191919}.article-meta .byline--horizontal .mntl-attribution__item-date::before{content:"|";margin-right:.5rem;font-weight:600;color:#191919}.article-meta .byline--horizontal .mntl-bylines__item .mntl-dynamic-tooltip.mntl-dynamic-tooltip{top:1.5rem}@media (min-width:50em){.article-meta .byline--horizontal{display:flex}.article-meta .byline--horizontal .mntl-attribution__item-date::before{content:"|"}.article-meta .byline--horizontal .mntl-bylines__group:not(:last-child){margin-right:2.25rem}.article-meta .byline--horizontal .mntl-bylines__group:not(:last-child)::after{content:"•";height:.625rem;position:absolute;top:-.3125rem;right:-1.125rem;font-size:1.125rem;color:#2c40d0}.article-meta .byline--horizontal .mntl-bylines__group:not(.mntl-bylines__group--author) [data-tooltip-position-x=left] .mntl-dynamic-tooltip{right:-.8rem;left:unset}.article-meta .byline--horizontal .mntl-bylines__group:not(.mntl-bylines__group--author) [data-tooltip-position-x=left] .mntl-dynamic-tooltip .mntl-dynamic-tooltip--content::before{right:.8125rem;left:unset}} .mntl-bylines__group{line-height:1}.mntl-bylines__group--with-image.mntl-bylines__group{display:flex;justify-content:left;flex-wrap:wrap;width:90%;min-width:300px;max-width:300px;padding-left:5.125rem}@media (min-width:34em){.mntl-bylines__group--with-image.mntl-bylines__group{justify-content:center;width:100%;min-width:initial;max-width:none}}.mntl-bylines__timestamp{display:inline-block;margin-top:.25rem}.mntl-bylines__timestamp::before{padding-left:0}.mntl-bylines__timestamp::after{content:attr(data-timestamp);padding-left:.2rem}.mntl-bylines__group--author .mntl-attribution__item--has-date::after,.mntl-bylines__timestamp::before{display:inline-block}.mntl-bylines__group--author.mntl-bylines__group--timestamp .mntl-attribution__item--has-date::after,.mntl-bylines__group--author.mntl-bylines__group--timestamp .mntl-attribution__item-date{display:none}.mntl-bylines:nth-last-child(3):first-child{width:100%} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.mntl-bylines__group{position:relative;font-size:.875rem;line-height:2}@media (min-width:50em){.mntl-bylines__group{vertical-align:baseline}}.finance-taglines .mntl-taglines__group{line-height:2}.mntl-attribution__item.mntl-attribution__item{display:inline-block;line-height:1}.mntl-attribution__item.mntl-attribution__item .mntl-attribution__item-date,.mntl-attribution__item.mntl-attribution__item .mntl-attribution__item-descriptor,.mntl-attribution__item.mntl-attribution__item>div{display:inline-block;margin-right:.25rem}.mntl-attribution__item.mntl-attribution__item .mntl-attribution__item-icon{display:none;width:16px;height:16px;position:relative;top:3px;background-color:#fff;fill:#333e8b}.mntl-attribution__item-name:not(.mntl-author-tooltip__name){letter-spacing:.05rem;text-transform:uppercase;display:inline;padding-bottom:1px;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;line-height:1;text-decoration:none;color:#111}.mntl-attribution__item-name:not(.mntl-author-tooltip__name):focus,.mntl-attribution__item-name:not(.mntl-author-tooltip__name):hover{border-bottom-width:1px;border-bottom-style:solid;color:#333e8b}.mntl-attribution__item-name:not(.mntl-author-tooltip__name):not(span){border-bottom-width:1px;border-bottom-style:dashed}.product-roundup__above-the-fold-redesign--finance.product-roundup--finance .mntl-attribution__item-name:not(.mntl-author-tooltip__name){line-height:1.5rem}.mntl-attribution__item-name:not(.mntl-author-tooltip__name) .mntl-attribution__item-name--guest-author:focus .link__wrapper,.mntl-attribution__item-name:not(.mntl-author-tooltip__name) .mntl-attribution__item-name--guest-author:hover .link__wrapper{border-bottom-style:none}.mntl-attribution__item-name:not(.mntl-author-tooltip__name) .mntl-attribution__item-name--guest-author .link__wrapper{border-bottom-style:solid}.mntl-attribution__item-date--publish,.mntl-attribution__item-date--update{line-height:1.375rem}.mntl-attribution__item-date--publish::before,.mntl-attribution__item-date--update::before{content:"|";margin:0 .375rem 0 .125rem}.marketsTemplate .mntl-bylines__group{display:none}.marketsTemplate .mntl-bylines__group--author{display:block} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.mntl-author-tooltip.mntl-author-tooltip{padding:1rem;border:1px solid #bbb;font-size:.875rem;box-shadow:4px 4px 2px rgba(51,62,139,.25)}.mntl-author-tooltip.mntl-author-tooltip::before{border-color:#bbb}.mntl-author-tooltip__top{display:grid;grid-template-columns:min-content auto;grid-template-rows:auto auto min-content min-content;grid-template-areas:"attribution attribution" "image bio" "image author-link" "image social"}@media (min-width:34em){.mntl-author-tooltip__top{grid-template-columns:min-content min-content minmax(0,1fr);grid-template-rows:auto auto min-content;grid-template-areas:"attribution attribution attribution" "image bio bio" "image author-link social"}}.mntl-author-tooltip__name{margin-bottom:.625rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;line-height:1.3125rem;grid-area:attribution}.mntl-author-tooltip__name .mntl-attribution__item-descriptor{margin-right:0}.mntl-author-tooltip__name .mntl-attribution__item-date{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;color:initial}.mntl-author-tooltip__name .mntl-attribution__item-date::before{display:none}.mntl-author-tooltip__image-wrapper{width:90px;margin-right:.8125rem;overflow:hidden;grid-area:image;filter:grayscale(100%)}.mntl-author-tooltip__image-wrapper img[data-placeholder=blurry].lazyloaded{width:100%;height:auto}.mntl-author-tooltip__bio{margin-bottom:13px;line-height:1.25rem;grid-area:bio}.mntl-author-tooltip__bio p{font-size:.875rem}.finance-author-tooltip__link{letter-spacing:.05rem;text-transform:uppercase;display:inline;margin:0 1.375rem .5rem 0;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;white-space:nowrap;text-transform:none;text-decoration:none;color:#333e8b;grid-area:author-link}.finance-author-tooltip__link:hover{color:#2c40d0}.finance-author-tooltip__link:hover .link__wrapper{text-decoration:underline}.finance-author-tooltip__link::after{content:">";display:inline;margin-left:.25rem}.finance-author-tooltip__social{grid-area:social}.mntl-author-tooltip__bottom{line-height:1.1875rem}.mntl-author-tooltip__bottom::before{content:"";display:block;margin:.6875rem 0 1rem;border-top:1px #bbb solid}.mntl-author-tooltip__bottom::after{content:".";margin-left:-.2rem}.mntl-author-tooltip__learn-more-text{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;letter-spacing:.05rem}.mntl-author-tooltip__learn-more-link{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;text-decoration:underline;color:#333e8b}.mntl-author-tooltip__learn-more-link:hover{text-decoration:none;color:#2c40d0}@media (max-width:34em){.mntl-bylines__item [data-tooltip],.mntl-taglines__item [data-tooltip]{position:static}}.mntl-bylines__item .mntl-dynamic-tooltip.mntl-dynamic-tooltip,.mntl-taglines__item .mntl-dynamic-tooltip.mntl-dynamic-tooltip{top:19px;background:0 0}@media (max-width:34em){.mntl-bylines__item .mntl-dynamic-tooltip.mntl-dynamic-tooltip,.mntl-taglines__item .mntl-dynamic-tooltip.mntl-dynamic-tooltip{width:calc(100% - 10px);top:auto}}@media (max-width:34em){[data-tooltip-position-x=left] .mntl-dynamic-tooltip.mntl-dynamic-tooltip,[data-tooltip-position-x=right] .mntl-dynamic-tooltip.mntl-dynamic-tooltip{right:auto;left:50%;transform:translateX(-50%) translateY(0)}}@media (max-width:34em){.mntl-dynamic-tooltip--content::before{display:none}}@media (min-width:50em){.marketsTemplate [data-tooltip-position-x=center] .mntl-dynamic-tooltip--content::before,.marketsTemplate [data-tooltip-position-x=left] .mntl-dynamic-tooltip--content::before{right:13px;left:auto}.marketsTemplate [data-tooltip-position-x=left] .mntl-dynamic-tooltip{right:-10px;left:auto}} .mntl-attribution__item,.mntl-attribution__item-date{display:inline}.mntl-bylines__group--with-image.mntl-bylines__group .mntl-bylines__item{display:grid;position:relative;grid-template-areas:"image image by auth auth"}.mntl-bylines__group--with-image.mntl-bylines__group .mntl-bylines__item+.mntl-bylines__item{margin-left:.05rem}.mntl-bylines__group--with-image .mntl-attribution__author-image{grid-area:image}.mntl-bylines__group--with-image .mntl-attribution__item-descriptor{margin-right:.25rem;grid-area:by}.mntl-bylines__group--with-image .mntl-dynamic-tooltip--trigger{grid-area:auth}.mntl-attribution__author-image{position:absolute;border-radius:100%}@media (min-width:34em){.mntl-attribution__author-image{align-self:baseline}} [data-tooltip]{display:inline-block;position:relative}[data-tooltip]:before{content:"";position:absolute;z-index:3;width:10px;height:10px;border-top:1px solid;border-left:1px solid;background-color:#fff;opacity:0;transform:rotate(-45deg);left:calc(50% - 5px);transition:opacity .2s ease-in-out}[data-tooltip]:after{position:absolute;visibility:hidden;opacity:0;z-index:2;left:0;color:initial;background-color:#fff;transition:opacity .2s ease-in-out;pointer-events:none;content:attr(data-tooltip);border:1px solid}[data-tooltip][data-tooltip-position-x=left][data-tooltip-position-y=top]:after,[data-tooltip][data-tooltip-position-x=right][data-tooltip-position-y=top]:after{transform:translateX(0) translateY(-100%)}[data-tooltip][data-tooltip-position-x=left]:before{top:100%}[data-tooltip][data-tooltip-position-x=left]:after{transform:translateX(0) translateY(0);right:auto;left:-10px}[data-tooltip][data-tooltip-position-x=center]:before{top:100%}[data-tooltip][data-tooltip-position-x=center]:after{transform:translateX(-50%);right:auto;left:50%}[data-tooltip][data-tooltip-position-x=right]:before{top:100%}[data-tooltip][data-tooltip-position-x=right]:after{transform:translateX(0) translateY(0);right:-10px;left:auto}[data-tooltip][data-tooltip-position-x=center][data-tooltip-position-y=top]:after{transform:translateX(-50%) translateY(-100%)}[data-tooltip][data-tooltip-position-y=top]:before{transform:translateY(-100%) rotate(-135deg);top:0}[data-tooltip][data-tooltip-position-y=top]:after{top:-5px}[data-tooltip][data-tooltip-position-y=bottom]:before{transform:rotate(45deg);top:100%}[data-tooltip][data-tooltip-position-y=bottom]:after{top:calc(100% + 5px)}.mntl-dynamic-tooltip--trigger:focus-visible>.mntl-dynamic-tooltip,.mntl-dynamic-tooltip--trigger:hover>.mntl-dynamic-tooltip,.mntl-dynamic-tooltip:focus-within,[data-dynamic-tooltip-trigger]:hover+.mntl-dynamic-tooltip--trigger>.mntl-dynamic-tooltip,[data-tooltip-trigger]:hover+[data-tooltip]:after,[data-tooltip-trigger]:hover+[data-tooltip]:before,[data-tooltip]:hover:after,[data-tooltip]:hover:before{visibility:visible;opacity:1;pointer-events:auto}@supports not selector(:focus-visible){.mntl-dynamic-tooltip--trigger:focus>.mntl-dynamic-tooltip{visibility:visible;opacity:1;pointer-events:auto}}[data-tooltip].mntl-dynamic-tooltip--trigger:after,[data-tooltip].mntl-dynamic-tooltip--trigger:before{visibility:hidden}.mntl-dynamic-tooltip{position:absolute;visibility:hidden;opacity:0;z-index:2;left:0;color:initial;background-color:#fff;transition:opacity .2s ease-in-out;pointer-events:none;width:400px}[data-tooltip-position-x=left] .mntl-dynamic-tooltip{transform:translateX(0) translateY(0);right:auto;left:-10px}[data-tooltip-position-x=left] .mntl-dynamic-tooltip--content:before{left:13px}[data-tooltip-position-x=right] .mntl-dynamic-tooltip{transform:translateX(0) translateY(0);right:-10px;left:auto}[data-tooltip-position-x=right] .mntl-dynamic-tooltip--content:before{right:13px}[data-tooltip-position-x=center] .mntl-dynamic-tooltip{transform:translateX(-50%);right:auto;left:50%}[data-tooltip-position-x=center] .mntl-dynamic-tooltip--content:before{left:calc(50% - 5px)}.mntl-dynamic-tooltip--content{z-index:2;margin-top:5px;border:1px solid;padding:5px;overflow:hidden;background-color:#fff}.mntl-dynamic-tooltip--content:before{content:"";position:absolute;z-index:3;width:10px;height:10px;border-top:1px solid;border-left:1px solid;background-color:#fff;transform:rotate(45deg);top:0} .mntl-author-tooltip{display:none}.mntl-dynamic-tooltip .mntl-author-tooltip{display:block}.mntl-pl-component .mntl-author-tooltip{display:block;width:400px}.mntl-author-tooltip__image{width:100%} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.finance-social-nav .social-nav__list{margin-bottom:0;padding-left:0;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;list-style:none;color:#333e8b}.finance-social-nav .social-nav__list .social-nav__item:first-child{margin-right:1.375rem}.finance-social-nav .social-nav__list .social-nav__link{white-space:nowrap;text-decoration:none;color:#333e8b}.finance-social-nav .social-nav__list .social-nav__link:hover{color:#2c40d0}.finance-social-nav .social-nav__list .social-nav__link:hover::before{text-decoration:underline}.finance-social-nav .social-nav__list .social-nav__link::before{letter-spacing:.05rem;text-transform:uppercase;margin-right:.25rem;font-size:.875rem;letter-spacing:.03rem;text-transform:none;text-decoration:none}.finance-social-nav .social-nav__icon{width:.75rem;height:.75rem;vertical-align:bottom}.finance-social-nav .social-nav__icon.icon-linkedin-bg{fill:#333e8b;background-color:#fff}.social-nav__link:hover .finance-social-nav .social-nav__icon.icon-linkedin-bg{fill:#2c40d0}.finance-social-nav .social-nav__icon.icon-x{background-color:transparent;fill:#333e8b}.social-nav__link:hover .finance-social-nav .social-nav__icon.icon-x{fill:#2c40d0}.mntl-dynamic-tooltip .finance-social-nav .social-nav__icon.icon-linkedin{padding:2px;border-radius:3px;background:#333e8b;fill:#fff}.social-nav__link:hover .mntl-dynamic-tooltip .finance-social-nav .social-nav__icon.icon-linkedin{background:#2c40d0} .mntl-expandable-block.is-expanded .expandable-content{display:block}.mntl-expandable-block .expandable-content{display:none} .mntl-article-sources.is-expanded svg.show-icon{display:none}.mntl-article-sources.is-expanded svg.hide-icon{display:inline-block}.mntl-article-sources__heading{margin:0}.mntl-article-sources__wrapper{display:flex;align-items:center;flex-direction:row}.mntl-article-sources svg{margin-left:5px;width:16px;height:18px}.mntl-article-sources svg.show-icon{display:inline-block}.mntl-article-sources svg.hide-icon{display:none} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.article-sources{padding-bottom:2rem}.product-roundup--finance .article-sources.prm-article-sources{margin:0 .625rem}@media (min-width:50em){.product-roundup--finance .article-sources.prm-article-sources{margin-left:0}}.perfMktgListSCTemplate .article-sources.prm-article-sources{width:100%;max-width:48rem;margin:0 auto}.article-sources .article-sources__wrapper{display:inline-flex;margin-bottom:1rem;padding:.75rem 1rem .25rem;border-top:2px solid #f0f0f0;border-left:2px solid #f0f0f0;cursor:pointer}.article-sources__icon-wrapper{display:block;position:relative;top:-1px;left:6px;line-height:0}.article-sources__show-icon{display:inline-block;width:0;height:0;border-width:8px 5px 0;border-style:solid;border-color:#2c40d0 transparent transparent}.is-expanded .article-sources__show-icon{display:none}.article-sources__hide-icon{display:none;width:0;height:0;border-width:0 5px 8px;border-style:solid;border-color:transparent transparent #2c40d0}.is-expanded .article-sources__hide-icon{display:inline-block}.article-sources .article-sources__heading{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1rem;letter-spacing:.07em;text-transform:uppercase;color:#333}.article-sources__disclaimer{margin-bottom:1rem;padding:0 1rem;color:#333}.mntl-inline-citation.mntl-dynamic-tooltip--trigger{display:inline-flex;align-items:baseline;justify-content:center;position:inherit;margin-left:2px;padding-bottom:0;vertical-align:baseline;font-size:.875rem;font-weight:400;letter-spacing:.07em;line-height:1;text-indent:0}.mntl-inline-citation.mntl-dynamic-tooltip--trigger:hover>span::after{content:"";visibility:hidden;z-index:3;width:10px;height:10px;position:absolute;top:18px;left:-1px;border-top:1px solid #bbb;border-left:1px solid #bbb;transform:rotate(45deg);background-color:#fff}@media (min-width:34em){.mntl-inline-citation.mntl-dynamic-tooltip--trigger:hover>span::after{visibility:visible}}.mntl-inline-citation.mntl-dynamic-tooltip--trigger:hover::after,.mntl-inline-citation.mntl-dynamic-tooltip--trigger:hover::before,.mntl-inline-citation.mntl-dynamic-tooltip--trigger:hover>span{z-index:91}.product-roundup--finance .mntl-inline-citation.mntl-dynamic-tooltip--trigger{position:static}.mntl-inline-citation.mntl-dynamic-tooltip--trigger span{pointer-events:none}.mntl-inline-citation.mntl-dynamic-tooltip--trigger::after,.mntl-inline-citation.mntl-dynamic-tooltip--trigger::before,.mntl-inline-citation.mntl-dynamic-tooltip--trigger>span{z-index:89;position:relative;top:-7px}.mntl-inline-citation .mntl-dynamic-tooltip[class]{width:calc(100% - 1rem);left:50%;transform:translateX(-50%) translateY(11px);text-indent:0;background:0 0;transition:none}@media (min-width:34em){.mntl-inline-citation .mntl-dynamic-tooltip[class]{width:auto;max-width:400px;transform:translateX(0) translateY(11px)}.mntl-inline-citation[data-tooltip-position-x=left] .mntl-dynamic-tooltip[class]{right:auto;left:-.5rem}.taxonomyScTemplate .mntl-inline-citation[data-tooltip-position-x=left] .mntl-dynamic-tooltip[class]{left:2rem}.mntl-inline-citation[data-tooltip-position-x=right] .mntl-dynamic-tooltip[class]{right:-.5rem;left:auto}.taxonomyScTemplate .mntl-inline-citation[data-tooltip-position-x=right] .mntl-dynamic-tooltip[class]{right:2rem}.mntl-inline-citation[data-tooltip-position-x=center] .mntl-dynamic-tooltip[class]{min-width:180px;right:auto;left:auto}}.mntl-dynamic-tooltip--content{padding:.5rem;background:#fff}.mntl-dynamic-tooltip--content p{margin:0;font-size:.875rem;letter-spacing:.02em;line-height:1.5;font-style:normal}.mntl-inline-citation .mntl-dynamic-tooltip--content::before{display:none}.mntl-dynamic-tooltip .mntl-dynamic-tooltip--content{border:1px solid #bbb}.mntl-sources__source{margin-bottom:1.25rem;padding-left:2.65rem;text-indent:-1.3rem;color:#333}.mntl-sources__source::before{width:1.2rem;margin-right:0;padding-right:.375rem;font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif;font-weight:400}.mntl-sources__source a{position:relative;text-decoration:none;color:#333}.mntl-sources__source a:hover{color:#333}.mntl-sources__source a:hover span{color:#2c40d0}.mntl-sources__source a::after{content:", " attr(href);word-break:break-word}.mntl-sources__source a span{text-decoration:underline}.mntl-sources__source>*{display:inline;padding-left:0} .mntl-inline-citation{position:relative;padding-bottom:15px;vertical-align:super;font-size:75%;text-decoration:none;color:#00e;cursor:pointer}.mntl-inline-citation:before{content:"["}.mntl-inline-citation:after{content:"]"} .mm-ads-ad-table{display:none;margin-bottom:1.75rem;width:100%}.mm-ads-ad-table.mm-ads-ad-table--active{display:block}.mntl-pl-component .mm-ads-ad-table{display:block;margin-bottom:10rem}.mm-ads-ad-table__content{display:flex;height:352px}.mm-ads-ad-table--vertical .mm-ads-ad-table__content{flex-direction:column;height:auto}.mm-ads-ad-table-column{flex-grow:1;display:none}.mm-ads-ad-table-column[data-ad-width]{display:flex}.mm-ads-ad-table-column .wrapper{width:100%}.mm-ads-ad-table__headers{display:none;flex-direction:column;max-width:150px;text-transform:uppercase;font-weight:600;letter-spacing:.04rem}@media all and (min-width:800px){.mm-ads-ad-table__headers{display:flex}}.mm-ads-ad-table--vertical .mm-ads-ad-table__headers{flex-direction:row;max-width:100%}.mm-ads-ad-table__headers>div{padding:15px}.mm-ads-ad-table__heading-1{height:111px;margin-bottom:-9px}.mm-ads-ad-table--vertical .mm-ads-ad-table__heading-1{height:auto;width:160px}.mm-ads-ad-table__heading-2{height:51px}.mm-ads-ad-table--vertical .mm-ads-ad-table__heading-2{height:auto;flex:1}.mm-ads-ad-table__heading-3{height:190px}.mm-ads-ad-table--vertical .mm-ads-ad-table__heading-3{display:none}.mm-ads-ad-table__disclosure{display:flex;justify-content:flex-end;position:relative;z-index:1}.mm-ads-ad-table__disclosure-label{padding:0;outline:0;margin-bottom:-5px}.mm-ads-ad-table__disclosure-description{display:none;position:absolute;top:100%;right:0;text-align:center;width:300px;padding:30px 10px 20px;line-height:1.5}.mm-ads-ad-table__disclosure--active .mm-ads-ad-table__disclosure-description{display:block}.mm-ads-ad-table__disclosure-close{position:absolute;top:0;right:0;font-size:30px;line-height:30px;width:30px;height:30px;padding-right:7px;cursor:pointer} .mm-ads-right-rail .js-scads-inline-content{position:static;top:initial}@media screen and (min-width:50em){.mm-ads-right-rail .mm-ads-sc-sticky-square{position:static}}@media (min-width:50em){.mm-ads-right-rail{display:none}} .mm-ads-sc-sticky-square{height:auto;position:static;width:auto}@media screen and (min-width:54em){.mm-ads-sc-sticky-square{height:600px;position:absolute;right:0;width:300px}}@media screen and (min-width:50em){.mm-ads-right-rail .mm-ads-sc-sticky-square{height:600px;right:0;width:300px}}@media (min-width:34em) and (max-width:49.9375em){.mm-ads-sc-sticky-square{height:auto!important}}@media screen and (min-width:50em){.mntl-article.mntl-article--two-column-left-rail .mm-ads-sc-sticky-square{height:auto;margin:0 auto;position:static}}@media (min-width:50em){.mm-ads-squareFlex1-sticky.mm-ads-sc-sticky-square{height:1050px}} .mm-ads-square{margin:0;padding:0;min-width:300px;min-height:calc(250px + (30px * 2))}.mm-ads-square[data-ad-height="0"]{display:none}.mm-ads-square[data-ad-height=fluid]{min-height:0;padding:0} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.square,.square-flex{min-width:300px;min-height:0;margin-bottom:1.75rem}.square-flex.collapsed,.square.collapsed{display:none}.square .wrapper,.square iframe,.square img,.square-flex .wrapper,.square-flex iframe,.square-flex img{margin:0 auto}.square .wrapper,.square-flex .wrapper{min-height:calc(250px + .75rem + 12px)}.square .wrapper[id^=partnerlink],.square-flex .wrapper[id^=partnerlink]{min-height:auto}.toolsTemplate .square .wrapper,.toolsTemplate .square-flex .wrapper{margin-top:1.75rem}.square-flex[data-ad-width="340"] .wrapper,.square[data-ad-width="340"] .wrapper{min-width:340px}.square-flex[data-ad-width="340"] .wrapper::before,.square[data-ad-width="340"] .wrapper::before{content:"Advertisement";display:block;height:.75rem;margin-bottom:6px;font-size:.75rem;color:#666}.square-flex[data-ad-width="300"] .wrapper,.square[data-ad-width="300"] .wrapper{min-width:300px}.square-flex[data-ad-width="300"] .wrapper::before,.square[data-ad-width="300"] .wrapper::before{content:"Advertisement";display:block;height:.75rem;margin-bottom:6px;font-size:.75rem;color:#666}.square-flex[data-ad-width="299"] .wrapper,.square[data-ad-width="299"] .wrapper{min-width:299px}.square-flex[data-ad-width="299"] .wrapper::before,.square[data-ad-width="299"] .wrapper::before{content:"Advertisement";display:block;height:.75rem;margin-bottom:6px;font-size:.75rem;color:#666}.square-flex[data-ad-width="160"] .wrapper,.square[data-ad-width="160"] .wrapper{min-width:160px}.square-flex[data-ad-width="160"] .wrapper::before,.square[data-ad-width="160"] .wrapper::before{content:"Advertisement";display:block;height:.75rem;margin-bottom:6px;font-size:.75rem;color:#666}@media (min-width:50em){.article[data-rail-bp=mntl-bp-md] .mm-ads-sc-sticky-square,.article[data-rail-bp=mntl-bp-md] .mntl-sc-sticky-square-flex{z-index:1;height:600px;position:absolute;top:0;right:0}.article[data-rail-bp=mntl-bp-md] .mm-ads-sc-sticky-square .fin-square-flex-1-sticky-dynamic,.article[data-rail-bp=mntl-bp-md] .mm-ads-sc-sticky-square.fin-billboard1-sticky-dynamic,.article[data-rail-bp=mntl-bp-md] .mntl-sc-sticky-square-flex .fin-square-flex-1-sticky-dynamic,.article[data-rail-bp=mntl-bp-md] .mntl-sc-sticky-square-flex.fin-billboard1-sticky-dynamic{height:1050px}}@media (max-width:50em){.article[data-rail-bp=mntl-bp-md] .mm-ads-sc-sticky-square,.article[data-rail-bp=mntl-bp-md] .mntl-sc-sticky-square-flex{position:static}}.mntl-article[data-rail-bp=mntl-bp-md] .mm-ads-sc-sticky-square,.mntl-article[data-rail-bp=mntl-bp-md] .mntl-sc-sticky-square-flex{position:static;margin:auto}.quote__content .billboard--static,.quote__content .square-flex--static{margin-top:2rem}.home-hero .billboard--static,.home-hero .square-flex--static{margin-top:1rem;margin-bottom:.5rem}.search-results .billboard--static,.search-results .square-flex--static{margin-top:3rem;margin-bottom:3rem}.article[data-rail-bp=mntl-bp-md] .billboard2--static,.article[data-rail-bp=mntl-bp-md] .square-flex-2--static{display:none}@media (min-width:50em){.article[data-rail-bp=mntl-bp-md] .billboard2--static,.article[data-rail-bp=mntl-bp-md] .square-flex-2--static{display:block;margin-top:7.375rem}}.search-results .billboard--fixed-lazy{margin-top:3rem;margin-bottom:3rem}.eat-trust+.billboard--fixed-lazy{margin-top:2rem}.home-featured+.billboard--fixed-lazy{margin-bottom:2rem} .mm-ads-native{width:100%;height:var(--native-ad-height)}.mm-ads-native__adunit{text-align:center}.mm-ads-native__adunit[data-ad-width="1"][data-ad-height="3"]{display:none}.mm-ads-native--labeled .mm-ads-native__adunit[data-ad-width][data-ad-height]:before{content:"Advertisement";font-size:.625rem;font-family:RobotoDraft,sans-serif;color:#707070} .native.mm-ads-native .mm-ads-native__adunit{min-height:286px}.native.mm-ads-native .mm-ads-native__adunit[data-ad-width="1"][data-ad-height="3"]{display:none}.nativemortgage{margin-bottom:1rem} .finance-sc-block-heading{margin:0;margin-bottom:.5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.375rem;font-weight:bolder;line-height:1.2;color:#111}@media (min-width:50em){.finance-sc-block-heading{font-size:calc(.75rem + 1.25vw)}}@media (min-width:70em){.finance-sc-block-heading{font-size:1.625rem}}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0} .mntl-sc-block-html:not(.mntl-sc-block-html-sliced){counter-reset:section}.mntl-sc-block-html>ol{counter-reset:none}.mntl-sc-block-html .mntl-sc-block-adslot-inline>.mntl-block{display:inline} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.katex{position:relative;margin-bottom:-1rem;padding-top:2px;overflow:auto}.katex::before{content:"";z-index:1;width:4rem;height:calc(100% - 1.2rem);position:absolute;right:0;background:linear-gradient(to left,#fff 25%,rgba(255,255,255,0) 100%);pointer-events:none}@supports (-ms-ime-align:auto){.katex::before{display:none}}@media all and (-ms-high-contrast:none),(-ms-high-contrast:active){.katex::before{display:none}}.katex .katex-html{width:100%;padding-right:4rem;padding-bottom:1rem;overflow-x:auto;overflow-y:hidden;scrollbar-width:thin}.katex .katex-html::-webkit-scrollbar{width:7px;height:7px;background-color:#f5f5f6;-webkit-appearance:none;appearance:none}.katex .katex-html::-webkit-scrollbar-thumb{border-radius:4px;background-color:#c5dcff}@supports (-ms-ime-align:auto){.katex .katex-html{padding-right:0}}@media all and (-ms-high-contrast:none),(-ms-high-contrast:active){.katex .katex-html{padding-right:0}}ol.finance-sc-block-html li::before{margin-right:0;padding-right:.375rem;font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif}ol.finance-sc-block-html li{margin-bottom:.375rem;padding-left:1.75rem}.finance-sc-block-html .ql-indent-1{margin-left:3rem;padding-left:0;text-indent:0;list-style:disc;counter-increment:auto}ol.finance-sc-block-html>li.ql-indent-1::before{display:none} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.mntl-sc-block-callout.theme-advisorinsight{position:relative;margin-bottom:1.75rem;padding:.5rem 1rem .5rem 2.5rem}.mntl-sc-block-callout.theme-advisorinsight .mntl-sc-block-callout-heading{letter-spacing:.05rem;text-transform:uppercase;padding-bottom:.5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.0625rem}.mntl-sc-block-callout.theme-advisorinsight .mntl-sc-block-callout-heading::before{content:"";display:inline-block;width:2rem;height:2rem;position:absolute;top:.25rem;left:0}.is-window-loaded .mntl-sc-block-callout.theme-advisorinsight .mntl-sc-block-callout-heading::before{background:url(/static/icons/svg/callouts/advisor-insight.svg);background-repeat:no-repeat}.mntl-sc-block-callout.theme-advisorinsight .mntl-sc-block-callout-body p{margin-bottom:.625rem}.mntl-sc-block-callout.theme-advisorinsight .mntl-sc-block-callout-body p:first-child a{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;text-decoration:none}.mntl-sc-block-callout.theme-advisorinsight .mntl-sc-block-callout-body p:first-child a:hover{text-decoration:underline}.mntl-sc-block-callout.theme-advisorinsight .mntl-sc-block-callout-body p:last-of-type{margin-bottom:0}.mntl-sc-block-callout.theme-whatyouneedtoknow{position:relative;margin:1rem 0 2rem}.mntl-sc-block-callout.theme-whatyouneedtoknow::after,.mntl-sc-block-callout.theme-whatyouneedtoknow::before{content:"";z-index:1;display:inline-block;height:3.25rem;position:absolute}.mntl-sc-block-callout.theme-whatyouneedtoknow::before{width:14rem;border-top:2px solid #ff8c6c;border-left:2px solid #ff8c6c}.mntl-sc-block-callout.theme-whatyouneedtoknow::after{width:12rem;right:0;bottom:0;border-right:2px solid #ff8c6c;border-bottom:2px solid #ff8c6c}.mntl-sc-block-callout.theme-whatyouneedtoknow ol>li{padding-bottom:.375rem;padding-left:1.5rem;text-indent:-1.5rem}.mntl-sc-block-callout.theme-whatyouneedtoknow ul>li{padding-bottom:.375rem}.mntl-sc-block-callout.theme-whatyouneedtoknow .mntl-sc-block-callout-heading{letter-spacing:.05rem;text-transform:uppercase;display:block;margin-bottom:0;padding:1.5625rem 1.25rem .5625rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1rem}.mntl-sc-block-callout.theme-whatyouneedtoknow .mntl-sc-block-callout-body{padding:0 1.25rem 1.25rem}.mntl-sc-block-callout.theme-whatyouneedtoknow .mntl-sc-block-callout-body :last-child{margin-bottom:0}.mntl-sc-block-callout.theme-awards{min-height:2.5rem;padding-bottom:.5rem}.mntl-sc-block-callout.theme-awards::before{content:"Winner";display:block;padding-right:.25rem;padding-bottom:.25rem;padding-left:3.25rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.125rem;letter-spacing:.07rem;text-transform:uppercase;color:#ad9372}@media (min-width:50em){.mntl-sc-block-callout.theme-awards::before{padding-left:3.75rem}}.is-window-loaded .mntl-sc-block-callout.theme-awards{background:url(/static/icons/svg/award-badge.svg) 0 2px no-repeat;background-size:44px 55px}.mntl-sc-block-callout.theme-awards .mntl-sc-block-callout-heading{display:inline-block;margin:0;padding-bottom:.25rem;padding-left:3.25rem;overflow:visible;font-size:1.875rem;line-height:1.1}@media (min-width:50em){.mntl-sc-block-callout.theme-awards .mntl-sc-block-callout-heading{padding-left:3.75rem}}.mntl-sc-block-callout.theme-awards .mntl-sc-block-callout-body p{margin-bottom:.75rem}.mntl-sc-block-callout.theme-awards .mntl-sc-block-callout-body ul{margin-left:0;padding-left:0;list-style-type:none}.mntl-sc-block-callout.theme-awards .mntl-sc-block-callout-body li{letter-spacing:.05rem;text-transform:uppercase;padding-bottom:.625rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif}.mntl-sc-block-callout.theme-awards .mntl-sc-block-callout-body li:last-child{padding-bottom:0}.mntl-sc-block-callout.theme-awards .mntl-sc-block-callout-body li a{font-weight:400;letter-spacing:0;text-transform:none}@media (min-width:50em){.mntl-sc-block-callout.theme-awards .mntl-sc-block-callout-body{padding-left:3.75rem}}.review-sc .mntl-sc-block-callout-body{display:none}.mntl-sc-block-callout.theme-note .mntl-sc-block-callout-heading{display:inline-block;padding:1.25rem .5rem 0 1rem;border-top:1px solid #e1e2e6;border-left:1px solid #e1e2e6;font-size:1.875rem;font-weight:400;line-height:2.25rem;color:#8bb9ff}.mntl-sc-block-callout.theme-note .mntl-sc-block-callout-heading.no-title{padding:1.25rem .5rem 0 1rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1rem;letter-spacing:.05rem;line-height:.8rem;color:#ff8c6c}.mntl-sc-block-callout.theme-note .mntl-sc-block-callout-heading.no-title::before{content:"FAST FACT"}.mntl-sc-block-callout.theme-note .mntl-sc-block-callout-body{position:relative;margin-bottom:2rem;padding:0 1rem .6rem}.mntl-sc-block-callout.theme-note .mntl-sc-block-callout-body::after{content:"";width:7rem;height:2.25rem;position:absolute;right:0;bottom:0;border-right:1px solid #e1e2e6;border-bottom:1px solid #e1e2e6}.mntl-sc-block-callout.theme-note .mntl-sc-block-callout-body h4,.mntl-sc-block-callout.theme-note .mntl-sc-block-callout-body>p{font-size:1.25rem;font-weight:400;line-height:1.75rem;font-style:italic}.mntl-sc-block-callout.theme-note .mntl-sc-block-callout-body h4:last-child,.mntl-sc-block-callout.theme-note .mntl-sc-block-callout-body>p:last-child{margin-bottom:0}.mntl-sc-block-callout.theme-important,.mntl-sc-block-callout.theme-tip,.mntl-sc-block-callout.theme-warning{margin:0 0 2rem;padding:.5rem;border:1px solid #e1e2e6}.mntl-sc-block-callout.theme-important .mntl-sc-block-callout-heading,.mntl-sc-block-callout.theme-tip .mntl-sc-block-callout-heading,.mntl-sc-block-callout.theme-warning .mntl-sc-block-callout-heading{display:none}.mntl-sc-block-callout.theme-important .mntl-sc-block-callout-body,.mntl-sc-block-callout.theme-tip .mntl-sc-block-callout-body,.mntl-sc-block-callout.theme-warning .mntl-sc-block-callout-body{padding-right:1.75rem;padding-left:2rem}.mntl-sc-block-callout.theme-important .mntl-sc-block-callout-body::before,.mntl-sc-block-callout.theme-tip .mntl-sc-block-callout-body::before,.mntl-sc-block-callout.theme-warning .mntl-sc-block-callout-body::before{content:"";display:inline-block;width:1rem;height:1.25rem;vertical-align:top}.mntl-sc-block-callout.theme-important p,.mntl-sc-block-callout.theme-tip p,.mntl-sc-block-callout.theme-warning p{display:inline;vertical-align:baseline}.mntl-sc-block-callout.theme-important p:first-child::before,.mntl-sc-block-callout.theme-tip p:first-child::before,.mntl-sc-block-callout.theme-warning p:first-child::before{padding-right:.5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif}.mntl-sc-block-callout.theme-important a,.mntl-sc-block-callout.theme-tip a,.mntl-sc-block-callout.theme-warning a{overflow-wrap:break-word}.mntl-sc-block-callout.theme-tip .mntl-sc-block-callout-body::before{margin:.25rem .4375rem 0 -1.6875rem}.is-window-loaded .mntl-sc-block-callout.theme-tip .mntl-sc-block-callout-body::before{background:url(/static/icons/svg/callouts/callout_tip.svg);background-repeat:no-repeat}.mntl-sc-block-callout.theme-tip .mntl-sc-block-callout-body>p:first-child::before{content:"Tip:"}.mntl-sc-block-callout.theme-important .mntl-sc-block-callout-body::before{margin:.25rem .25rem 0 -1.5rem}.is-window-loaded .mntl-sc-block-callout.theme-important .mntl-sc-block-callout-body::before{background:url(/static/icons/svg/callouts/callout_important.svg);background-repeat:no-repeat}.mntl-sc-block-callout.theme-important .mntl-sc-block-callout-body>p:first-child::before{content:"Important:"}.mntl-sc-block-callout.theme-warning .mntl-sc-block-callout-body::before{margin:.25rem 0 0 -1.25rem}.is-window-loaded .mntl-sc-block-callout.theme-warning .mntl-sc-block-callout-body::before{background:url(/static/icons/svg/callouts/callout_warning.svg);background-repeat:no-repeat}.mntl-sc-block-callout.theme-warning .mntl-sc-block-callout-body>p:first-child::before{content:"Warning:"} .mntl-sc-block-image{overflow:hidden;text-align:left}.mntl-sc-block-image.figure-portrait{margin:0 auto;max-width:80%;text-align:center}.mntl-sc-block-image.figure-portrait .figure-media{max-height:80vh}.mntl-sc-block-image.figure-portrait .figure-article-caption{text-align:left;background-color:transparent}.mntl-sc-block-image.figure-portrait img{max-height:80vh}.mntl-sc-block-image a{box-shadow:none}.mntl-sc-block-image img{width:100%}.mntl-sc-block-image .figure-media{position:relative}@media (min-width:35em){.mntl-sc-list-item h3:first-of-type+.mntl-sc-block-image.figure-portrait,.mntl-sc-list-item h3:first-of-type+.mntl-sc-block-image.figure-square{float:left;margin:0 1.25rem 1rem 0;width:auto;max-width:280px}.mntl-sc-list-item h3:first-of-type+.mntl-sc-block-image.figure-portrait img,.mntl-sc-list-item h3:first-of-type+.mntl-sc-block-image.figure-square img{width:auto;max-width:280px}}img[data-img-lightbox=true]{cursor:zoom-in}.mntl-lightbox{box-sizing:border-box;display:flex;position:fixed;z-index:100;justify-content:center;align-items:center;top:0;right:0;bottom:0;left:0;background-color:rgba(0,0,0,.95)}.mntl-lightbox.is-closed{display:none}.mntl-lightbox__container{display:flex;flex-direction:column;width:100%;max-height:calc(100% - 6rem)}.mntl-lightbox__img-container{width:100%;max-height:100%;overflow-y:scroll;text-align:center}.mntl-lightbox__img{max-width:calc(100vw - 6rem)}.mntl-lightbox__close{position:absolute;top:0;right:.5rem;width:2rem;height:2.5rem;border:none;padding:0;background-color:transparent}.mntl-lightbox__close::after,.mntl-lightbox__close::before{content:" ";display:block;position:absolute;top:22px;width:40px;height:4px;border-radius:2px;background:#fff}.mntl-lightbox__close::before{transform:rotate(45deg);left:-4px}.mntl-lightbox__close::after{transform:rotate(315deg);right:-4px}.mntl-lightbox__loader{position:absolute;top:49%;left:0;width:100%;text-align:center}.mntl-lightbox__loader.is-hidden{display:none}.mntl-lightbox__loader span{display:inline-block;margin:.25rem;width:1rem;height:1rem;border-radius:.5rem;background-color:#fff;animation:pulse 1s infinite}.mntl-lightbox__loader span:nth-child(1){animation-delay:.4s}.mntl-lightbox__loader span:nth-child(2){animation-delay:.6s}.mntl-lightbox__loader span:nth-child(3){animation-delay:.8s}.mntl-lightbox__next-arrow,.mntl-lightbox__prev-arrow{position:absolute;top:calc(50% - 15px);margin-top:-20px;outline:0;border:none;padding:0;background:0 0}.mntl-lightbox__next-arrow .light-box-arrow,.mntl-lightbox__prev-arrow .light-box-arrow{display:block;width:40px;height:40px}.mntl-lightbox__prev-arrow{transform:rotate(180deg);left:15px}.mntl-lightbox__next-arrow{right:15px}.mntl-lightbox__caption{flex-basis:100%;text-align:center;color:#fff}.mntl-lightbox__caption svg{display:none}@keyframes pulse{0%{opacity:.1}100%{opacity:1}}.img-placeholder{position:relative;width:100%;background-color:#c7c7c7}.mntl-primary-image--blurry{position:absolute;top:0;left:0;height:100%;background-image:var(--blurry);background-size:100% 100%;transition:.15s filter linear}.mntl-primary-image--blurry.loaded{background-image:none}.mntl-primary-image--blurry:not(.loaded){filter:blur(4px)}.mntl-sc-block-image+.mntl-sc-block-image,.structured-content .mntl-sc-block-image+.mntl-sc-block-image.figure-portrait{display:inline-block;position:relative;margin-top:1rem;width:70px;height:70px;overflow:hidden}.mntl-sc-block-image+.mntl-sc-block-image .figure-article-caption,.structured-content .mntl-sc-block-image+.mntl-sc-block-image.figure-portrait .figure-article-caption{display:none}.mntl-sc-block-image+.mntl-sc-block-image .figure-media,.structured-content .mntl-sc-block-image+.mntl-sc-block-image.figure-portrait .figure-media{position:absolute;width:100%;height:100%}.mntl-sc-block-image+.mntl-sc-block-image .img-placeholder,.structured-content .mntl-sc-block-image+.mntl-sc-block-image.figure-portrait .img-placeholder{height:100%;padding-bottom:0}.mntl-sc-block-image+.mntl-sc-block-image img,.structured-content .mntl-sc-block-image+.mntl-sc-block-image.figure-portrait img{width:100%;-o-object-fit:cover;object-fit:cover}.mntl-image-composite__image+.mntl-image-composite__image,.mntl-sc-block .mntl-image-composite__images{margin-top:0;width:auto;height:auto}.mntl-image-composite__image+.mntl-image-composite__image .img-placeholder,.mntl-sc-block .mntl-image-composite__images .img-placeholder{height:0} .mntl-gif__video{display:block;width:100%;height:100%}.img-placeholder .mntl-gif__video{height:auto}.no-js .mntl-gif__video:not(.mntl-gif__video--fallback){display:none}.no-js .mntl-gif__video::-webkit-media-controls-panel{display:none} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.mntl-sc-block-universal-image img{width:100%;height:auto;margin:0}.inline-image{margin:2rem 0}.inline-image .figure-article-caption-icon{display:none}.mntl-lightbox__caption{flex-basis:100%;padding:1rem;font-size:1rem;line-height:1.4;text-align:center;color:#fff}.mntl-lightbox__close{width:2rem;height:2.5rem;position:absolute;top:8px;right:1rem;border:none;background-color:transparent}.mntl-lightbox__container .mntl-lightbox__img{max-width:calc(100vw - 2rem)}@media (min-width:50em){.mntl-lightbox__container .mntl-lightbox__img{max-width:88vw;max-height:calc(100% - 6rem)}}@media (min-width:64em){.mntl-lightbox__container .mntl-lightbox__img{max-width:55vw;max-height:55vw}}.mntl-sc-block-image{overflow:visible}@media (min-width:50em){.mntl-sc-block-image.finance-sc-block-image--theme-1.finance-sc-block-image--theme-1,.mntl-sc-block-image.finance-sc-block-image--theme-2.finance-sc-block-image--theme-2{max-width:21.5rem}}.mntl-sc-block-image.figure-portrait{max-width:80%;margin:2rem auto;text-align:center}.mntl-sc-block-image.figure-portrait .figure-media,.mntl-sc-block-image.figure-portrait img{max-height:-moz-fit-content;max-height:fit-content}@media (min-width:50em){.mntl-sc-block-image.finance-sc-block-image--theme-1.is-offscreen{transform:translateX(-6rem)}}@media (min-width:50em){.mntl-sc-block-image.finance-sc-block-image--theme-1{float:left;margin-right:3rem;margin-left:-4.375rem}}@media (min-width:64em){.mntl-sc-block-image.finance-sc-block-image--theme-1{margin-left:-7.125rem}}@media (min-width:50em){.mntl-sc-block-image.finance-sc-block-image--theme-2.is-offscreen{transform:translateX(6rem)}}@media (min-width:50em){.mntl-sc-block-image.finance-sc-block-image--theme-2{float:right;margin-right:-4.375rem;margin-left:3rem}}@media (min-width:64em){.mntl-sc-block-image.finance-sc-block-image--theme-2{margin-right:-7.125rem}}.mntl-sc-block-image.js-animate-image-on-scroll .img-placeholder{background:#fff}@media (min-width:50em){.mntl-sc-block-image.js-animate-image-on-scroll{transition:transform .75s ease-out}}@media (min-width:50em){.mntl-sc-block-image.is-offscreen-left{transform:translateX(-6rem)}}@media (min-width:50em){.mntl-sc-block-image.is-offscreen-right{transform:translateX(6rem)}}@media (min-width:50em){.mntl-sc-block-image.is-onscreen.is-onscreen{transform:translateX(0)}}.mntl-sc-block-image .figure-article-caption{margin-top:0}.mntl-article--one-column-full-width .mntl-sc-block-image.finance-sc-block-image--theme-5{width:100vw;position:relative;right:50%;left:50%;margin-right:-50vw;margin-left:-50vw;max-width:none;margin-top:2rem;margin-bottom:2rem;transform:translateX(0)}.mntl-article--one-column-full-width .mntl-sc-block-image.finance-sc-block-image--theme-5 .figure-media.figure-media{max-width:none;height:100%;margin:0}.mntl-article--one-column-full-width .mntl-sc-block-image.finance-sc-block-image--theme-5 .figure-article-caption{padding:0 1rem}@media (min-width:64em){.mntl-article--one-column-full-width .mntl-sc-block-image.finance-sc-block-image--theme-5 .figure-article-caption{padding:0 2rem}}.mntl-sc-block-image .img-placeholder{height:100%;padding-bottom:0!important}@media (max-width:max-breakpoint(50em)){.article--full-width .mntl-sc-block-image--no-theme .figure-media,.article--full-width .mntl-sc-block-image--no-theme .img-placeholder,.article--full-width .mntl-sc-block-image--no-theme .universal-image__image.universal-image__image{max-height:none}}.mntl-sc-block-image.finance-sc-block-image--theme-1 .figure-media,.mntl-sc-block-image.finance-sc-block-image--theme-1 .img-placeholder,.mntl-sc-block-image.finance-sc-block-image--theme-1 .universal-image__image.universal-image__image,.mntl-sc-block-image.finance-sc-block-image--theme-2 .figure-media,.mntl-sc-block-image.finance-sc-block-image--theme-2 .img-placeholder,.mntl-sc-block-image.finance-sc-block-image--theme-2 .universal-image__image.universal-image__image{max-height:none}.finance-sc-block-image--theme-5 .figure-media{max-width:none;height:100%;margin:0} .figure-caption{margin-top:.5rem;font-size:.75rem;font-weight:400;line-height:1.3;color:#444}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0} @media (min-width:29em){.mntl-sc-block-comparisonlist{display:flex}}.mntl-sc-block-comparisonlist__wrapper{flex-grow:1} @charset "UTF-8";.mntl-sc-block-comparisonlist h3{margin:0;margin-bottom:.5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.375rem;font-weight:bolder;line-height:1.2;color:#111}@media (min-width:50em){.mntl-sc-block-comparisonlist h3{font-size:calc(.75rem + 1.25vw)}}@media (min-width:70em){.mntl-sc-block-comparisonlist h3{font-size:1.625rem}}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.mntl-sc-block-comparisonlist{margin:1.5rem 0}.mntl-sc-block-comparisonlist h3{width:100%;margin-bottom:.75rem}@media (min-width:34em){.mntl-sc-block-comparisonlist{display:flex;flex-direction:column}}@media (min-width:50em){.mntl-sc-block-comparisonlist{flex-direction:row;flex-wrap:wrap}}@media (min-width:50em){.mntl-sc-block-comparisonlist__wrapper{max-width:50%;margin-top:0}}.mntl-sc-block-comparisonlist__heading{display:block;position:relative;margin-bottom:.75rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.25rem;line-height:1.2}@media all and (min-width:50em){.mntl-sc-block-comparisonlist__wrapper:nth-child(2){margin-top:0}}.mntl-sc-block-comparisonlist__list{margin:0;margin-bottom:1rem;padding:0 1rem 0 1.675rem}.mntl-sc-block-comparisonlist__list li{list-style:none}.mntl-sc-block-comparisonlist__list li::before{content:"•";position:absolute;margin-left:-.8em;font-size:1.125rem;text-align:center;color:#2c40d0}.mntl-sc-block-comparisonlist__list p{margin-top:0;margin-bottom:.5rem;line-height:1.4} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.finance-sc-block-questionandanswer .mntl-sc-block-questionandanswer__question{margin:0;margin-bottom:.5rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.375rem;color:#111}@media (min-width:50em){.finance-sc-block-questionandanswer .mntl-sc-block-questionandanswer__question{font-size:calc(.75rem + 1.25vw)}}@media (min-width:70em){.finance-sc-block-questionandanswer .mntl-sc-block-questionandanswer__question{font-size:1.625rem}} .textnote__heading{margin:0;font-size:1.5rem;font-weight:400;line-height:1.2}@media (min-width:70em){.textnote__heading{font-size:1.625rem}}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.textnote-placeholder{position:relative}.textnote-placeholder .sponsored{letter-spacing:.05rem;text-transform:uppercase;position:absolute;top:6px;right:0;font-size:.625rem;color:#666}.textnote{margin-bottom:0}.textnote__heading{margin-bottom:.5rem;padding-right:4.75rem;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.375rem}@media (min-width:50em){.textnote__heading{font-size:calc(.75rem + 1.25vw)}}@media (min-width:70em){.textnote__heading{font-size:1.625rem}} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.scTemplate .mntl-recirc-section--interstitial{background:#f0f6ff}.scTemplate .mntl-recirc-section--interstitial .mntl-carousel__items{margin-bottom:0;padding-left:0}.scTemplate .mntl-recirc-section--interstitial .recirc-section__header{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.625rem;font-weight:600;letter-spacing:.05px;line-height:1.2;text-transform:none;color:#191919}.scTemplate .mntl-recirc-section--interstitial .mntl-document-card{text-decoration:none}.scTemplate .mntl-recirc-section--interstitial .mntl-document-card .card__content[data-tag]{flex-grow:0;padding-bottom:0}.scTemplate .mntl-recirc-section--interstitial .mntl-document-card .card__content[data-tag]::before{letter-spacing:.05rem;text-transform:uppercase;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;font-weight:600;line-height:1.2;color:#2c40d0}.scTemplate .mntl-recirc-section--interstitial .mntl-document-card .card__title-text{font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.375rem;font-weight:600;line-height:1.2;color:#191919}.scTemplate .mntl-recirc-section--interstitial .mntl-document-card .card__timestamp{padding:0 .75rem;vertical-align:middle;font-family:SourceSansPro,"Source Sans Pro-fallback",sans-serif;font-size:.875rem;font-weight:400;line-height:1.4;color:#191919}.scTemplate .mntl-recirc-interstitial__up-next{border-bottom:1px solid #d4d4d4;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:1.125rem;font-weight:600;letter-spacing:.25px;line-height:1.5;color:#191919}.continuous-article .scTemplate .mntl-recirc-interstitial__up-next{margin:0} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.related-recirc-section{display:grid;position:relative;margin:0 auto;padding:0 1rem;grid-template-columns:minmax(0,37.5rem);grid-template-areas:"slot-1" "leaderboardfooter" "slot-2" "leaderboardfooter2"}@media (min-width:50em){.mntl-article--two-column-left-rail~.related-recirc-section{grid-template-columns:14rem minmax(0,37.5rem);-moz-column-gap:4rem;column-gap:4rem;grid-template-areas:". slot-1" "leaderboardfooter leaderboardfooter" ". slot-2" "leaderboardfooter2 leaderboardfooter2"}}@media (min-width:64em){.mntl-article--two-column-left-rail~.related-recirc-section{grid-template-columns:16.5rem minmax(0,37.5rem);-moz-column-gap:6rem;column-gap:6rem}}@media (min-width:70em){.mntl-article--two-column-left-rail~.related-recirc-section{-moz-column-gap:8.25rem;column-gap:8.25rem}}@media (min-width:50em){.mntl-article--two-column-right-rail~.related-recirc-section{grid-template-columns:minmax(0,37.5rem) 18.75rem;-moz-column-gap:2.5rem;column-gap:2.5rem;grid-template-areas:"slot-1 ." "leaderboardfooter leaderboardfooter" "slot-2 ." "leaderboardfooter2 leaderboardfooter2"}}@media (min-width:64em){.mntl-article--two-column-right-rail~.related-recirc-section{-moz-column-gap:3rem;column-gap:3rem}}@media (min-width:70em){.mntl-article--two-column-right-rail~.related-recirc-section{-moz-column-gap:6rem;column-gap:6rem}}@media (min-width:50em){.mntl-article--three-column~.related-recirc-section{grid-template-columns:minmax(0,37.5rem) 18.75rem;-moz-column-gap:2.5rem;column-gap:2.5rem;grid-template-areas:"slot-1 ." "leaderboardfooter leaderboardfooter" "slot-2 ." "leaderboardfooter2 leaderboardfooter2"}}@media (min-width:64em){.mntl-article--three-column~.related-recirc-section{-moz-column-gap:3rem;column-gap:3rem}}@media (min-width:70em){.mntl-article--three-column~.related-recirc-section{grid-template-columns:14rem minmax(0,37.5rem) 18.75rem;grid-template-areas:". slot-1 ." "leaderboardfooter leaderboardfooter leaderboardfooter" ". slot-2 ." "leaderboardfooter2 leaderboardfooter2 leaderboardfooter2"}}.related-recirc-section .slot-1{grid-area:slot-1}.related-recirc-section .leaderboardfooter{grid-area:leaderboardfooter}.related-recirc-section .slot-2{grid-area:slot-2}.related-recirc-section .leaderboardfooter2{grid-area:leaderboardfooter2}@media (min-width:34em){.related-recirc-section{padding:0 1.5rem}}@media (min-width:50em){.related-recirc-section{padding:0 2rem}} .perfMktgListSCTemplate .related-recirc-section--terms{width:100%;max-width:48rem;margin:0 auto;padding:0} .related-terms__heading{margin:0;font-size:1.5rem;font-weight:400;line-height:1.2}@media (min-width:70em){.related-terms__heading{font-size:1.625rem}}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.related-terms{position:relative;margin-bottom:2rem}.related-terms__heading{margin-top:1rem;margin-bottom:.75rem;color:#666}.related-terms__list{margin-bottom:1.25rem;font-size:1rem;line-height:1.4}.related-terms__title{display:block;font-size:1.5rem;line-height:1.2;text-decoration:none;color:#2c40d0;transition:color .25s}.related-terms__title:hover{text-decoration:underline;color:#333e8b}.related-terms__description{display:inline;margin-right:3px} .related-articles__header{margin:0;font-size:1.5rem;font-weight:400;line-height:1.2}@media (min-width:70em){.related-articles__header{font-size:1.625rem}}.mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}.related-articles{margin-bottom:2rem}.related-articles .mntl-card-list{grid-template-columns:1fr}.related-articles__header{display:block;margin:0 0 .75rem;padding-top:.25rem;line-height:1.3;color:#666}@media (min-width:50em){.related-articles__header{font-size:1.5rem}}.related-articles__link{display:flex;flex-flow:row!important;text-decoration:none;color:#111}.related-articles__link::after{display:none!important}.related-articles__link .card__media{flex:1 0 12rem;order:1;max-width:8rem;height:0;position:relative;margin-right:1rem;padding-top:5rem;overflow:hidden;background:#000}.related-articles__link .card__media img{opacity:1;width:100%;min-height:100%;position:absolute;top:50%;left:50%;transform:translate(-50%,-50%);transition:opacity .25s;-o-object-fit:cover;object-fit:cover}@media (min-width:34em){.related-articles__link .card__media{max-width:9.375rem;padding-top:6rem}}.related-articles__link .card__content{flex:1 0 auto;order:2;max-width:calc(100% - 8rem - 1rem)}.related-articles__link .card__content::before{letter-spacing:.05rem;text-transform:uppercase;margin:0;font-family:Cabin-semi-bold,Cabin-fallback,sans-serif;font-size:.875rem;color:#2c40d0}@media (min-width:64em){.related-articles__link .card__content::before{padding-bottom:2px;font-size:1rem}}.related-articles__link .card__content+.card__media{margin-left:-13rem}@media (min-width:34em){.related-articles__link .card__content{max-width:calc(100% - 9.375rem - 1rem)}}.related-articles__link .card__title{margin:0;padding-top:.25rem;font-size:1.25rem;font-weight:400;line-height:1.3;color:inherit}@media (min-width:50em){.related-articles__link .card__title{font-size:1.5rem}}.related-articles__link .card__byline{display:none}.related-articles__link .card::after{display:none}.recirc-content--right-rail{display:flex;flex-flow:column}@media (min-width:50em){.recirc-content--right-rail{position:absolute;top:0;right:2rem}}.related-articles .square{margin-top:1rem} .mntl-universal-card-list .card .card__description:focus-visible,.mntl-universal-card-list .card .card__title-text:focus-visible{outline:3px solid #014ecb;outline-offset:1px}.mntl-universal-card-list .card .card__description,.mntl-universal-card-list .card .card__title-text{text-decoration-thickness:1px;-webkit-text-decoration-skip:ink;text-decoration-skip-ink:auto}.mntl-universal-card-list .card .card__description:hover,.mntl-universal-card-list .card .card__title-text:hover{-webkit-text-decoration-line:underline;text-decoration-line:underline}.mntl-universal-card-list .card .card__description:visited,.mntl-universal-card-list .card .card__title-text:visited{color:var(--color-global-link-visited,rgba(0,0,0,.95))}@keyframes loaderSpin{100%{transform:rotate(360deg)}}.mntl-universal-card-list .card .card__content[data-tag]::before{font-family:var(--squirrel-font-family,var(--font-2,inherit));font-size:var(--squirrel-font-size,.875rem);font-weight:var(--squirrel-font-weight,700);letter-spacing:var(--squirrel-letter-spacing,.0625rem);line-height:var(--squirrel-line-height,1.25rem);text-transform:var(--squirrel-text-transform,uppercase);text-underline-offset:var(--squirrel-text-underline-offset,.25rem)}.mntl-universal-card-list .card .card__content[data-tag]::before a{text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none}.mntl-universal-card-list .card .card__content[data-tag]::before a:focus-visible{outline:3px solid #014ecb;outline-offset:1px}.mntl-universal-card-list .card .card__content[data-tag]::before a:hover{-webkit-text-decoration-line:underline;text-decoration-line:underline}.mntl-universal-card-list .card .card__content[data-tag]::before a:visited{color:var(--color-global-link-visited,rgba(0,0,0,.95))}.mntl-universal-card-list .card .card__byline,.mntl-universal-card-list .card .card__description{font-family:var(--rabbit-font-family,var(--font-2,inherit));font-size:var(--rabbit-font-size,.875rem);letter-spacing:var(--rabbit-letter-spacing,inherit);line-height:var(--rabbit-line-height,1.25rem);text-underline-offset:var(--rabbit-text-underline-offset,.1875rem)}.mntl-universal-card-list .card .card__byline a,.mntl-universal-card-list .card .card__description a{text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none}.mntl-universal-card-list .card .card__byline a:focus-visible,.mntl-universal-card-list .card .card__description a:focus-visible{outline:3px solid #014ecb;outline-offset:1px}.mntl-universal-card-list .card .card__byline a:hover,.mntl-universal-card-list .card .card__description a:hover{-webkit-text-decoration-line:underline;text-decoration-line:underline}.mntl-universal-card-list .card .card__byline a:visited,.mntl-universal-card-list .card .card__description a:visited{color:var(--color-global-link-visited,rgba(0,0,0,.95))}.mntl-universal-card-list .card .card__title-text{font-family:var(--gorilla-font-family,var(--font-1,inherit));font-size:var(--gorilla-font-size,1.125rem);font-weight:var(--gorilla-font-weight,700);letter-spacing:var(--gorilla-letter-spacing,inherit);line-height:var(--gorilla-line-height,1.5rem);text-underline-offset:var(--gorilla-text-underline-offset,.3125rem);-webkit-text-stroke:var(--gorilla-webkit-text-stroke,inherit);-webkit-font-smoothing:var(--gorilla-webkit-font-smoothing,inherit)}.mntl-universal-card-list .card .card__title-text a{text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none}.mntl-universal-card-list .card .card__title-text a:focus-visible{outline:3px solid #014ecb;outline-offset:1px}.mntl-universal-card-list .card .card__title-text a:hover{-webkit-text-decoration-line:underline;text-decoration-line:underline}.mntl-universal-card-list .card .card__title-text a:visited{color:var(--color-global-link-visited,rgba(0,0,0,.95))}@media (min-width:50em){.mntl-universal-card-list .card .card__title-text{font-size:var(--gorilla-font-size-md,1.5rem);line-height:var(--gorilla-line-height-md,2rem);text-underline-offset:var(--gorilla-text-underline-offset-md,.5rem)}}.mntl-card-list{display:flex;flex-direction:column;justify-content:space-between}.mntl-card-list .card{margin-bottom:1rem;padding:0}@supports (display:grid){.mntl-card-list{display:grid;grid-template-columns:1fr;grid-gap:1rem}.mntl-card-list .card{margin-bottom:0}}@media (min-width:35em){.mntl-card-list{flex-direction:row;flex-wrap:wrap}.mntl-card-list .card{flex:0 1 48%}@supports (display:grid){.mntl-card-list{grid-template-columns:repeat(2,1fr)}}}@media (min-width:54em){.mntl-card-list .card{flex:0 1 32%}@supports (display:grid){.mntl-card-list{grid-template-columns:repeat(3,1fr)}}}@media (min-width:65em){.mntl-card-list .card{flex:0 1 24%}@supports (display:grid){.mntl-card-list{grid-template-columns:repeat(4,1fr)}}}.mntl-document-card-list .card__content[data-tag]:before{display:block;content:attr(data-tag);font-weight:700;text-transform:uppercase}.mntl-card-list__bottom{grid-column:1/-1;text-align:center;width:100%}.mntl-universal-card-list{grid-gap:0;grid-template-columns:1fr}@media (min-width:50em){.mntl-universal-card-list{grid-template-columns:repeat(2,minmax(0,1fr));grid-gap:1.5rem}}@media (min-width:64em){.mntl-universal-card-list{grid-template-columns:repeat(3,minmax(0,1fr))}}@media (min-width:70em){.mntl-universal-card-list{grid-template-columns:repeat(4,minmax(0,1fr))}}.mntl-universal-card-list .card{display:flex;flex-direction:row;border:0;padding:0;overflow:initial;font-weight:400;background:0 0;padding:1rem 0}.mntl-universal-card-list .card:hover .card__title-text{-webkit-text-decoration-line:underline;text-decoration-line:underline;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none;text-decoration-thickness:1px}.mntl-universal-card-list .card:focus-visible .card__title{outline:3px solid #014ecb;outline-offset:1px}.mntl-universal-card-list .card .card__content{display:flex;flex-direction:column;padding:0}.mntl-universal-card-list .card .card__content[data-tag]::before{content:attr(data-tag);display:block;margin-bottom:.5rem;color:rgba(0,0,0,.65)}.mntl-universal-card-list .card .card__title{display:inline-block;order:1;margin-top:0;margin-bottom:.25rem}.mntl-universal-card-list .card .card__title-text{color:rgba(0,0,0,.95)}.mntl-universal-card-list .card .card__description{order:2;margin-bottom:.5rem;color:rgba(0,0,0,.95)}.mntl-universal-card-list .card .card__description::after{content:attr(data-card-description)}.mntl-universal-card-list .card .card__byline{order:3}.mntl-universal-card-list .card .card__byline::after{color:rgba(0,0,0,.65)}.mntl-universal-card-list .card .card__media{margin-right:1rem;margin-bottom:0;width:9.9375rem;height:auto}.mntl-universal-card-list .card .card__img{width:9.9375rem;height:6.625rem;filter:contrast(93%);-o-object-fit:cover;object-fit:cover}.mntl-universal-card-list .card:not(:last-child){border-bottom:1px solid var(--color-border-default,rgba(0,0,0,.15))}.mntl-universal-card-list .card .card__media{margin-right:.75rem}.mntl-universal-card-list .card .card__title{margin-bottom:.75rem}.mntl-universal-card-list .card .card__description{margin-bottom:.75rem}@media (min-width:50em){.mntl-universal-card-list .card{display:flex;flex-direction:column;overflow:initial;font-weight:400;padding:0;border:1px solid var(--color-border-default,rgba(0,0,0,.15))}.mntl-universal-card-list .card:hover .card__title-text{-webkit-text-decoration-line:underline;text-decoration-line:underline;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none;text-decoration-thickness:1px}.mntl-universal-card-list .card:focus-visible .card__title{outline:3px solid #014ecb;outline-offset:1px}.mntl-universal-card-list .card .card__media{margin-right:0;margin-bottom:0;width:auto}.mntl-universal-card-list .card .card__img{width:100%;height:auto}.mntl-universal-card-list .card .card__content{display:flex;flex-direction:column}.mntl-universal-card-list .card .card__content[data-tag]::before{content:attr(data-tag);display:block;margin-bottom:.5rem;color:rgba(0,0,0,.65)}.mntl-universal-card-list .card .card__title{display:inline-block;order:1;margin-bottom:.5rem}.mntl-universal-card-list .card .card__description{order:2;margin-bottom:.5rem;color:rgba(0,0,0,.95)}.mntl-universal-card-list .card .card__description::after{content:attr(data-card-description)}.mntl-universal-card-list .card .card__byline{order:3}.mntl-universal-card-list .card .card__byline::after{color:rgba(0,0,0,.65)}.mntl-universal-card-list .card .card__content{padding:.75rem}.mntl-universal-card-list .card .card__description{margin-bottom:.75rem}}.mntl-universal-card-list .card:not(.card--image-top) .card__save{right:1.25rem}@media (min-width:50em){.mntl-universal-card-list .card:not(.card--image-top) .card__save{right:1.5rem}.mntl-vertical-list__wrapper .mntl-universal-card-list .card:not(.card--image-top) .card__save{right:2rem}.mntl-search-results__content .mntl-universal-card-list .card:not(.card--image-top) .card__save,.recirc-section .recirc-content .mntl-universal-card-list .card:not(.card--image-top) .card__save,.tax-sc__recirc-list-container .mntl-universal-card-list .card:not(.card--image-top) .card__save{right:.5rem}}.mntl-universal-card-list .card:not(.card--image-top) .card__favorite{right:1.25rem}@media (min-width:50em){.mntl-universal-card-list .card:not(.card--image-top) .card__favorite{right:1rem}.mntl-vertical-list__wrapper .mntl-universal-card-list .card:not(.card--image-top) .card__favorite{right:2.5rem}.mntl-sidebar .mntl-universal-card-list .card:not(.card--image-top) .card__favorite{top:.5rem;right:1.5rem}}.mntl-universal-card-list .card__top{position:relative}.mntl-universal-card-list .card__save{position:absolute;top:.5rem;right:.5rem}.mntl-universal-card-list .card__save.saved .mntl-save__link .icon{fill:var(--color-icon-inverse,#fff)}.mntl-universal-card-list .card__favorite{position:absolute;top:.5rem;right:.5rem;width:1.75rem;height:1.75rem}.mntl-universal-card-list .card__favorite .icon{width:1.75rem;height:1.75rem}@media (min-width:50em){.mntl-universal-card-list .card__favorite{top:1rem;right:1rem}}.mntl-universal-card-list .mntl-save__link{display:flex;justify-content:center;align-items:center;border-radius:50%;padding:0;width:3rem;height:3rem;background:var(--color-background-brand-inverse,var(--color-brand-primary))}.mntl-universal-card-list .mntl-save__link--disabled,.mntl-universal-card-list .mntl-save__link--disabled-active{pointer-events:none}.mntl-universal-card-list .mntl-save__link--disabled{background-color:var(--color-background-disabled,#d9d9d9)}.mntl-universal-card-list .mntl-save__link--disabled-active{background-color:var(--color-background-brand-inversed,var(--color-brand-primary))}.mntl-universal-card-list .mntl-save__link span{display:none}.mntl-universal-card-list .mntl-save__link .icon{margin-left:0;width:1.25rem;height:1.25rem;stroke:var(--color-icon-inverse,#fff)} @keyframes loaderSpin{100%{transform:rotate(360deg)}}.card--sponsored .card__media::before{font-family:var(--shrew-font-family,var(--font-2,inherit));font-size:var(--shrew-font-size,.6875rem);font-weight:var(--shrew-font-weight,400);letter-spacing:var(--shrew-letter-spacing,.0469rem);line-height:var(--shrew-line-height,1rem);text-underline-offset:var(--shrew-text-underline-offset,.125rem);text-transform:var(--shrew-text-transform,uppercase)}.card--sponsored .card__media::before a{text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none}.card--sponsored .card__media::before a:focus-visible{outline:3px solid #014ecb;outline-offset:1px}.card--sponsored .card__media::before a:hover{-webkit-text-decoration-line:underline;text-decoration-line:underline}.card--sponsored .card__media::before a:visited{color:var(--color-global-link-visited,rgba(0,0,0,.95))}.card--sponsored .card__media::before{font-weight:var(--shrew-font-weight-bold,700)}.card{display:flex;flex-direction:column;flex-grow:1;width:100%;padding:.7rem 1rem;overflow:hidden;font-weight:700;background:#fff}.card[data-tax-levels]:not([data-tax-levels=""])::before{content:attr(data-tax-levels);display:block;order:0;font-size:.8rem}.card[data-cta]:not([data-cta=""])::after{content:attr(data-cta);display:block;order:99;margin-top:1rem}.card.card--no-image .card__content[data-tag]::before{content:attr(data-tag);display:block}.card.card--numbered .card__content::after{content:counter}.card.is-inverted[data-tax-levels]::before{display:none}.card.is-inverted .card__content{order:1}.card.is-inverted .card__media{order:2;margin-top:1rem;margin-bottom:auto}.card__media{position:relative;order:1;margin-bottom:1rem;height:100%}.card--sponsored .card__media::before{content:"Sponsored";position:absolute;z-index:1;bottom:0;left:0;padding:.125rem .25rem;font-weight:700;text-transform:uppercase;color:var(--color-text-subtle,rgba(0,0,0,.65));background:var(--color-overlay-light-default,rgba(255,255,255,.7))}.card__media[data-tag]::after{content:attr(data-tag);display:block}.masonry-list-item .card__media{align-self:center}.card__img{display:block;width:100%;max-width:none;height:auto}.card__imgimg[data-placeholder=blurry].lazyload,.card__imgimg[data-placeholder=blurry].lazyloading{filter:blur(10px)}.card__imgimg[data-placeholder=blurry].lazyloaded{filter:none;transition:filter .3s ease-in}.card__content{flex-grow:1;order:2;width:100%}.card__header[data-kicker]::before{content:attr(data-kicker);display:block;font-weight:700;text-transform:uppercase}.card__title{box-sizing:border-box;margin-bottom:0;font-size:1.125rem;font-weight:700;line-height:1.2em}.card__footer{order:3}.masonry-list .card{border:1px solid currentColor}@media (max-width:23em){.card.is-inverted-extra-small[data-tax-levels]::before{display:none}.card.is-inverted-extra-small .card__content{order:1}.card.is-inverted-extra-small .card__media{order:2;margin-top:1rem;margin-bottom:auto}}@media (max-width:29em){.card.is-inverted-small[data-tax-levels]::before{display:none}.card.is-inverted-small .card__content{order:1}.card.is-inverted-small .card__media{order:2;margin-top:1rem;margin-bottom:auto}}a.card{cursor:pointer}.mntl-card__byline:before{content:attr(data-byline-attribution);margin-right:.1875rem}.mntl-card__byline:after{content:attr(data-byline)} .mntl-svg-resource.is-hidden{display:block!important;width:0;height:0}@media (min-width:70em){.liveBlogTemplate .related-articles>.partnerlinks,.liveBlogTemplate .related-terms>.partnerlinks{right:-396px}}@media (min-width:50em){.related-articles>.partnerlinks,.related-terms>.partnerlinks{min-height:auto;position:absolute;top:280px;right:-330px}}.partnerlinks__heading{margin-bottom:.5rem;border-bottom:1px solid #eee;font-size:1.125rem;line-height:1.375rem}.partnerlinks.square .wrapper{margin-bottom:0} .katex{display:block;visibility:hidden;overflow-x:scroll;overflow-y:hidden}.katex::-webkit-scrollbar{-webkit-appearance:none;width:7px;height:7px}.katex.katex--loaded{visibility:visible}.katex::-webkit-scrollbar-thumb{border-radius:4px;-webkit-box-shadow:0 0 1px rgba(255,255,255,.5);background-color:rgba(0,0,0,.5)} </style> <link type="text/css" rel="preload" data-glb-css="async" href="/static/2.168.0/cache/eNp9jEEOgCAMBD8k6ZsKFEKElrTV98vBeNF42t1kZsEcvSVIMqYwsRvULhE7FBEnvWODN4fZIJnBJC2iAzlRGKg7eeP6JZzEWXR5wTF2esrfeTzchcOaF9M1QP4.min.css" as="style" onload="this.rel='stylesheet'"></link>  <noscript><link type="text/css" rel="stylesheet" href="/static/2.168.0/cache/eNp9jEEOgCAMBD8k6ZsKFEKElrTV98vBeNF42t1kZsEcvSVIMqYwsRvULhE7FBEnvWODN4fZIJnBJC2iAzlRGKg7eeP6JZzEWXR5wTF2esrfeTzchcOaF9M1QP4.min.css" /></noscript> <style type="text/css"> </style> <script type="text/javascript" data-glb-js="top" src="/static/2.168.0/cache/eNqNk21qxCAQhi9U6x0Kpb8KpeQCE52Y2RgNzpiye_pqWParbijEoL7PjPOhmgWEjJ4hiEdt4rzEgEFYezjGLPrA5VNmRDO96Hv4UKHTkemEhYhhIPeInFeeer7HKQgmRiMUQ8tvBIu2IZgYJ0JuKFnIk7S1Iag92cZ5V5cEZqLgdqEVg41Jy5iilK0LUaQ-IUxLLDm3DOcyUS2kBk4BgsHdg2c49vi4f9NIw2nYflcm2uxx6wjYT5REhruaI6YW8_HV1dGSBJJDqaVhGNATS4tio8ByS0lYypaxOxf4gtyEXywr6RZp5L7knnPf8vzdvdXxTNpaWibvK7a7soBDtRL-7FTWybzdSU9mUvKYw5MnwK85rEh-LDf5b01uvCdyo6gE5LdKXVb_t6HyJAMJquu2KlGVzNIv5tZ_PQ.min.js"></script> <script type="text/javascript"> window.Mntl = window.Mntl || {}; window.Mntl.csrf = window.Mntl.csrf || window.Mntl.csrfInit('2291f1826fa107fe3f3d759865a157d3', false);(function(){ const mantleDependencies = { csAutoRefreshMobileAdhesive: 'true' } ; const pageTargeting = { customSeries: 'INV_Mid_Brokertable' ,abtest: 'lcid1' ,tax0: 'inv' ,custom: '' ,rpv: 39 ,pagetitle: 'Over-the-Counter (OTC) Markets: Trading and Securities' ,rid: 'nbb3e94f088c84a85a91caf12416a95af12' ,url: '/terms/o/otc.asp' ,sid: 'nbb3e94f088c84a85a91caf12416a95af12' ,microtags: 'OTC Markets Group,Over-the-counter drug,Security (finance),OTC Bulletin Board,Derivative (finance)' } ; const baseSlotTargeting = { gtemplate: 'term' ,leaid: '248723' ,revenueGroup: 'FINANCIALSERVICES' ,docId: '4191735' ,viewtype: '' ,type: 'term' ,tax1: 'inv_trading' ,tax2: 'inv_stock-trading' ,t: '125' ,au: '213307' ,tier: 'M' ,jny: '0' ,leuid: '160342637727993' ,sbj: 'pidnull' ,id: '4191735' ,aid: '' ,tax3: 'inv_stock-trading-strategy-and-education' ,jnyroot: '' } ; const adLazyOffset = {'mob-square-fixed-intro-1': 750}; pageTargeting.mtax = ['24259']; pageTargeting.w = Mntl.utilities.getW(); const initialSlots = []; initialSlots.push({ config: { id: 'leaderboard-flex-1', sizes: [[728, 90], [970,90], [970, 250]], type: 'leaderboard', rtb: true, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'atf', priority: 1 }) }); initialSlots.push({ config: { id: 'button1', sizes: [[120, 60]], type: 'button', rtb: false, timedRefresh: 28000, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'button1', priority: 2 }) }); initialSlots.push({ config: { id: 'button2', sizes: [[120, 60]], type: 'button', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'button2', priority: 2 }) }); initialSlots.push({ config: { id: 'button3', sizes: [[120, 60]], type: 'button', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'button3', priority: 2 }) }); initialSlots.push({ config: { id: 'button4', sizes: [[120, 60]], type: 'button', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'button4', priority: 2 }) }); initialSlots.push({ config: { id: 'partnerlinks1', sizes: [[300, 55]], type: 'partnerlinks', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'partnerlinks1', priority: 3 }) }); initialSlots.push({ config: { id: 'partnerlinks2', sizes: [[300, 55]], type: 'partnerlinks', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'partnerlinks2', priority: 3 }) }); initialSlots.push({ config: { id: 'partnerlinks3', sizes: [[300, 55]], type: 'partnerlinks', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'partnerlinks3', priority: 3 }) }); initialSlots.push({ config: { id: 'partnerlinks4', sizes: [[300, 55]], type: 'partnerlinks', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'partnerlinks4', priority: 3 }) }); initialSlots.push({ config: { id: 'textnote', sizes: [[1, 5]], type: 'textnote', rtb: false, timedRefresh: 0, waitForThirdParty: false }, targeting: Mntl.fnUtilities.deepExtend({}, { pos: 'textnote', priority: 4 }) }); const testIds = Mntl.GPT.getTestIds(); pageTargeting.ab = testIds; pageTargeting.bts = testIds; Mntl.utilities.onLoad(function() { Mntl.utilities.loadExternalJS({ src: '//securepubads.g.doubleclick.net/tag/js/gpt.js', async: false }); }); const options = { domain: 'www.investopedia.com', templateName: 'termsc', isMobile: false, isTablet: false, isDesktop: true, dfpId: '3865', publisherProvidedId: '9d9b99b1-7fed-4b5c-87a6-817a70b5b6bc', singleRequest: false, useLmdFormat: true, useOxygen: true, restrictLeaderboardFlex1HeightAndOverflow: false, prebidConfigApi: false, useInfiniteRightRail: true, fiftyPercentAdRefresh: true, waitForNextFramePaint: false, revenueGroupAllowList: '', lmdSiteCode: 'hlt', pageTargeting, baseSlotTargeting, adLazyOffset, geo: { isInEurope: false, isInUsa: false }, initialSlots, auctionFloors: {"billboard2":{"id":"7a7853849c594713acbeb9ea1c32aa5a","floor":"15"},"other":{"id":"8bbdadce5bcf4f30b31dda8f08bf18b8","floor":"50"},"billboard6":{"id":"5be90e064e8c4e1db776b4773e93a21d","floor":"5"},"billboard5":{"id":"81396a16545f465dbfc6454b769a29fe","floor":"5"},"billboard4":{"id":"30f7c85df4594e26931909336fa3a1b0","floor":"10"},"billboard3":{"id":"af439c2559f841fdb63ee131133acb8b","floor":"15"},"billboard9":{"id":"e4bf514586d040b5bd4b514d171a11f5","floor":"50"},"billboard8":{"id":"716708a8f31e416fb2d7d0420e840497","floor":"75"},"billboardfooter2":{"id":"3a00f4b39c6d40a2be8d771c1c912cee","floor":"75"},"billboard7":{"id":"1640fc3bbd57454b89777833e340d0c2","floor":"5"},"leaderboardac":{"id":"3e67b280a9944167b5474d414c5ab884","floor":"5"},"leaderboard-fixed":{"id":"f34cee545380454482e3b291348c233c","floor":"75"},"billboardfooter":{"id":"1eacf0177bde4baea98c208243573d28","floor":"75"},"leaderboardfooter2":{"id":"93b34b4d5e7e4f2b8c6acd99c90e6f73","floor":"45"},"leaderboard-flex-1":{"id":"c7261a62a7624328a836f51ea806f732","floor":"10"},"leaderboard-flex-2":{"id":"35625a55b62246ca87d1074aebfeb5a5","floor":"5"},"square-flex-2":{"id":"f5a1bdbcef1048bf97b37b1b1c9bdce7","floor":"5"},"square-flex-1":{"id":"a6a40f7aaec745dda4c64121b2b48bfe","floor":"5"},"adhesive":{"id":"1507df7c69784e5681766c124688b975","floor":"50"},"square-fixed-4":{"id":"86988757f5484fdab7b4dc01511e0eda","floor":"5"},"square-fixed-3":{"id":"3bdd9bfd2d6a4b689d6b3dadfa3fd513","floor":"5"},"square-fixed-2":{"id":"b72c2e8611474dffb123c56c7081787f","floor":"5"},"leaderboard-fixed-1":{"id":"0779012e03a44ba0b2511b00c43f93ff","floor":"5"},"square-fixed-1":{"id":"94bd9b226342425ea9380ce1788c06dd","floor":"5"},"leaderboard-fixed-2":{"id":"e0e70b849fcc4a9e8956d7afb8da4568","floor":"5"},"square-fixed-8":{"id":"523a4889145c488b81151df8c77f6a09","floor":"5"},"mob-square-fixed-8":{"id":"a5774200357b450e9f6310dce4d30cb9","floor":"75"},"square-fixed-7":{"id":"1a22cb0e7584439c820cb4b841a48d9f","floor":"5"},"mob-square-fixed-9":{"id":"23c568a49ab446c1bfa5a685ee0fd8d5","floor":"75"},"square-fixed-6":{"id":"da94cc8977ab42368e2b3f21f2c109b8","floor":"5"},"leaderboardfooter-flex-2":{"id":"177ef4f96f9e4064ab1e298ac8ef6b0f","floor":"5"},"leaderboard-fixed-5":{"id":"09cb7979ceb542ac83a5def9435797cd","floor":"45"},"square-fixed-5":{"id":"43f2ebed06f84129ae1246aff292327a","floor":"5"},"leaderboardfooter-flex-1":{"id":"68c1f2adc25941ccb17231c4c4553d73","floor":"5"},"leaderboard-fixed-6":{"id":"096217c29673458dac8bbe54baa4b07f","floor":"45"},"billboard":{"id":"fd90e9b3a341472a86c7b5ce36e8231e","floor":"15"},"leaderboard":{"id":"8234a665c5184fbe89e25920dadd2f4a","floor":"270"},"inline":{"id":"7156f8607def4ad4947b7f490643d8cb","floor":"5"},"square-fixed":{"id":"53c8828bef42448888906150be252859","floor":"5"},"leaderboardfooter":{"id":"d7fd6facfa27406490b7f62e0e66118f","floor":"45"},"dynamic-inline":{"id":"389ebeae8c1c4b45ae21f374f2698100","floor":"75"},"square-fixed-9":{"id":"54eb071817444906bb306c3568e579de","floor":"5"},"billboard10":{"id":"d34468bbd4f544ed981b25b98aecb0f9","floor":"50"},"mob-adhesive-banner-fixed":{"id":"68db6508616846c187148da44697bc8c","floor":"5"},"billboard11":{"id":"1f4659c264f342dd9db4407c69a457d7","floor":"50"}}, utils: { collapseAd: Finance.GPT.collapseAd, generateSlotId: Finance.GPT.generateSlotId, buildGptUrl: Finance.GPT.buildGptUrl }, displayOnScroll: false, displayOnConsent: true, adsToCollapse: ['leaderboard*','square*'] }; if (Mntl.AdMetrics) { Mntl.AdMetrics.init("4191735", "nbb3e94f088c84a85a91caf12416a95af12", initialSlots.map(slot => slot.config.id), Date.now()); } else { Mntl.AdMetrics = { pushMetrics: () => {} }; } Mntl.GPT.setMantleDependencies(mantleDependencies); Mntl.GPT.init(options); }());window.addEventListener('readyForThirdPartyTracking', () => { // Set a delay for loading the script // Specify the delay duration in pushly.xml const delay = '8'; window.setTimeout(() => { Mntl.utilities.loadExternalJS({ src: 'https://cdn.p-n.io/pushly-sdk.min.js?domain_key=vpyGZqyitQiHrR9lezhxmEYqRqsavIpXvOBd', async: true }); window.PushlySDK = window.PushlySDK || []; // eslint-disable-next-line prefer-rest-params function pushly() { window.PushlySDK.push(arguments); } pushly('load', { domainKey: 'vpyGZqyitQiHrR9lezhxmEYqRqsavIpXvOBd', sw: '/pushly-sdk-worker.js' }); }, parseFloat(delay) * 1000); }); window.Mntl = window.Mntl || {}; Mntl.RTB = Mntl.RTB || {}; Mntl.RTB.setUseConsentManagement(false); Mntl.RTB.setUseLiveRamp(true); Mntl.RTB.setUseLiveIntentSignedInUser(true); Mntl.RTB.setUseGDPREnforcement(false); Mntl.RTB.setUseCommerceAndShoppingAPSTag(false); Mntl.RTB.setUseAmazonNcaHookTest(false); Mntl.RTB.setUserIdAuctionDelay(400); Mntl.RTB.setTaxonomyStampValues({"tax1":"inv_trading","tax2":"inv_stock-trading","tax0":"inv_root","tax3":"inv_stock-trading-strategy-and-education"}); Mntl.RTB.setTimeoutLength([500,800]); Mntl.RTB.Plugins.amazon.amazonConfigs = {"mapTaxValues":{"tax1":"inv_trading","tax2":"inv_stock-trading","si_section":"inv_stock-trading","tax0":"inv_root","tax3":"inv_stock-trading-strategy-and-education"},"amazonSlotName":false,"mapFBValues":{"adunitid":"mapFBID"},"amazonSection":"Stock Trading Strategy & Education"}; Mntl.RTB.Plugins.prebid.setPriceGranularity({"buckets":[{"max":"20","increment":"0.05"},{"max":"70","increment":"1"}]}); Mntl.RTB.initVideoBidders([{ type: 'amazon', id: '3222' }, { type: 'prebid', id: 'true' } ]); Mntl.RTB.initDisplayAndOutstreamBidders([{ type: "amazon", id: '3222'},{ type: "msg", id: 'true'},{ type: "prebid", id: 'true'},{ type: "liveConnect", id: 'b-01g4'}]); Mntl.RTB.Plugins.prebid.setConfig({"square-fixed\/tier1":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"rubicon","params":{"zoneId":2441550,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482578,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4514936","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_square-fixed_300x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323694","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830230","type":"display"}}],"leaderboard-fixed\/tier1":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"rubicon","params":{"zoneId":2441540,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482573,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4515382","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_leaderboard-fixed_728x90_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323682","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830222","type":"display"}}],"square-fixed-replies\/tier1":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"rubicon","params":{"zoneId":3601124,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":34330355,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"6389403","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"investopedia_square-fixed-replies_300x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561381940","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"1146750","type":"display"}}],"preroll":[{"bidder":"ttd","params":{"type":"instream","supplySourceId":"dotdash","publisherId":"1"}},{"bidder":"criteo","params":{"type":"instream","networkId":7764}},{"bidder":"rubicon","params":{"type":"instream","zoneId":2441560,"accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"type":"instream","placementId":25482583}},{"bidder":"pubmatic","params":{"type":"instream","adSlot":"4514941","publisherId":"158139"}},{"bidder":"openx","params":{"type":"instream","unit":"561365550","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"type":"instream","siteId":"830237"}}],"square-flex\/tier1":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"rubicon","params":{"zoneId":2441558,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482582,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4514940","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_square-flex_300x600_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323700","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830242","type":"display"}}],"square-fixed-comments\/tier1":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"rubicon","params":{"zoneId":3546438,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":34080807,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"6234480","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"investopedia_square-fixed-comments_300x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323697","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"1137114","type":"display"}}],"global":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"rubicon","params":{"accountId":7499,"siteId":426824,"type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"pubmatic","params":{"publisherId":"158139","type":"display"}},{"bidder":"openx","params":{"delDomain":"meredith-d.openx.net","type":"display"}}],"leaderboardac\/tier1":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"rubicon","params":{"zoneId":2441548,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482577,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4514935","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_leaderboardac_728x90_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323685","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830227","type":"display"}}],"leaderboardfooter-flex\/tier1":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"rubicon","params":{"zoneId":2441540,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482573,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4632052","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_leaderboardfooter-flex_970x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323690","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830222","type":"display"}}],"leaderboard-flex\/tier1":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"rubicon","params":{"zoneId":2441548,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482577,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4514935","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_leaderboard-flex_970x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323683","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830227","type":"display"}}]}); Mntl.RTB.Plugins.prebid.setSrc('/cache/eNqdls1u2zAMx19oQbC9QbalRYEFK_p1l0XGZSOLAkW58Z5-TLrttIOpk2Xh_yNlUiS9rRqU4nZiaAnrdmgZLs-3ui2CA4EtgKr-edtEFvy0XQuJwuGqWY8EKAwOeUr8votKMylhdYBadzmkxcR1B6Eoyno4cq6Y9RByGHGy1Xr0mBBGvGG5LQ4qCinyHTwuVXFazwEObRwpjw7kWHbwiDKjvBAgrydHKLLPR5bojAmF-qBwLzybQ0caTJ2VdPlB-eSPTaIZ77KaCT9bQijkkZN0OLm-faTiK4H7lhahiDeJWRx1UV-DIPgP2zIdqQusaLFxFG4pGc-t9kTko4x6SDp3ZaAN00XZw0obyPpMD6oKXZhQSZjoqD00F8xdQYqvLZ-cgyUKmnDGjWC2loGyse2SwuI47_CGUW9bEM_l6x8ZU3F00qLPSslRtrGJhSIuXuwae2c3q_QLnX4awec9gY_44iNYdPjG2Zqlr0aHuj_bFKhkQ90xJnkKlH-aN7Ex9MQPzPr9urfexgmXdxbPN_5tfj1p9jSCkKvN8ek-SJjczoLiyLI8XawkYzgf7Nyun5Am6f9e_yn3Z4ztYvs3YB4exg.js'); Mntl.RTB.Plugins.prebid.setUserIdConfig({"liveIntentPublisherId":"77015"}); Mntl.RTB.AdConfigs = Mntl.RTB.AdConfigs || {}; Mntl.RTB.AdConfigs.rawConfig = {"slots":{"leaderboardac\/tier1":{"prebid":[{"bidder":"rubicon","params":{"zoneId":2441548,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482577,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4514935","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_leaderboardac_728x90_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323685","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830227","type":"display"}}]},"leaderboard-fixed\/tier1":{"prebid":[{"bidder":"rubicon","params":{"zoneId":2441540,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482573,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4515382","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_leaderboard-fixed_728x90_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323682","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830222","type":"display"}}]},"leaderboard-flex\/tier1":{"prebid":[{"bidder":"rubicon","params":{"zoneId":2441548,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482577,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4514935","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_leaderboard-flex_970x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323683","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830227","type":"display"}}]},"leaderboardfooter-flex\/tier1":{"prebid":[{"bidder":"rubicon","params":{"zoneId":2441540,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482573,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4632052","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_leaderboardfooter-flex_970x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323690","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830222","type":"display"}}]},"preroll":{"prebid":[{"bidder":"ttd","params":{"type":"instream","supplySourceId":"dotdash","publisherId":"1"}},{"bidder":"criteo","params":{"type":"instream","networkId":7764}},{"bidder":"rubicon","params":{"type":"instream","zoneId":2441560,"accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"type":"instream","placementId":25482583}},{"bidder":"pubmatic","params":{"type":"instream","adSlot":"4514941","publisherId":"158139"}},{"bidder":"openx","params":{"type":"instream","unit":"561365550","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"type":"instream","siteId":"830237"}}]},"square-fixed\/tier1":{"prebid":[{"bidder":"rubicon","params":{"zoneId":2441550,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482578,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4514936","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_square-fixed_300x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323694","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830230","type":"display"}}]},"square-flex\/tier1":{"prebid":[{"bidder":"rubicon","params":{"zoneId":2441558,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":25482582,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"4514940","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"Investopedia_square-flex_300x600_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323700","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"830242","type":"display"}}]},"square-fixed-comments\/tier1":{"prebid":[{"bidder":"rubicon","params":{"zoneId":3546438,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":34080807,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"6234480","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"investopedia_square-fixed-comments_300x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561323697","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"1137114","type":"display"}}]},"square-fixed-replies\/tier1":{"prebid":[{"bidder":"rubicon","params":{"zoneId":3601124,"type":"display","accountId":7499,"siteId":426824}},{"bidder":"appnexus","params":{"placementId":34330355,"type":"display"}},{"bidder":"pubmatic","params":{"adSlot":"6389403","type":"display","publisherId":"158139"}},{"bidder":"triplelift","params":{"inventoryCode":"investopedia_square-fixed-replies_300x250_pbc2s","type":"display"}},{"bidder":"openx","params":{"unit":"561381940","type":"display","delDomain":"meredith-d.openx.net"}},{"bidder":"ix","params":{"siteId":"1146750","type":"display"}}]}},"default":{"prebid":[{"bidder":"ttd","params":{"supplySourceId":"dotdash","publisherId":"1","type":"display"}},{"bidder":"rubicon","params":{"accountId":7499,"siteId":426824,"type":"display"}},{"bidder":"criteo","params":{"networkId":7764,"type":"display"}},{"bidder":"pubmatic","params":{"publisherId":"158139","type":"display"}},{"bidder":"openx","params":{"delDomain":"meredith-d.openx.net","type":"display"}}],"prebidModules":["prebid-core.js","rtdModule.js","adpod.js","allowActivities.js","atsAnalyticsAdapter.js","consentManagement.js","fledgeForGpt.js","criteoIdSystem.js","debugging.js","dfpAdServerVideo.js","gdprEnforcement.js","iasRtdProvider.js","identityLinkIdSystem.js","liveIntentIdSystem.js","paapi.js","pairIdSystem.js","prebidServerBidAdapter.js","priceFloors.js","sharedIdSystem.js","unifiedIdSystem.js","userId.js","appnexusBidAdapter.js","criteoBidAdapter.js","ixBidAdapter.js","pubmaticBidAdapter.js","rubiconBidAdapter.js","ttdBidAdapter.js","tripleliftBidAdapter.js","openxBidAdapter.js"]},"ab":[]}; console.log('✅ Libra is loaded!'); Mntl.RTB.setLatencyBuffer(0); window.dataLayer = window.dataLayer || []; // moved from gtm.ftl so we can initialize GTM only onLoad. From https://support.google.com/tagmanager/answer/6103696?hl=en Mntl.utilities.onLoad(function() { (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;defer=true;j.src='//www.googletagmanager.com/gtm.js?id='+i+dl;j.type="text/javascript";f.parentNode.insertBefore(j,f)})(window,document,'script','dataLayer','GTM-5P3SZGS'); }); window.dataLayer.push({ event: 'ab-proctor', 'abTests-proctor': { "99-0" : "useOxygen | useOxygen | use the Oxygenated ad unit format and slot names | 1" , "99-1" : "vanillaJSLazyAdRecipeSC | active | vanillaLazyAd.js enabled | 1" , "99-2" : "userIdAuctionDelay | ldd | legacy Dotdash domains | 2" , "99-3" : "useFloorSearch | active | Use Floor Search | 1" , "99-4" : "bankingtableRedesign | redesign | Redesign | 1" , "99-5" : "fiftyPercentAdRefresh | active | Ads refresh when 50% in view | 1" , "99-6" : "continuousScrollMobSquareFlexOffset | active | Adds offset to mob-square-fixed-1 ad on CS articles | 1" , "99-7" : "recipescDesktopAdRefresh | active | active, right rail ads timed refresh active | 1" , "99-8" : "gamVideoUsePlcmt | active | Pass plcmt | 1" , "99-9" : "midContentBrokerTable | test | Test | 1" , "62" : "updatedToc | control | legacy ToC | 0" , "99-11" : "liveIntentConnectedIdTest | control | LiveIntent ConnectedID is enabled | 0" , "99-12" : "prebidConfigApi | active | Ad Config API is enabled | 1" , "99-13" : "useDynamicVideoSizes | active | active | 1" , "99-14" : "orion | active | Active | 1" , "99-15" : "prebidVideoUsePlcmt | active | Pass plcmt | 1" , "99-16" : "useLiveIntentSignedInUser | active | active | 1" , "55" : "relatedArticlesAlgorithm | useRecommendationService | Enables usage of proximity API | 1" , "99-18" : "removeAdTiers | active | active | 1" , "99-19" : "useLiveRamp | active | active | 1" , "99-20" : "investopediaAnniversary | control | control | 0" } }); window.dataLayer.push({ envData: { environment: { environment: "k8s-prod", application: "finance", dataCenter: "us-west-1" }, server: { version: "2.168.0", title: "finance-launcher" }, client : { browserUA: navigator.userAgent, serverUA: "Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 6.0; SLCC1; .NET CLR 2.0.50727; .NET CLR 3.0.04506; .NET CLR 3.5.21022; .NET CLR 1.0.3705; .NET CLR 1.1.4322)", deviceType: "pc", usStateCode: "" }, mantle: "4.0.743", commerce: "" } }); (function(fnUtils, CMP) { const deferLoadTime = 5000; const readyForThirdPartyTrackingEvent = new CustomEvent('readyForThirdPartyTracking', { bubbles: true }); const readyForThirdPartyTracking = fnUtils.once(function() { window.dataLayer.push({event: 'readyForThirdPartyTracking'}); window.dispatchEvent(readyForThirdPartyTrackingEvent); }); const readyForDeferredScriptsEvent = new CustomEvent('readyForDeferredScripts', { bubbles: true }); const readyForDeferredScripts = fnUtils.once(function() { window.dataLayer.push({event: 'readyForDeferredScripts'}); window.dispatchEvent(readyForDeferredScriptsEvent); }); const hasTargetingConsentHandler = function() { const hasConsent = CMP.hasTargetingConsent(); if (hasConsent) { readyForThirdPartyTracking(); } // Trigger the readyForDeferredScripts if consent is given // or if the user has closed the banner(AlertBox) which exists for EU // or if the user optin consent is not required, which applies for non gdpr locations if (hasConsent || CMP.isAlertBoxClosed() || !CMP.isOptInConsent()) { readyForDeferredScripts(); } return hasConsent; }; const purposeOneConsentHandler = async function() { const hasPurposeOneConsent = await CMP.hasPurposeOneConsent(); if (hasPurposeOneConsent) { readyForThirdPartyTracking(); } if (hasPurposeOneConsent || CMP.isAlertBoxClosed()) { readyForDeferredScripts(); } return hasPurposeOneConsent; }; const onRequiredDomEvent = fnUtils.once(function() { if (!CMP) { readyForThirdPartyTracking(); readyForDeferredScripts(); return; } const handler = CMP.supportsTCData() ? purposeOneConsentHandler : hasTargetingConsentHandler; if (!CMP.isLoading()) { handler(); } CMP.onConsentChange(handler); }); [ ['adRendered', onRequiredDomEvent], ['beforeunload', onRequiredDomEvent], ['load', function() { setTimeout(onRequiredDomEvent, deferLoadTime); }] ].forEach(function(event) { window.addEventListener(event[0], event[1], { once: true }); }); })(Mntl.fnUtilities || {}, Mntl.CMP);window.dataLayer = window.dataLayer || []; (function() { var isContinuousScroll = document.querySelector('.mntl-continuous-scroll'); var pageViewDataAsJSON = {"country":"HK","description":"OTC market trades for securities are transacted via a dealer network, not on a centralized exchange such as NYSE.","templateName":"TERMSC","title":"Over-the-Counter (OTC) Markets: Trading and Securities" || document.title || '',"authorId":"213307","contentGroup":"Other","revenueGroup":"FINANCIALSERVICES","documentId":4191735,"viewType":"","templateId":"125","muid":"9d9b99b1-7fed-4b5c-87a6-817a70b5b6bc","lastEditingAuthorId":"248723","lastEditingUserId":"160342637727993","authorNames":"Chris B. Murphy","fullUrl":"https://www.investopedia.com/terms/o/otc.asp" + location.hash,"experienceType":"single page","entryType":"direct","excludeFromComscore":false,"internalSessionId":"nbb3e94f088c84a85a91caf12416a95af12","internalRequestId":"nbb3e94f088c84a85a91caf12416a95af12","hid":"","experienceTypeName":"","recircDocIdsFooter":"","euTrafficFlag":false,"isGoogleBot":false,"mantleVersion":"4.0.743","commerceVersion":"","primaryTaxonomyIds":"4173514|4427765|4689660|4689658","primaryTaxonomyNames":"Investopedia|Trading|Stock Trading|Stock Trading Strategy & Education"}; var scrolledPageData = {}; var scrolledDocOrdinal; var scrolledPage; pageViewDataAsJSON.breakpointName = Finance.utilities.getW(); pageViewDataAsJSON.bounceExchangeId = 2320; pageViewDataAsJSON.descriptiveTaxonomy = '32687,32609,16442,32704,32749,24259'; if (isContinuousScroll) { pageViewDataAsJSON.experienceTypeName = 'continuous'; if (window.dataLayer && window.dataLayer.length) { //loop through events and collect previous scrolledDocOrdinal and scrolledPage values scrolledPageData = window.dataLayer.reduce( (acc, curr) => { if (curr.event == 'unifiedPageview') { acc.scrolledDocOrdinal = acc.scrolledDocOrdinal ? acc.scrolledDocOrdinal + 1 : 1; acc.scrolledPage = acc.scrolledPage ? acc.scrolledPage + " | " + (curr.documentId).toString() : (curr.documentId).toString(); } return acc; }, {}); } scrolledPage = scrolledPageData.scrolledPage ? scrolledPageData.scrolledPage + ' | ' + (pageViewDataAsJSON.documentId).toString() : (pageViewDataAsJSON.documentId).toString(); scrolledDocOrdinal = scrolledPageData.scrolledDocOrdinal ? scrolledPageData.scrolledDocOrdinal + 1 : 1; pageViewDataAsJSON.scrolledPage = scrolledPage; pageViewDataAsJSON.scrolledDocOrdinal = scrolledDocOrdinal; } Mntl.utilities.onLoad(function() { Mntl.PageView.init(pageViewDataAsJSON); }); })();</script> <link rel="shortcut icon" href="/favicon.ico"> <link rel="icon" type="image/x-icon" href="/favicon.ico"> <link rel="apple-touch-icon-precomposed" sizes="57x57" href="/apple-touch-icon-57x57.png"> <link rel="apple-touch-icon-precomposed" sizes="60x60" href="/apple-touch-icon-60x60.png"> <link rel="apple-touch-icon-precomposed" sizes="76x76" href="/apple-touch-icon-76x76.png"> <link rel="apple-touch-icon-precomposed" sizes="120x120" href="/apple-touch-icon-120x120.png"> <link rel="apple-touch-icon-precomposed" sizes="152x152" href="/apple-touch-icon-152x152.png"> <link rel="apple-touch-icon-precomposed" sizes="180x180" href="/apple-touch-icon-180x180.png"> <meta name="msapplication-TileColor" content="#F4F4F4"/> <meta name="msapplication-TileImage" content="/static/2.168.0/icons/favicons/mstile-144x144.png"> <meta name="msapplication-square70x70logo" content="/static/2.168.0/icons/favicons/mstile-70x70.png"> <meta name="msapplication-square150x150logo" content="/static/2.168.0/icons/favicons/mstile-150x150.png"> <meta name="msapplication-square310x310logo" content="/static/2.168.0/icons/favicons/mstile-310x310.png"> <meta name="msapplication-wide310x150logo" content="/static/2.168.0/icons/favicons/mstile-310x150.png"> <link rel="mask-icon" href="/static/2.168.0/icons/favicons/safari-pinned-tab.svg" color="#00242D"> <div id="ie-notification-banner_1-0" class="comp ie-notification-banner mntl-block"><div id="ie-notification-banner__content_1-0" class="comp ie-notification-banner__content mntl-block" data-tracking-container="true"><svg class="icon icon-alert ie-notification-banner__icon-alert" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-alert" href="#icon-alert"></use> </svg> <div id="ie-notification-banner__text-container_1-0" class="comp ie-notification-banner__text-container mntl-block"><span id="ie-notification-banner__text--bold_1-0" class="comp ie-notification-banner__text--bold mntl-text-block">Your web browser (Internet Explorer 7) is out of date. </span> <span id="ie-notification-banner__text_1-0" class="comp ie-notification-banner__text mntl-text-block">Update your browser for more security, speed, and the best experience on this site.</span></div> <a href="https://www.google.com/chrome" target="_blank" rel="noopener nocaes" id="ie-notification-banner__btn-update_1-0" class="ie-notification-banner__btn-update mntl-text-link ie-notification-banner__btn" data-tracking-container="true" ><span class="link__wrapper">Update Browser</span></a> <button id="ie-notification-banner__btn-close_1-0" class="comp ie-notification-banner__btn-close mntl-button ie-js-banner-dismiss ie-notification-banner__btn"> Ignore </button></div></div> <script id="schema-unified_1-0" class="comp schema-unified mntl-schema-unified" type="application/ld+json">[ { "@context": "http://schema.org", "@type": ["Article"] ,"headline": "Over-the-Counter (OTC) Markets: Trading and Securities" ,"datePublished": "2003-11-24T12:00:00.000-05:00" ,"dateModified": "2024-03-05T16:11:04.549-05:00" ,"author": [ {"@type": "Person" ,"name": "Chris B. Murphy" ,"url": "https://www.investopedia.com/contributors/99607/" } ] ,"description": "OTC market trades for securities are transacted via a dealer network, not on a centralized exchange such as NYSE." ,"video": { "@type": "VideoObject", "contentUrl": "https://content.jwplatform.com/videos/ueNdIjgd-G9NhEyAa.mp4", "description": "Financial securities are traded in one of two ways: either on an exchange, such as the New York Stock Exchange or NASDAQ, or “over the counter (OTC)”Exchanges are centralized and regulated markets where securities are traded in a safe, standardized, fast and publicly transparent manner. Larger established companies usually choose exchanges to list and trade their securities.But many companies do not meet the listing requirements for an exchange, or do not want to pay the cost. These companies can have their securities traded “over the counter.”Over the counter trading happens through decentralized dealer networks. Broker-dealers negotiate directly with each other over computer networks and by phone. This allows smaller company stocks and non-standard quantities to be traded.This also means less public transparency, since prices are not disclosed publicly until after the trade is complete.Stocks which trade on an exchange are called listed stocks. Stocks not on an exchange that are traded over the counter are called un-listed stocks, however there are some stocks that trade on both an exchange and OTC.OTC trades tend to be for smaller company stocks and debt securities. Debt securities such as bonds are generally traded by investment banks making markets for specific issues. To save the cost of paying the exchange fees, brokerages often match buys and sells from clients internally, or with another brokerage. This is usually referred as internalizing.While OTC transactions often seem more risky and less liquid, they help companies and institutions promote equity or financial instruments that wouldn't meet the requirements of regulated, well established exchanges. ", "duration": "PT1M54S", "name": "Trading Over the Counter", "thumbnailUrl": "https://cdn.jwplayer.com/v2/media/ueNdIjgd/poster.jpg?width=720", "uploadDate": "2019-06-21T15:42:26.854-04:00"} ,"publisher": { "@type": "Organization", "name": "Investopedia", "url": "https://www.investopedia.com", "logo": { "@type": "ImageObject", "url": "https://www.investopedia.com/thmb/QfBehpNM1l3_gNG-oJMQnjdaJ6c=/260x60/filters:no_upscale():max_bytes(150000):strip_icc()/investopedia-schema-logo-94b9fb2a18b04f4fa6eaad7bf95393e6.png", "width": 260, "height": 60 }, "brand": "Investopedia" , "publishingPrinciples": "https://www.investopedia.com/about-us" , "sameAs" : [ "https://twitter.com/investopedia", "https://www.facebook.com/Investopedia/", "https://www.youtube.com/user/investopediacom", "https://www.linkedin.com/company/investopedia-ulc", "https://www.instagram.com/investopedia/" ] } ,"citation": [ "OTC Markets. &#34;<a href="https://www.otcmarkets.com/about/our-company" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">About</a>.&#34;", "Nasdaq. &#34;<a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5900-series" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Rules</a>.&#34;", "NYSE. &#34;<a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Listing_Fee_Schedule.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Listing Fees</a>,&#34; Page 1." ] ,"mainEntityOfPage": { "@type": ["WebPage"] ,"@id": "https://www.investopedia.com/terms/o/otc.asp" ,"breadcrumb": { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@id": "https://www.investopedia.com/stock-trading-4689660", "name": "Stock Trading" } } , { "@type": "ListItem", "position": 2, "item": { "@id": "https://www.investopedia.com/stock-trading-strategy-and-education-4689658", "name": "Stock Trading Strategy & Education" } } ] },"reviewedBy": [ {"@type": "Person" ,"name": "Gordon Scott" ,"url": "https://www.investopedia.com/contributors/82594/" } , {"@type": "Person" ,"name": "Yarilet Perez" ,"url": "https://www.investopedia.com/yarilet-perez-5078533" } ] ,"lastReviewed": "2024-03-05T16:11:04.549-05:00"} , "about": [ { "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "Is the OTC Market Safe?", "acceptedAnswer": { "@type": "Answer", "text": "<p>The OTC market is generally considered risky due to lenient reporting requirements and lower transparency associated with these securities. Many stocks that trade OTC have a lower share price and may be highly volatile. While some stocks in the OTC market are eventually listed on the major exchanges, other OTC stocks fail.<\/p>" } } , { "@type": "Question", "name": "How Does an Investor Buy a Security on the OTC Market?", "acceptedAnswer": { "@type": "Answer", "text": "<p>To buy a security on the OTC market, investors identify the specific security to purchase and the amount to invest. OTCQX is one of the marketplaces for OTC stocks. Most brokers that sell exchange-listed securities also sell OTC securities electronically on a online platform or via a telephone.<\/p>" } } , { "@type": "Question", "name": "What Is an Over-the-Counter Derivative?", "acceptedAnswer": { "@type": "Answer", "text": "<p>An over-the-counter derivative is any derivative security traded in the OTC marketplace. A derivative is a financial security whose value is determined by an underlying asset, such as a stock or a commodity. An owner of a derivative does not own the underlying asset, in derivatives such as commodity futures, it is possible to take delivery of the physical asset after the derivative contract expires.<\/p>" } } ] } ] } ]</script> </head><body>  <svg class="mntl-svg-resource is-hidden"> <defs> <symbol id="icon-alert"> <svg width="30" height="29" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M13.2522 4.38081C14.077 2.92054 16.1389 2.92054 16.9637 4.38081L26.7065 21.6302C27.5313 23.0905 26.5003 24.9158 24.8507 24.9158H5.36517C3.7156 24.9158 2.68462 23.0905 3.5094 21.6302L13.2522 4.38081Z" fill="#fff"/><path fill-rule="evenodd" clip-rule="evenodd" d="M19.6063 2.76459L29.2795 20.1815C31.3267 23.8676 28.7677 28.4753 24.6732 28.4753H5.32681C1.23233 28.4753 -1.32671 23.8676 0.720529 20.1815L10.3937 2.76459C12.441 -0.921533 17.559 -0.921526 19.6063 2.76459ZM16.8425 4.42334C16.0236 2.94889 13.9764 2.94889 13.1575 4.42334L3.4843 21.8402C2.6654 23.3147 3.68902 25.1577 5.32681 25.1577H24.6732C26.311 25.1577 27.3346 23.3147 26.5157 21.8402L16.8425 4.42334Z" fill="#C00"/><path d="M13.8863 18.8426L12.8572 11.2V7.66641H17.1429V11.2L16.1279 18.8426H13.8863ZM13.0264 22.9992V20.1106H16.9878V22.9992H13.0264Z" fill="#222"/></svg> </symbol> <symbol id="icon-menu"> <svg viewBox="0 0 22 18" fill="none" xmlns="http://www.w3.org/2000/svg"><path fill="#444" d="M0 0H22V2.5H0zM0 7.75H22V10.25H0zM0 15.5H22V18H0z"/></svg> </symbol> <symbol id="icon-close"> <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M16 1.61143L14.3886 0L8 6.38857L1.61143 0L0 1.61143L6.38857 8L0 14.3886L1.61143 16L8 9.61143L14.3886 16L16 14.3886L9.61143 8L16 1.61143Z" fill="#000" fill-opacity=".65"/></svg> </symbol> <symbol id="inv-logo-header"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 574.04 89.64"><path fill="#323a56" d="M33.6 24.8l6.33 4-2.42 22.87L71.57 30.9a36 36 0 1 0-70.5 13.77z"/><path fill="#323a56" d="M34.64 63.21l-6.33-4 2.42-22.86L4.09 52.61a36 36 0 0 0 67.53-12z"/><circle fill="#f64e00" cx="37.81" cy="16.42" r="5.09"/><path fill="#201d1e" d="M89.9 69l8.94-.13V5.69l-8.94.13V69zM132.66 25.1c-4 0-10.81 1.78-13.83 6.61V26h-8.44v43h8.44V45.73c0-8.48 6.4-12.28 12.74-12.28 6 0 10 4.5 10 11.19V69H150V44.19c0-6.11-1.68-11.11-5-14.45-3-3.04-7.27-4.64-12.34-4.64zM175.38 57.94l-12.91-31.93h-9.03L171.3 69h8.08l17.95-42.99h-9.12l-12.83 31.93zM332.89 25.1c-13 0-22.45 9.36-22.45 22.27s9.66 22.54 22.45 22.54a22 22 0 0 0 22.55-22.54c0-12.91-9.44-22.27-22.55-22.27zm0 36.83C325 61.93 319 55.67 319 47.37c0-8.15 6-14.29 13.92-14.29A13.89 13.89 0 0 1 347 47.37c0 8.3-6.07 14.56-14.11 14.56zM384.58 25.1c-6.23 0-11.93 2.71-14.83 7V26h-8.44v63.64h8.44V63c2.88 4.33 8.37 6.88 14.92 6.88 12.43 0 21.45-9.4 21.45-22.36s-9.06-22.42-21.54-22.42zm-.73 36.83a14.06 14.06 0 0 1-14.1-14.29c0-8.3 6.06-14.56 14.1-14.56 7.71 0 13.74 6.4 13.74 14.56s-5.91 14.29-13.74 14.29zM494.15 32c-2.88-4.33-8.37-6.88-14.92-6.88-12.43 0-21.45 9.4-21.45 22.36s9.06 22.45 21.54 22.45c6.23 0 11.93-2.71 14.83-7V69h8.44V2.82h-8.44zM480 61.93c-7.66 0-13.65-6.4-13.65-14.56s5.83-14.29 13.65-14.29a14.1 14.1 0 0 1 14.19 14.29c-.04 7.06-5.01 14.56-14.19 14.56zM513.27 26.01h8.44V69h-8.44zM573.33 26h-8.44v5c-3-3.74-8.17-5.92-14.21-5.92H550c-12.43 0-21.45 9.4-21.45 22.36s9.06 22.45 21.54 22.45h.71c5.75 0 11.06-2.32 14.12-6V69H574V26zm-22.27 35.9c-7.49-.2-13.3-6.5-13.3-14.54s5.7-14.09 13.3-14.27a14.08 14.08 0 0 1 13.83 14.27c0 6.97-4.89 14.35-13.83 14.55zM262.32 42.72c-4.41-1.13-7.53-2.14-7.53-4.89 0-3.09 3.12-5.25 7.6-5.25a14.82 14.82 0 0 1 8.93 3.22l.21.16 4.53-6.28-.2-.16a21.88 21.88 0 0 0-14-4.61c-7.61 0-15.8 4.19-15.8 13.37 0 6.4 5.34 9.52 9.81 11 1.5.5 3 .89 4.52 1.27 4.67 1.2 8.71 2.24 8.71 5.88 0 2.55-2.57 5.25-7.33 5.25a20.55 20.55 0 0 1-12.36-4.57l-.22-.16-4.52 6.46.19.15a26.74 26.74 0 0 0 17.1 5.79c7.7 0 15.89-4.59 15.89-13.1S270 44.69 262.32 42.72zM452.29 46.77C452.29 33.94 444 25 432 25c-12.13 0-20.93 9.17-20.93 21.79a22.64 22.64 0 0 0 6.41 16.4 20 20 0 0 0 14.13 5.67h.4c7.43-.13 12.28-1.36 18.17-7.72l.18-.19-5.85-5.57-.18.2A15.42 15.42 0 0 1 432.3 61c-6.52 0-11.66-4.78-12.87-11.93L452 49h.24v-.24a7.17 7.17 0 0 0 0-1.17c.06-.16.05-.38.05-.82zm-31.57-4.34c1.11-6.21 5.18-9.63 11.49-9.63 6.11 0 10.27 3.59 11.19 9.63zM240 46.77C240 33.94 231.65 25 219.73 25c-12.13 0-20.93 9.17-20.93 21.79a22.64 22.64 0 0 0 6.41 16.4 20 20 0 0 0 14.13 5.67h.39c7.44-.13 12.29-1.36 18.18-7.72l.18-.19-5.85-5.57-.18.2A15.42 15.42 0 0 1 220 61c-6.53 0-11.66-4.78-12.87-11.93l32.56-.07h.25v-.24a8.65 8.65 0 0 0 0-1.17c.06-.16.06-.38.06-.82zm-31.6-4.34c1.12-6.21 5.19-9.63 11.5-9.63 6.11 0 10.27 3.59 11.19 9.63zM305.5 60.07a12.75 12.75 0 0 1-3.56.43 7 7 0 0 1-5.23-2c-.92-1.08-1.11-2.74-1.11-4.89V33.35h12V26h-12V12.08h-8.45V26h-4.64v7.35h4.64v19.82c0 4.77 1.06 8.28 3.24 10.72a14.46 14.46 0 0 0 11.31 4.74 21.82 21.82 0 0 0 6.27-.86l.25-.08-2.47-7.69zM517.49 5.41a5.39 5.39 0 0 0-5.4 5.49 5.32 5.32 0 0 0 5.4 5.4 5.39 5.39 0 0 0 5.51-5.4 5.47 5.47 0 0 0-5.51-5.49z"/></svg> </symbol> <symbol id="icon-account"> <svg viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M2 12C2 17.52 6.48 22 12 22C17.52 22 22 17.52 22 12C22 6.48 17.52 2 12 2C6.48 2 2 6.48 2 12ZM12 5C13.66 5 15 6.34 15 8C15 9.66 13.66 11 12 11C10.34 11 9 9.66 9 8C9 6.34 10.34 5 12 5ZM12 19.2C9.5 19.2 7.29 17.92 6 15.98C6.03 13.99 10 12.9 12 12.9C13.99 12.9 17.97 13.99 18 15.98C16.71 17.92 14.5 19.2 12 19.2Z"/></svg> </symbol> <symbol id="icon-caret_down"> <svg viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M8 10L12 14L16 10H8Z"/></svg> </symbol> <symbol id="icon-search"> <svg viewBox="0 0 20 20" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M14.2939 12.5786H13.3905L13.0703 12.2699C14.191 10.9663 14.8656 9.27387 14.8656 7.43282C14.8656 3.32762 11.538 0 7.43282 0C3.32762 0 0 3.32762 0 7.43282C0 11.538 3.32762 14.8656 7.43282 14.8656C9.27387 14.8656 10.9663 14.191 12.2699 13.0703L12.5786 13.3905V14.2939L18.2962 20L20 18.2962L14.2939 12.5786ZM7.43288 12.5786C4.58554 12.5786 2.28708 10.2802 2.28708 7.43282C2.28708 4.58548 4.58554 2.28702 7.43288 2.28702C10.2802 2.28702 12.5787 4.58548 12.5787 7.43282C12.5787 10.2802 10.2802 12.5786 7.43288 12.5786Z" fill="#444"/></svg> </symbol> <symbol id="icon-info"> <svg viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path d="M12 2C6.48 2 2 6.48 2 12C2 17.52 6.48 22 12 22C17.52 22 22 17.52 22 12C22 6.48 17.52 2 12 2ZM13 17H11V11H13V17ZM13 9H11V7H13V9Z"/></svg> </symbol> <symbol id="icon-chevron_right"> <svg viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10 6L8.59003 7.41L13.17 12L8.59003 16.59L10 18L16 12L10 6Z"/></svg> </symbol> <symbol id="icon-arrow_left"> <svg viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M15.41 7.41L14 6L8 12L14 18L15.41 16.59L10.83 12L15.41 7.41Z"/></svg> </symbol> <symbol id="icon-facebook"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 112 215.6"><path d="M72.7,215.6v-98.4h33l4.9-38.3h-38V54.5c0-11.1,3.1-18.7,19-18.7l20.3,0V1.5C108.5,1,96.4,0,82.4,0C53.1,0,33.1,17.9,33.1,50.7v28.3H0v38.3h33.1v98.4H72.7z"/></svg> </symbol> <symbol id="icon-instagram"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 105.72 105.72"><path d="M52.86 9.52c14.11 0 15.78.06 21.36.31A29.44 29.44 0 0 1 84 11.65a16.39 16.39 0 0 1 6.08 4 16.29 16.29 0 0 1 4 6.07 29.06 29.06 0 0 1 1.82 9.82c.26 5.57.31 7.24.31 21.36s0 15.78-.31 21.36A28.93 28.93 0 0 1 94.06 84a17.45 17.45 0 0 1-10 10 28.93 28.93 0 0 1-9.81 1.82c-5.58.26-7.25.31-21.36.31s-15.79 0-21.36-.31A29.06 29.06 0 0 1 21.71 94a16.29 16.29 0 0 1-6.07-4 16.39 16.39 0 0 1-4-6.08 29.44 29.44 0 0 1-1.82-9.81c-.25-5.58-.31-7.25-.31-21.36s.06-15.79.31-21.36a29.58 29.58 0 0 1 1.82-9.82 16.43 16.43 0 0 1 4-6.07 16.43 16.43 0 0 1 6.07-4 29.58 29.58 0 0 1 9.79-1.67c5.57-.25 7.24-.31 21.36-.31m0-9.52C38.5 0 36.7.06 31.06.32a38.89 38.89 0 0 0-12.83 2.45 26.08 26.08 0 0 0-9.36 6.1 26.08 26.08 0 0 0-6.1 9.36A38.89 38.89 0 0 0 .32 31.06C.06 36.7 0 38.5 0 52.86S.06 69 .32 74.65a38.78 38.78 0 0 0 2.45 12.83 25.91 25.91 0 0 0 6.1 9.36 25.94 25.94 0 0 0 9.36 6.1 38.86 38.86 0 0 0 12.83 2.46c5.64.26 7.44.32 21.8.32s16.15-.06 21.79-.32a38.75 38.75 0 0 0 12.83-2.46 27.07 27.07 0 0 0 15.46-15.46 38.75 38.75 0 0 0 2.46-12.83c.26-5.64.32-7.44.32-21.79s-.06-16.16-.32-21.8a38.86 38.86 0 0 0-2.46-12.83 25.94 25.94 0 0 0-6.1-9.36 25.91 25.91 0 0 0-9.36-6.1A38.78 38.78 0 0 0 74.65.32C69 .06 67.21 0 52.86 0z"/><path d="M52.86 25.71A27.15 27.15 0 1 0 80 52.86a27.16 27.16 0 0 0-27.14-27.15zm0 44.77a17.62 17.62 0 1 1 17.62-17.62 17.62 17.62 0 0 1-17.62 17.62z"/><circle cx="81.07" cy="24.64" r="6.34"/></svg> </symbol> <symbol id="icon-x"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20"><path d="M11.6468 8.4686L18.9321 0H17.2057L10.8799 7.3532L5.82741 0H0L7.6403 11.1193L0 20H1.72649L8.4068 12.2348L13.7425 20H19.57L11.6468 8.4686ZM9.2821 11.2173L8.508 10.1101L2.34857 1.29968H5.00037L9.9711 8.4099L10.7452 9.5172L17.2066 18.7594H14.5548L9.2821 11.2173Z"/></svg> </symbol> <symbol id="icon-youtube"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 121.48 85.04"><path d="M119,13.28 C117.57898,8.03022216 113.466321,3.93662094 108.21,2.54 C98.73,0 60.74,0 60.74,0 C60.74,0 22.74,0 13.28,2.54 C8.0407921,3.94839145 3.94839145,8.0407921 2.54,13.28 C0,22.75 0,42.52 0,42.52 C0,42.52 0,62.29 2.54,71.76 C3.94839145,76.9992079 8.0407921,81.0916085 13.28,82.5 C22.75,85 60.74,85 60.74,85 C60.74,85 98.74,85 108.21,82.46 C113.456198,81.0705464 117.566654,76.9943761 119,71.76 C121.53,62.29 121.53,42.52 121.53,42.52 C121.53,42.52 121.48,22.75 119,13.28 Z M48.59,60.74 L48.59,24.3 L80.16,42.52 L48.59,60.74 Z"/></svg> </symbol> <symbol id="icon-tiktok"> <svg viewBox="0 0 20 20" xmlns="http://www.w3.org/2000/svg"><path d="M17.0634 7.91366C16.9238 7.92733 16.7842 7.93463 16.6446 7.93569C15.1122 7.93569 13.6827 7.14176 12.842 5.82307V13.0167C12.842 15.9525 10.527 18.3333 7.66999 18.3333C4.81295 18.3333 2.5 15.9525 2.5 13.0167C2.5 10.0807 4.81498 7.69999 7.67203 7.69999C7.78004 7.69999 7.886 7.71047 7.99197 7.71677V10.3363C7.886 10.3237 7.78106 10.3028 7.67203 10.3028C6.21396 10.3028 5.03303 11.5178 5.03303 13.0156C5.03303 14.5144 6.21498 15.7284 7.67203 15.7284C9.13011 15.7284 10.418 14.5479 10.418 13.0491L10.4435 0.833252H12.8818C13.112 3.08098 14.8748 4.83642 17.0675 5.00086V7.91267"/></svg> </symbol> <symbol id="inv-logo-inverted"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 574.04 89.64"><path fill="#c5dcff" d="M33.6 24.8l6.33 4-2.42 22.87L71.57 30.9a36 36 0 1 0-70.5 13.77z"/><path fill="#c5dcff" d="M34.64 63.21l-6.33-4 2.42-22.86L4.09 52.61a36 36 0 0 0 67.53-12z"/><circle fill="#323a56" cx="37.81" cy="16.42" r="5.09"/><path fill="#fff" d="M89.9 69l8.94-.13V5.69l-8.94.13V69zM132.66 25.1c-4 0-10.81 1.78-13.83 6.61V26h-8.44v43h8.44V45.73c0-8.48 6.4-12.28 12.74-12.28 6 0 10 4.5 10 11.19V69H150V44.19c0-6.11-1.68-11.11-5-14.45-3-3.04-7.27-4.64-12.34-4.64zM175.38 57.94l-12.91-31.93h-9.03L171.3 69h8.08l17.95-42.99h-9.12l-12.83 31.93zM332.89 25.1c-13 0-22.45 9.36-22.45 22.27s9.66 22.54 22.45 22.54a22 22 0 0 0 22.55-22.54c0-12.91-9.44-22.27-22.55-22.27zm0 36.83C325 61.93 319 55.67 319 47.37c0-8.15 6-14.29 13.92-14.29A13.89 13.89 0 0 1 347 47.37c0 8.3-6.07 14.56-14.11 14.56zM384.58 25.1c-6.23 0-11.93 2.71-14.83 7V26h-8.44v63.64h8.44V63c2.88 4.33 8.37 6.88 14.92 6.88 12.43 0 21.45-9.4 21.45-22.36s-9.06-22.42-21.54-22.42zm-.73 36.83a14.06 14.06 0 0 1-14.1-14.29c0-8.3 6.06-14.56 14.1-14.56 7.71 0 13.74 6.4 13.74 14.56s-5.91 14.29-13.74 14.29zM494.15 32c-2.88-4.33-8.37-6.88-14.92-6.88-12.43 0-21.45 9.4-21.45 22.36s9.06 22.45 21.54 22.45c6.23 0 11.93-2.71 14.83-7V69h8.44V2.82h-8.44zM480 61.93c-7.66 0-13.65-6.4-13.65-14.56s5.83-14.29 13.65-14.29a14.1 14.1 0 0 1 14.19 14.29c-.04 7.06-5.01 14.56-14.19 14.56zM513.27 26.01h8.44V69h-8.44zM573.33 26h-8.44v5c-3-3.74-8.17-5.92-14.21-5.92H550c-12.43 0-21.45 9.4-21.45 22.36s9.06 22.45 21.54 22.45h.71c5.75 0 11.06-2.32 14.12-6V69H574V26zm-22.27 35.9c-7.49-.2-13.3-6.5-13.3-14.54s5.7-14.09 13.3-14.27a14.08 14.08 0 0 1 13.83 14.27c0 6.97-4.89 14.35-13.83 14.55zM262.32 42.72c-4.41-1.13-7.53-2.14-7.53-4.89 0-3.09 3.12-5.25 7.6-5.25a14.82 14.82 0 0 1 8.93 3.22l.21.16 4.53-6.28-.2-.16a21.88 21.88 0 0 0-14-4.61c-7.61 0-15.8 4.19-15.8 13.37 0 6.4 5.34 9.52 9.81 11 1.5.5 3 .89 4.52 1.27 4.67 1.2 8.71 2.24 8.71 5.88 0 2.55-2.57 5.25-7.33 5.25a20.55 20.55 0 0 1-12.36-4.57l-.22-.16-4.52 6.46.19.15a26.74 26.74 0 0 0 17.1 5.79c7.7 0 15.89-4.59 15.89-13.1S270 44.69 262.32 42.72zM452.29 46.77C452.29 33.94 444 25 432 25c-12.13 0-20.93 9.17-20.93 21.79a22.64 22.64 0 0 0 6.41 16.4 20 20 0 0 0 14.13 5.67h.4c7.43-.13 12.28-1.36 18.17-7.72l.18-.19-5.85-5.57-.18.2A15.42 15.42 0 0 1 432.3 61c-6.52 0-11.66-4.78-12.87-11.93L452 49h.24v-.24a7.17 7.17 0 0 0 0-1.17c.06-.16.05-.38.05-.82zm-31.57-4.34c1.11-6.21 5.18-9.63 11.49-9.63 6.11 0 10.27 3.59 11.19 9.63zM240 46.77C240 33.94 231.65 25 219.73 25c-12.13 0-20.93 9.17-20.93 21.79a22.64 22.64 0 0 0 6.41 16.4 20 20 0 0 0 14.13 5.67h.39c7.44-.13 12.29-1.36 18.18-7.72l.18-.19-5.85-5.57-.18.2A15.42 15.42 0 0 1 220 61c-6.53 0-11.66-4.78-12.87-11.93l32.56-.07h.25v-.24a8.65 8.65 0 0 0 0-1.17c.06-.16.06-.38.06-.82zm-31.6-4.34c1.12-6.21 5.19-9.63 11.5-9.63 6.11 0 10.27 3.59 11.19 9.63zM305.5 60.07a12.75 12.75 0 0 1-3.56.43 7 7 0 0 1-5.23-2c-.92-1.08-1.11-2.74-1.11-4.89V33.35h12V26h-12V12.08h-8.45V26h-4.64v7.35h4.64v19.82c0 4.77 1.06 8.28 3.24 10.72a14.46 14.46 0 0 0 11.31 4.74 21.82 21.82 0 0 0 6.27-.86l.25-.08-2.47-7.69zM517.49 5.41a5.39 5.39 0 0 0-5.4 5.49 5.32 5.32 0 0 0 5.4 5.4 5.39 5.39 0 0 0 5.51-5.4 5.47 5.47 0 0 0-5.51-5.49z"/></svg> </symbol> <symbol id="icon-pinterest"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 166 205.4"><path d="M85.9,0C29.8,0,0,36.1,0,75.4c0,18.3,10.1,41,26.4,48.2c2.5,1.1,3.8,0.6,4.3-1.7c0.4-1.7,2.6-10.2,3.6-14.1c0.3-1.3,0.2-2.3-0.9-3.6c-5.4-6.2-9.6-17.7-9.6-28.4c0-27.5,21.7-54,58.7-54c31.9,0,54.3,20.8,54.3,50.7c0,33.7-17.7,57-40.8,57c-12.8,0-22.3-10.1-19.3-22.5c3.7-14.8,10.8-30.8,10.8-41.4C87.4,55.9,82,48,71,48c-13,0-23.5,12.9-23.5,30.3c0,11,3.9,18.5,3.9,18.5s-12.9,52.2-15.2,61.9c-4,16.5,0.5,43.2,0.9,45.5c0.2,1.2,1.6,1.7,2.5,0.6c1.3-1.6,16.8-23.9,21.2-40.1c1.6-5.8,8.1-29.6,8.1-29.6c4.3,7.8,16.6,14.3,29.8,14.3c39.2,0,67.5-34.6,67.5-77.5C166,30.8,131,0,85.9,0"/></svg> </symbol> <symbol id="icon-linkedin"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 12.88 12.86"><path d="M4.77 7.84H7.44v8.59H4.77V7.84ZM6.11 3.57A1.55 1.55 0 1 1 4.56 5.12 1.55 1.55 0 0 1 6.11 3.57M9.12 7.84h2.56V9h0a2.8 2.8 0 0 1 2.53-1.39c2.7 0 3.2 1.78 3.2 4.09v4.71H14.77V12.25c0-1 0-2.28-1.39-2.28s-1.6 1.09-1.6 2.21v4.25H9.12V7.84Z" transform="translate(-4.56 -3.57)"/></svg> </symbol> <symbol id="icon-newsletter"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 122.16 82.2"><path d="M61.09 61.22L0 9.15V82.2h122.17V9.15L61.09 61.22z"/><path d="M115.5 0H6.67l54.42 46.39L115.5 0z"/></svg> </symbol> <symbol id="icon-website"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 103.51 103.42"><path d="M27.54 38.81c.88-.64 1.72-1.32 2.63-1.9q13.3-8.41 27.29-1.19A23.34 23.34 0 0163.15 40a6.5 6.5 0 01.39 9.15 6.43 6.43 0 01-8.6 1c-1.15-.83-2.16-1.86-3.35-2.6a13 13 0 00-16 1.86Q26.22 58.64 16.93 68a13.1 13.1 0 0017 19.82 13.66 13.66 0 001.68-1.45q4.47-4.44 8.9-8.9a6.55 6.55 0 0110.18 8.2 2.21 2.21 0 00-.18.34L43.76 96.73l-.43.28a41.34 41.34 0 01-4.39 3c-9.34 4.89-18.5 4.47-27.39-1.21-1-.63-1.88-1.4-2.82-2.1l-2-2-.28-.43a41.34 41.34 0 01-3-4.39c-4.89-9.34-4.47-18.5 1.22-27.39.63-1 1.39-1.88 2.09-2.82z"/><path d="M75.92 64.57c-.88.64-1.72 1.33-2.63 1.9Q60 74.88 46 67.66a23.34 23.34 0 01-5.69-4.23 6.5 6.5 0 01-.39-9.15 6.42 6.42 0 018.6-1c1.15.82 2.16 1.85 3.35 2.6a13 13 0 0016-1.87q9.33-9.28 18.62-18.62a13.1 13.1 0 00-17-19.83 14.65 14.65 0 00-1.68 1.46q-4.47 4.43-8.9 8.89a6.55 6.55 0 01-10.18-8.2 1.83 1.83 0 00.27-.31L59.7 6.65a4.5 4.5 0 00.43-.27c1.07-.8 2.08-1.68 3.2-2.37a26 26 0 0136.75 9.52c5 9.26 4.47 18.49-1.22 27.37-.63 1-1.39 1.88-2.09 2.82z"/></svg> </symbol> <symbol id="mntl-dotdash-universal-nav__logo"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="5 2.8 290 69"><circle cx="39.6" cy="37.4" r="34.3" fill="#f44b34"/><path fill="#fff" d="M50.4 17.9c-1.7-1.8-4-2.6-7-2.6-9.1-.1-12.4-.1-13.2-.1L27.3 22h8.1L30 28v21h-.1l.1.1v6.7l-3.6 4h18.5L53 51V25c0-.1.1-4.3-2.6-7.1zm-5.2 19.6-7.4 7.8V41l7.4-7.8v4.3zm-7.4-15.4h3c.9 0 2.1-.1 3.1.9s1.4 2.5 1.4 4.9v3.6l-7.4 7.8-.1-17.2zm-4.9 30.1 3.3-3.6 9-9.5v13.1c0 .1-12.3.1-12.3 0z"/><path fill="#009ad9" d="m99.645 22.637 6.505-6.506 4.172 4.172-6.505 6.506zM121 44l4.2 4.2 6.5-6.5-4.2-4.2zm-3.2-31.2c1.8-1.8 4.7-1.8 6.5 0 1.9 1.9 1.7 4.8 0 6.5l-3.3 3.3 4.2 4.2 3.3-3.3c2-2 4.9-1.6 6.5 0 2 2 1.6 4.9 0 6.5l-3.3 3.3 4.2 4.2 3.3-3.3c4.2-4.2 4-10.8 0-14.8-2.8-2.8-6.1-3.1-7.6-3.1.1-1.5-.3-4.8-3.1-7.6-3.9-3.9-10.6-4.2-14.8 0l-3.3 3.3 4.2 4.2 3.2-3.4zm-7.5 20.6 4.2 4.1L121 31l-4.2-4.1-6.5 6.5z"/><path fill="#6ebd44" d="m99.6 52.4 6.6 6.5 4.1-4.2-6.5-6.5zm36.3-14.9-4.2 4.2L135 45c1.6 1.6 2 4.5 0 6.5-1.6 1.6-4.5 2.1-6.5 0l-3.3-3.3-4.2 4.2 3.3 3.3c1.7 1.7 1.9 4.6 0 6.5-1.8 1.8-4.7 1.8-6.5 0l-3.3-3.3-4.2 4.2 3.3 3.3c4.2 4.2 10.9 3.9 14.8 0 2.8-2.8 3.1-6.1 3.1-7.6 1.5 0 4.8-.3 7.6-3.1 4-4 4.2-10.6 0-14.8l-3.2-3.4zm-25.6 4.2 6.5 6.5L121 44l-6.5-6.5zm14.9-14.8L121 31l6.5 6.5 4.2-4.1-6.5-6.5z"/><path fill="#f68f1e" d="m110.332 54.607 6.506-6.506 4.172 4.172-6.506 6.505zM102.8 62.2c-1.6 1.6-4.5 2-6.5 0-1.6-1.6-2.1-4.5 0-6.5l3.3-3.3-4.2-4.2-3.3 3.3c-1.7 1.7-4.6 1.9-6.5 0-1.8-1.8-1.8-4.7 0-6.5l3.3-3.3-4.2-4.2-3.3 3.3c-4.2 4.2-3.9 10.9 0 14.8 2.8 2.8 6.1 3.1 7.6 3.1 0 1.5.3 4.8 3.1 7.6 4 4 10.6 4.2 14.8 0l3.3-3.3-4.2-4.2-3.2 3.4zm3.4-24.7L99.6 44l4.2 4.2 6.5-6.5zM95.5 26.9 89 33.4l4.1 4.1 6.5-6.5z"/><path fill="#ec174c" d="m99.6 44-6.5-6.5-4.1 4.2 6.5 6.5zm-14-14c-1.8-1.8-1.8-4.7 0-6.5 1.9-1.9 4.8-1.7 6.5 0l3.3 3.3 4.2-4.2-3.3-3.3c-2-2-1.6-4.9 0-6.5 2-2 4.9-1.6 6.5 0l3.3 3.3 4.2-4.2-3.3-3.2c-4.2-4.2-10.8-4-14.8 0-2.8 2.8-3.1 6.1-3.1 7.6-1.5-.1-4.9.3-7.6 3.1-3.9 3.9-4.2 10.6 0 14.8l3.3 3.3 4.2-4.2-3.4-3.3zm24.73-9.682 4.172-4.172 6.505 6.505-4.172 4.172zM106.2 37.5l4.1-4.1-6.5-6.5-4.2 4.1 6.6 6.5z"/><path fill="#573357" d="m106.142 16.042 4.171-4.172 4.172 4.172-4.171 4.172z"/><path fill="#be272d" d="m84.81 37.543 4.172-4.172 4.172 4.172-4.172 4.172z"/><path fill="#008e4c" d="m127.497 37.555 4.171-4.172 4.172 4.172-4.171 4.172z"/><path fill="#7a773e" d="m106.172 58.866 4.172-4.172 4.172 4.172-4.172 4.172z"/><path fill="#443639" d="m116.856 26.74 4.172-4.172 4.172 4.172-4.172 4.172z"/><path fill="#803136" d="m95.455 48.169 4.172-4.172 4.172 4.172-4.172 4.172z"/><path fill="#593438" d="m95.446 26.753 4.172-4.172 4.172 4.173-4.172 4.171z"/><path fill="#443639" d="m106.155 37.456 4.172-4.172 4.172 4.171-4.172 4.172z"/><path fill="#2a6442" d="m116.871 48.153 4.172-4.172 4.172 4.172-4.172 4.172z"/><path d="M170.4 13.5c-2.5-2.2-5.7-3.3-9.6-3.3h-7.2v23.6h7.6c3.8 0 7-1.1 9.4-3.3s3.6-5 3.6-8.5-1.3-6.3-3.8-8.5zm.1 8.5c0 2.6-.9 4.7-2.6 6.2-1.7 1.6-4.1 2.3-7 2.3h-3.8V13.4h3.8c2.9 0 5.2.8 7 2.3 1.7 1.5 2.6 3.7 2.6 6.3zm14.6-6.3c-2.5 0-4.7.9-6.4 2.7s-2.6 4-2.6 6.6.9 4.8 2.6 6.6c1.7 1.8 3.9 2.7 6.4 2.7h.1v-.1c2.5 0 4.7-.9 6.4-2.7s2.6-4 2.6-6.6c0-2.5-.9-4.8-2.6-6.6-1.8-1.7-3.9-2.6-6.5-2.6zm4.1 13.7c-.5.6-1.1 1-1.8 1.3s-1.4.3-2.2.3c-1.7 0-3-.6-4.1-1.8-1.1-1.2-1.6-2.7-1.6-4.4 0-1.7.6-3.2 1.6-4.3 1.1-1.2 2.4-1.7 4.1-1.7 1.6 0 3 .6 4 1.7 1.1 1.2 1.6 2.6 1.6 4.3 0 1.9-.5 3.4-1.6 4.6zm16.9.8c-.5.6-1.3.9-2.3.9-1.6 0-2.4-.9-2.4-2.7v-9.2h5v-3h-5v-4.4h-3.3v4.4h-2.9l.1 3h2.9v9.3c0 1.9.5 3.3 1.4 4.3s2.2 1.5 3.9 1.5c1.8 0 3.2-.5 4.2-1.5l-1.6-2.6zm38.1-11.6c-1.5-2-3.5-3-6.1-3-2.5 0-4.5.9-6.1 2.7-1.6 1.8-2.4 4-2.4 6.6 0 2.7.8 4.9 2.5 6.6 1.7 1.8 3.7 2.7 6.1 2.7 2.6 0 4.6-1 6.1-3.1v2.6h3.4V16.1h-3.4v2.5h-.1zm-1.6 2c1.1 1.2 1.6 2.6 1.6 4.3s-.5 3.2-1.6 4.4c-.5.6-1.1 1-1.8 1.3s-1.4.4-2.2.4c-1.7 0-3-.6-4.1-1.8-1.1-1.2-1.6-2.7-1.6-4.4 0-1.7.6-3.2 1.6-4.3 1.1-1.2 2.4-1.7 4.1-1.7 1.6.1 2.9.6 4 1.8zm17.9 3.6c-.9-.3-1.9-.6-3-.9-1-.3-1.9-.6-2.5-1-.7-.4-1-1-1-1.6l.1-.1c0-.7.3-1.2.9-1.6.6-.4 1.4-.6 2.3-.6 2 0 3.4.7 4.5 2l2-2c-1.3-1.8-3.5-2.7-6.6-2.7-1.9 0-3.5.5-4.7 1.4-1.2 1-1.7 2.1-1.7 3.5 0 1.2.3 2.1 1 2.9s1.5 1.3 2.6 1.7c1.1.4 2 .7 2.9 1 1 .3 1.8.7 2.4 1.1.7.5 1 1 1 1.8s-.3 1.4-.9 1.8c-.6.5-1.4.7-2.5.7-2.3 0-4.1-.8-5.3-2.3l-2 2.2c1.5 1.9 3.9 2.9 7.1 2.9 2.2 0 3.9-.5 5.1-1.5s1.8-2.3 1.8-3.8c0-1.2-.3-2.2-1-3-.6-.9-1.5-1.4-2.5-1.9zm14.9-8.6c-2.3 0-4.1.8-5.2 2.5V8.4h-3.4v25.4h3.4l.1-10.3c0-1.4.4-2.6 1.2-3.4.8-.8 1.8-1.2 3.2-1.2 1.3 0 2.4.4 3.2 1.3.8.8 1.2 2 1.2 3.4v10.3h3.4V23c0-2.3-.6-4-1.9-5.4-1.4-1.4-3.1-2-5.2-2zm-52.2 3c-1.5-2-3.5-3-6.1-3-2.5 0-4.5.9-6.1 2.7-1.6 1.8-2.4 4-2.4 6.6 0 2.7.8 4.9 2.5 6.6 1.7 1.8 3.7 2.7 6.1 2.7 2.6 0 4.6-1 6.1-3.1v2.6h3.4V8.4h-3.4v10.2h-.1zm-1.6 2c1.1 1.2 1.6 2.6 1.6 4.3s-.5 3.2-1.6 4.4c-1.1 1.2-2.4 1.8-4 1.8-1.7 0-3-.6-4.1-1.8-1.1-1.2-1.6-2.7-1.6-4.4 0-1.7.6-3.2 1.6-4.3 1.1-1.2 2.4-1.7 4.1-1.7 1.6 0 2.9.5 4 1.7zm48.8 19.9h-3.6v19.1c0 2.4.7 4.1 2.1 5.1 1.2.9 3.1 1.4 5.6 1.4h.1v-3h-.1c-1.2 0-2.1-.2-2.7-.6-.9-.6-1.4-1.7-1.4-3.3V51h4.1v-3h-4.1v-7.5zm-96.2 7c-1.4 0-2.6.3-3.7 1-1 .6-1.7 1.5-2.3 2.6-1.2-2.4-3.2-3.6-6-3.6-2.2 0-4 .9-5.2 2.6V48h-3.5v18.2h3.5l.2-10.7c0-1.5.4-2.6 1.1-3.5.7-.9 1.8-1.3 3.1-1.3s2.3.4 3.1 1.3c.8.9 1.2 2 1.2 3.5v10.6h3.4V55.5c0-1.5.4-2.6 1.2-3.5s1.8-1.3 3.2-1.3c1.3 0 2.3.4 3.1 1.3.7.9 1.1 2 1.1 3.5v10.6h3.5V55c0-2.3-.6-4.1-1.9-5.5-1.3-1.3-3-2-5.1-2zm18.9 0c-2.5 0-4.7.9-6.4 2.8-1.7 1.9-2.6 4.1-2.6 6.8s.9 5 2.7 6.8c1.8 1.8 4.1 2.8 6.8 2.8h.1v-.1c1.4 0 2.7-.3 3.9-.7 1.2-.5 2.2-1.1 3-1.9l-1.8-2.4c-1.3 1.3-3 2-5 2-1.7 0-3.1-.5-4.2-1.6-1.1-1-1.8-2.4-2-4h14.3c.1-.3.1-.7.1-1.2 0-2.5-.9-4.7-2.6-6.5-1.6-1.8-3.8-2.8-6.3-2.8zm.1 3c1.4 0 2.6.5 3.6 1.3 1 .9 1.6 2.1 1.8 3.8h-10.8c.3-1.5.9-2.7 1.8-3.7 1-.9 2.2-1.4 3.6-1.4zm22.5-2.3c-.6-.5-1.6-.8-2.8-.8-1.9 0-3.4.9-4.5 2.6v-2H205v18.2h3.5l-.1-10.5c0-1.5.3-2.7.9-3.6.6-.9 1.5-1.3 2.6-1.3.9 0 1.7.2 2.3.7h.1l1.4-3.3zm9-.7c-2.5 0-4.7.9-6.4 2.8-1.7 1.9-2.6 4.1-2.6 6.8s.9 5 2.7 6.8c1.8 1.8 4.1 2.8 6.8 2.8h.1v-.1c1.4 0 2.7-.3 3.9-.7 1.2-.5 2.2-1.1 3-1.9l-1.8-2.4c-1.3 1.3-3 2-5 2-1.7 0-3.1-.5-4.2-1.6-1.1-1-1.8-2.4-2-4h14.3c.1-.3.1-.7.1-1.2 0-2.5-.9-4.7-2.6-6.5-1.6-1.8-3.8-2.8-6.3-2.8zm.1 3c1.4 0 2.6.5 3.6 1.3 1 .9 1.6 2.1 1.8 3.8h-10.8c.3-1.5.9-2.7 1.8-3.7.9-.9 2.1-1.4 3.6-1.4zm26.1 0c-1.5-2-3.6-3.1-6.3-3.1-2.5 0-4.6.9-6.3 2.7s-2.5 4.1-2.5 6.8.9 5 2.5 6.8c1.7 1.8 3.8 2.7 6.3 2.7 2.6 0 4.7-1.1 6.3-3.2v2.7h3.5V40.5h-3.5v10zm-1.7 2c1.1 1.2 1.6 2.7 1.6 4.5 0 1.7-.6 3.3-1.6 4.5-1.1 1.2-2.4 1.8-4.2 1.8-1.7 0-3.1-.6-4.2-1.8-1.1-1.2-1.7-2.7-1.7-4.5s.6-3.3 1.7-4.5c1.1-1.2 2.5-1.8 4.2-1.8 1.8.1 3.1.7 4.2 1.8zm43.5-3c-1.3-1.4-3-2.1-5.2-2.1-2.4 0-4.2.9-5.4 2.6v-9.6h-3.5v25.7h3.5l.1-10.5c0-1.5.4-2.6 1.2-3.5.8-.9 1.8-1.3 3.2-1.3 1.4 0 2.5.4 3.3 1.3.8.9 1.2 2 1.2 3.5v10.6h3.5V55c0-2.3-.6-4.1-1.9-5.5zM259.1 48h3.5v18.2h-3.5zm0-7.5h3.4v3.4h-3.4z"/></svg> </symbol> <symbol id="jw-player-cc"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 240 240" focusable="false"><path d="M215,40H25c-2.7,0-5,2.2-5,5v150c0,2.7,2.2,5,5,5h190c2.7,0,5-2.2,5-5V45C220,42.2,217.8,40,215,40z M108.1,137.7c0.7-0.7,1.5-1.5,2.4-2.3l6.6,7.8c-2.2,2.4-5,4.4-8,5.8c-8,3.5-17.3,2.4-24.3-2.9c-3.9-3.6-5.9-8.7-5.5-14v-25.6c0-2.7,0.5-5.3,1.5-7.8c0.9-2.2,2.4-4.3,4.2-5.9c5.7-4.5,13.2-6.2,20.3-4.6c3.3,0.5,6.3,2,8.7,4.3c1.3,1.3,2.5,2.6,3.5,4.2l-7.1,6.9c-2.4-3.7-6.5-5.9-10.9-5.9c-2.4-0.2-4.8,0.7-6.6,2.3c-1.7,1.7-2.5,4.1-2.4,6.5v25.6C90.4,141.7,102,143.5,108.1,137.7z M152.9,137.7c0.7-0.7,1.5-1.5,2.4-2.3l6.6,7.8c-2.2,2.4-5,4.4-8,5.8c-8,3.5-17.3,2.4-24.3-2.9c-3.9-3.6-5.9-8.7-5.5-14v-25.6c0-2.7,0.5-5.3,1.5-7.8c0.9-2.2,2.4-4.3,4.2-5.9c5.7-4.5,13.2-6.2,20.3-4.6c3.3,0.5,6.3,2,8.7,4.3c1.3,1.3,2.5,2.6,3.5,4.2l-7.1,6.9c-2.4-3.7-6.5-5.9-10.9-5.9c-2.4-0.2-4.8,0.7-6.6,2.3c-1.7,1.7-2.5,4.1-2.4,6.5v25.6C135.2,141.7,146.8,143.5,152.9,137.7z"/></svg> </symbol> <symbol id="icon-drawer-arrow"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32.42 19.04"><path d="M16.21 19.04L0 2.83 2.83 0l13.38 13.38L29.59 0l2.83 2.83-16.21 16.21z"/></svg> </symbol> <symbol id="reviewer-icon"> <svg viewBox="0 0 153.4 122.3"><path d="M150.1,7.2l-3.9-3.9c-4.3-4.3-11.4-4.3-15.8,0L55.2,87.4L22.9,55.2c-4.3-4.3-11.5-4.3-15.8,0l-3.9,3.9c-4.3,4.3-4.3,11.4,0,15.8L43.1,115c0.1,0.1,0.1,0.1,0.2,0.2l3.9,3.9c4.3,4.3,11.4,4.3,15.8,0l87.2-96.1C154.5,18.6,154.5,11.5,150.1,7.2z"/></svg> </symbol> <symbol id="finance-reviewer-icon"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 102 102"><path d="M51 102a51 51 0 1142.29-79.52 6 6 0 011 3v.8a6 6 0 01-1.51 4.31L53 75.49a6 6 0 01-4.21 2 5.89 5.89 0 01-4.38-1.61L28.9 61.38a6 6 0 018.2-8.76l11 10.29L80.92 26A39 39 0 1090 51a6 6 0 0112 0 51.06 51.06 0 01-51 51z"/></svg> </symbol> <symbol id="light-box-arrow"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="2575 18840 48 48"><g transform="translate(1355 18464)"><circle cx="24" cy="24" r="24" transform="translate(1220 376)" fill="#fff"/><path d="M1248.675 390l9.38 9.38M1258.055 399.38l-9.38 9.553M1232 399.38h25.186" fill="none" stroke="#000" stroke-linecap="round" stroke-miterlimit="10" stroke-width="3"/></g></svg> </symbol> </defs> </svg>   <noscript><iframe src="//www.googletagmanager.com/ns.html?id=GTM-5P3SZGS" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>  <div id="banner_1-0" class="comp banner mntl-block"></div> <header id="header_1-0" class="comp header header--search" role="banner" data-tracking-container="true"><a href="#skip-to-content" rel="nocaes" id="skip-link_1-0" class="skip-link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Skip to content</span></a> <div class="header__menu-top"> <div class="header__menu-button-container"> <button class="header__menu-button" aria-label="Main menu for Investopedia"> <div class="header__menu-button-inner"> <svg class="icon icon-menu " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-menu" href="#icon-menu"></use> </svg> <svg class="icon icon-close " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-close" href="#icon-close"></use> </svg> </div> </button> </div> <div class="header__logo-wrapper"> <a id="linked-logo_1-0" class="comp linked-logo mntl-block" rel="home" href="/" aria-label="Investopedia Homepage"><svg class="icon inv-logo-header " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#inv-logo-header" href="#inv-logo-header"></use> </svg></a> </div> <nav id="header-nav_1-0" class="comp header-nav" role="navigation"> <div class="header-nav__list-wrapper"> <ul class="header-nav__list"> <li class="header-nav__list-item"> <a href="https://www.investopedia.com/investing-4427685" rel="nocaes" > Investing </a> <ul class="header-nav__sublist"> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/stocks-4427785" rel="nocaes" > Stocks </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/cryptocurrency-4427699" rel="nocaes" > Cryptocurrency </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/bonds-4689778" rel="nocaes" > Bonds </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/etfs-4427784" rel="nocaes" > ETFs </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/options-and-derivatives-trading-4689663" rel="nocaes" > Options and Derivatives </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/commodities-4427780" rel="nocaes" > Commodities </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/trading-4427765" rel="nocaes" > Trading </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/financial-technology-and-automated-investing-4689759" rel="nocaes" > Automated Investing </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/brokers-4689772" rel="nocaes" > Brokers </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/fundamental-analysis-4689757" rel="nocaes" > Fundamental Analysis </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/markets/" rel="nocaes" > Markets </a> </li> <li class="header-nav__sublist-item view-all"> <a href="https://www.investopedia.com/investing-4427685" rel="nocaes" > View All </a> </li> </ul> </li> <li class="header-nav__list-item"> <a href="https://www.investopedia.com/simulator/?inv_to_sim=global_nav" rel="nocaes" > Simulator </a> <ul class="header-nav__sublist"> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/portfolio" rel="nocaes" > Login / Portfolio </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/trade/stocks" rel="nocaes" > Trade </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/research" rel="nocaes" > Research </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/games/my-games" rel="nocaes" > My Games </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/games" rel="nocaes" > Leaderboard </a> </li> </ul> </li> <li class="header-nav__list-item"> <a href="https://www.investopedia.com/banking-4427754" rel="nocaes" > Banking </a> <ul class="header-nav__sublist"> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/savings-accounts-4689728" rel="nocaes" > Savings Accounts </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/certificate-of-deposits-4689733" rel="nocaes" > Certificates of Deposit (CDs) </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/money-market-account-4689730" rel="nocaes" > Money Market Accounts </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/checking-accounts-4689732" rel="nocaes" > Checking Accounts </a> </li> <li class="header-nav__sublist-item view-all"> <a href="https://www.investopedia.com/banking-4427754" rel="nocaes" > View All </a> </li> </ul> </li> <li class="header-nav__list-item"> <a href="https://www.investopedia.com/personal-finance-4427760" rel="nocaes" > Personal Finance </a> <ul class="header-nav__sublist"> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/budgeting-and-savings-4427755" rel="nocaes" > Budgeting and Saving </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/personal-loans-4689729" rel="nocaes" > Personal Loans </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/insurance-4427716" rel="nocaes" > Insurance </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/mortgage-4689703" rel="nocaes" > Mortgages </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/credit-and-debt-4689724" rel="nocaes" > Credit and Debt </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/student-loans-4689727" rel="nocaes" > Student Loans </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/taxes-4427724" rel="nocaes" > Taxes </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/credit-card-4689721" rel="nocaes" > Credit Cards </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/financial-literacy-resource-center-7151950" rel="nocaes" > Financial Literacy </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/retirement-planning-4689695" rel="nocaes" > Retirement </a> </li> <li class="header-nav__sublist-item view-all"> <a href="https://www.investopedia.com/personal-finance-4427760" rel="nocaes" > View All </a> </li> </ul> </li> <li class="header-nav__list-item"> <a href="https://www.investopedia.com/economy-4689801" rel="nocaes" > Economy </a> <ul class="header-nav__sublist"> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/government-and-policy-4689793" rel="nocaes" > Government and Policy </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/monetary-policy-4689792" rel="nocaes" > Monetary Policy </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/fiscal-policy-4689796" rel="nocaes" > Fiscal Policy </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/economics-4689800" rel="nocaes" > Economics </a> </li> <li class="header-nav__sublist-item view-all"> <a href="https://www.investopedia.com/economy-4689801" rel="nocaes" > View All </a> </li> </ul> </li> <li class="header-nav__list-item"> <a href="https://www.investopedia.com/news-4427706" rel="nocaes" > News </a> <ul class="header-nav__sublist"> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/markets-news-4427704" rel="nocaes" > Markets </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/company-news-4427705" rel="nocaes" > Companies </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/earnings-reports-5218419" rel="nocaes" > Earnings </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/certificates-deposit-news-7111770" rel="nocaes" > CD Rates </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/mortgage-rates-5184598" rel="nocaes" > Mortgage Rates </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/economic-news-5218422" rel="nocaes" > Economy </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/political-news-4689737" rel="nocaes" > Government </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/cryptocurrency-news-5114163" rel="nocaes" > Crypto </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/etf-news-5218416" rel="nocaes" > ETFs </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/personal-finance-news-5114159" rel="nocaes" > Personal Finance </a> </li> <li class="header-nav__sublist-item view-all"> <a href="https://www.investopedia.com/news-4427706" rel="nocaes" > View All </a> </li> </ul> </li> <li class="header-nav__list-item"> <a href="https://www.investopedia.com/financial-product-reviews-7110783" rel="nocaes" > Reviews </a> <ul class="header-nav__sublist"> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/best-online-brokers-4587872" rel="nocaes" > Best Online Brokers </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/best-robo-advisors-4693125" rel="nocaes" > Best Robo-Advisors </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/best-life-insurance-companies-4845858" rel="nocaes" > Best Life Insurance </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/best-high-yield-savings-accounts-4770633" rel="nocaes" > Best Savings Rates </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/best-cd-rates-4770214" rel="nocaes" > Best CD Rates </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/best-money-market-accounts-5096917" rel="nocaes" > Best Money Market Accounts </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/mortgage-rates-5094943" rel="nocaes" > Best Mortgage Rates </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/best-personal-loans-4773300" rel="nocaes" > Best Personal Loans </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/best-credit-repair-companies-4843898" rel="nocaes" > Best Credit Repair Companies </a> </li> <li class="header-nav__sublist-item"> <a href="https://www.investopedia.com/best-debt-relief-companies-4846588" rel="nocaes" > Best Debt Relief Companies </a> </li> <li class="header-nav__sublist-item view-all"> <a href="https://www.investopedia.com/financial-product-reviews-7110783" rel="nocaes" > View All </a> </li> </ul> </li> </ul> </div> </nav> <a class="header__nav-button" href="https://www.investopedia.com/simulator/?inv_to_sim=global_nav">Trade</a> <div id="utility-nav_1-0" class="comp utility-nav"> <ul class="utility-nav__list"> <li class="loc search-bar utility-nav__search utility-nav__partial-menu-item"><div id="general-search_1-0" class="comp general-search" data-tracking-container="true"> <button class="general-search__icon-button" aria-label="search"> <svg class="icon icon-search " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-search" href="#icon-search"></use> </svg> </button> <form class="general-search__form" role="search" action="/search" method="get"> <div class="general-search__input-group input-group"> <label for="general-search__search-input" class="is-vishidden">Search</label> <input type="text" name="q" id="general-search__search-input" class="general-search__input" placeholder="What are you looking for?" type="text" required="required" value="" autocomplete="off" /> <button class="general-search__button button--contained-standard-square"> <span class="is-vishidden">Search</span> <svg class="icon icon-search " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-search" href="#icon-search"></use> </svg> </button> <button class="general-search__close" aria-label="Close search bar"> <svg class="icon icon-close " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-close" href="#icon-close"></use> </svg> </button> </div> </form> <div class="loc validation-message"><div id="general-search__validation-message_1-0" class="comp general-search__validation-message message-banner--informational message-banner is-hidden message-banner--informational"> <svg class="icon icon-info message-banner__prefix-icon message-banner__icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-info" href="#icon-info"></use> </svg> <span class="message-banner__text "> Please fill out this field. </span> <button class="message-banner__close-button js-message-banner-close" aria-label="Close informational Banner"> <svg class="icon icon-close message-banner__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-close" href="#icon-close"></use> </svg> </button> </div> </div></div> </li> </ul> </div> </div> <div class="header__nav-panel"> <nav id="fullscreen-nav_1-0" class="comp fullscreen-nav " role="navigation" data-tracking-container="true"> <div id="fullscreen-nav__search_1-0" class="comp fullscreen-nav__search general-search" data-tracking-container="true"> <form class="fullscreen-nav__search__form" role="search" action="/search" method="get"> <div class="general-search__input-group input-group"> <label for="fullscreen-nav__search__search-input" class="is-vishidden">Search</label> <input type="text" name="q" id="fullscreen-nav__search__search-input" class="general-search__input" placeholder="What are you looking for?" type="text" required="required" value="" autocomplete="off" /> <button class="general-search__button button--contained-standard-square"> <span class="is-vishidden">Search</span> <svg class="icon icon-search " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-search" href="#icon-search"></use> </svg> </button> </div> </form> <div class="loc validation-message"><div id="general-search__validation-message_2-0" class="comp general-search__validation-message message-banner--informational message-banner is-hidden message-banner--informational"> <svg class="icon icon-info message-banner__prefix-icon message-banner__icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-info" href="#icon-info"></use> </svg> <span class="message-banner__text "> Please fill out this field. </span> <button class="message-banner__close-button js-message-banner-close" aria-label="Close informational Banner"> <svg class="icon icon-close message-banner__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-close" href="#icon-close"></use> </svg> </button> </div> </div></div> <ul class="fullscreen-nav__list"> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/investing-4427685" class="fullscreen-nav__title " aria-expanded="false" aria-controls="fullscreen-nav__sublist-investing-fullscreen-nav"> Investing <svg class="icon icon-chevron_right " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-chevron_right" href="#icon-chevron_right"></use> </svg> </a> <div class="fullscreen-nav__sublist-container" id="fullscreen-nav__sublist-investing-fullscreen-nav"> <div class="fullscreen-nav__sublist-header"> <button class="fullscreen-nav__sublist-back-button" role="button" aria-label="Back to main menu"> <svg class="icon icon-arrow_left " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow_left" href="#icon-arrow_left"></use> </svg> <span class="fullscreen-nav__sublist-header-text ">Investing</span> </button> </div> <ul class="fullscreen-nav__sublist"> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/stocks-4427785" rel="nocaes" > Stocks </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/cryptocurrency-4427699" rel="nocaes" > Cryptocurrency </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/bonds-4689778" rel="nocaes" > Bonds </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/etfs-4427784" rel="nocaes" > ETFs </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/options-and-derivatives-trading-4689663" rel="nocaes" > Options and Derivatives </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/commodities-4427780" rel="nocaes" > Commodities </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/trading-4427765" rel="nocaes" > Trading </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/financial-technology-and-automated-investing-4689759" rel="nocaes" > Automated Investing </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/brokers-4689772" rel="nocaes" > Brokers </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/fundamental-analysis-4689757" rel="nocaes" > Fundamental Analysis </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/markets/" rel="nocaes" > Markets </a> </li> <li class="fullscreen-nav__sublist-item view-all"> <a href="https://www.investopedia.com/investing-4427685" rel="nocaes" > View All </a> </li> </ul> </div> </li> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/simulator/?inv_to_sim=global_nav" class="fullscreen-nav__title " aria-expanded="false" aria-controls="fullscreen-nav__sublist-simulator-fullscreen-nav"> Simulator <svg class="icon icon-chevron_right " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-chevron_right" href="#icon-chevron_right"></use> </svg> </a> <div class="fullscreen-nav__sublist-container" id="fullscreen-nav__sublist-simulator-fullscreen-nav"> <div class="fullscreen-nav__sublist-header"> <button class="fullscreen-nav__sublist-back-button" role="button" aria-label="Back to main menu"> <svg class="icon icon-arrow_left " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow_left" href="#icon-arrow_left"></use> </svg> <span class="fullscreen-nav__sublist-header-text ">Simulator</span> </button> </div> <ul class="fullscreen-nav__sublist"> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/portfolio" rel="nocaes" > Login / Portfolio </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/trade/stocks" rel="nocaes" > Trade </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/research" rel="nocaes" > Research </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/games/my-games" rel="nocaes" > My Games </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/simulator/games" rel="nocaes" > Leaderboard </a> </li> </ul> </div> </li> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/banking-4427754" class="fullscreen-nav__title " aria-expanded="false" aria-controls="fullscreen-nav__sublist-banking-fullscreen-nav"> Banking <svg class="icon icon-chevron_right " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-chevron_right" href="#icon-chevron_right"></use> </svg> </a> <div class="fullscreen-nav__sublist-container" id="fullscreen-nav__sublist-banking-fullscreen-nav"> <div class="fullscreen-nav__sublist-header"> <button class="fullscreen-nav__sublist-back-button" role="button" aria-label="Back to main menu"> <svg class="icon icon-arrow_left " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow_left" href="#icon-arrow_left"></use> </svg> <span class="fullscreen-nav__sublist-header-text ">Banking</span> </button> </div> <ul class="fullscreen-nav__sublist"> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/savings-accounts-4689728" rel="nocaes" > Savings Accounts </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/certificate-of-deposits-4689733" rel="nocaes" > Certificates of Deposit (CDs) </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/money-market-account-4689730" rel="nocaes" > Money Market Accounts </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/checking-accounts-4689732" rel="nocaes" > Checking Accounts </a> </li> <li class="fullscreen-nav__sublist-item view-all"> <a href="https://www.investopedia.com/banking-4427754" rel="nocaes" > View All </a> </li> </ul> </div> </li> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/personal-finance-4427760" class="fullscreen-nav__title " aria-expanded="false" aria-controls="fullscreen-nav__sublist-personal-finance-fullscreen-nav"> Personal Finance <svg class="icon icon-chevron_right " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-chevron_right" href="#icon-chevron_right"></use> </svg> </a> <div class="fullscreen-nav__sublist-container" id="fullscreen-nav__sublist-personal-finance-fullscreen-nav"> <div class="fullscreen-nav__sublist-header"> <button class="fullscreen-nav__sublist-back-button" role="button" aria-label="Back to main menu"> <svg class="icon icon-arrow_left " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow_left" href="#icon-arrow_left"></use> </svg> <span class="fullscreen-nav__sublist-header-text ">Personal Finance</span> </button> </div> <ul class="fullscreen-nav__sublist"> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/budgeting-and-savings-4427755" rel="nocaes" > Budgeting and Saving </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/personal-loans-4689729" rel="nocaes" > Personal Loans </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/insurance-4427716" rel="nocaes" > Insurance </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/mortgage-4689703" rel="nocaes" > Mortgages </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/credit-and-debt-4689724" rel="nocaes" > Credit and Debt </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/student-loans-4689727" rel="nocaes" > Student Loans </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/taxes-4427724" rel="nocaes" > Taxes </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/credit-card-4689721" rel="nocaes" > Credit Cards </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/financial-literacy-resource-center-7151950" rel="nocaes" > Financial Literacy </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/retirement-planning-4689695" rel="nocaes" > Retirement </a> </li> <li class="fullscreen-nav__sublist-item view-all"> <a href="https://www.investopedia.com/personal-finance-4427760" rel="nocaes" > View All </a> </li> </ul> </div> </li> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/economy-4689801" class="fullscreen-nav__title " aria-expanded="false" aria-controls="fullscreen-nav__sublist-economy-fullscreen-nav"> Economy <svg class="icon icon-chevron_right " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-chevron_right" href="#icon-chevron_right"></use> </svg> </a> <div class="fullscreen-nav__sublist-container" id="fullscreen-nav__sublist-economy-fullscreen-nav"> <div class="fullscreen-nav__sublist-header"> <button class="fullscreen-nav__sublist-back-button" role="button" aria-label="Back to main menu"> <svg class="icon icon-arrow_left " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow_left" href="#icon-arrow_left"></use> </svg> <span class="fullscreen-nav__sublist-header-text ">Economy</span> </button> </div> <ul class="fullscreen-nav__sublist"> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/government-and-policy-4689793" rel="nocaes" > Government and Policy </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/monetary-policy-4689792" rel="nocaes" > Monetary Policy </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/fiscal-policy-4689796" rel="nocaes" > Fiscal Policy </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/economics-4689800" rel="nocaes" > Economics </a> </li> <li class="fullscreen-nav__sublist-item view-all"> <a href="https://www.investopedia.com/economy-4689801" rel="nocaes" > View All </a> </li> </ul> </div> </li> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/news-4427706" class="fullscreen-nav__title " aria-expanded="false" aria-controls="fullscreen-nav__sublist-news-fullscreen-nav"> News <svg class="icon icon-chevron_right " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-chevron_right" href="#icon-chevron_right"></use> </svg> </a> <div class="fullscreen-nav__sublist-container" id="fullscreen-nav__sublist-news-fullscreen-nav"> <div class="fullscreen-nav__sublist-header"> <button class="fullscreen-nav__sublist-back-button" role="button" aria-label="Back to main menu"> <svg class="icon icon-arrow_left " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow_left" href="#icon-arrow_left"></use> </svg> <span class="fullscreen-nav__sublist-header-text ">News</span> </button> </div> <ul class="fullscreen-nav__sublist"> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/markets-news-4427704" rel="nocaes" > Markets </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/company-news-4427705" rel="nocaes" > Companies </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/earnings-reports-5218419" rel="nocaes" > Earnings </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/certificates-deposit-news-7111770" rel="nocaes" > CD Rates </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/mortgage-rates-5184598" rel="nocaes" > Mortgage Rates </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/economic-news-5218422" rel="nocaes" > Economy </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/political-news-4689737" rel="nocaes" > Government </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/cryptocurrency-news-5114163" rel="nocaes" > Crypto </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/etf-news-5218416" rel="nocaes" > ETFs </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/personal-finance-news-5114159" rel="nocaes" > Personal Finance </a> </li> <li class="fullscreen-nav__sublist-item view-all"> <a href="https://www.investopedia.com/news-4427706" rel="nocaes" > View All </a> </li> </ul> </div> </li> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/financial-product-reviews-7110783" class="fullscreen-nav__title " aria-expanded="false" aria-controls="fullscreen-nav__sublist-reviews-fullscreen-nav"> Reviews <svg class="icon icon-chevron_right " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-chevron_right" href="#icon-chevron_right"></use> </svg> </a> <div class="fullscreen-nav__sublist-container" id="fullscreen-nav__sublist-reviews-fullscreen-nav"> <div class="fullscreen-nav__sublist-header"> <button class="fullscreen-nav__sublist-back-button" role="button" aria-label="Back to main menu"> <svg class="icon icon-arrow_left " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow_left" href="#icon-arrow_left"></use> </svg> <span class="fullscreen-nav__sublist-header-text ">Reviews</span> </button> </div> <ul class="fullscreen-nav__sublist"> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/best-online-brokers-4587872" rel="nocaes" > Best Online Brokers </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/best-robo-advisors-4693125" rel="nocaes" > Best Robo-Advisors </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/best-life-insurance-companies-4845858" rel="nocaes" > Best Life Insurance </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/best-high-yield-savings-accounts-4770633" rel="nocaes" > Best Savings Rates </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/best-cd-rates-4770214" rel="nocaes" > Best CD Rates </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/best-money-market-accounts-5096917" rel="nocaes" > Best Money Market Accounts </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/mortgage-rates-5094943" rel="nocaes" > Best Mortgage Rates </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/best-personal-loans-4773300" rel="nocaes" > Best Personal Loans </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/best-credit-repair-companies-4843898" rel="nocaes" > Best Credit Repair Companies </a> </li> <li class="fullscreen-nav__sublist-item"> <a href="https://www.investopedia.com/best-debt-relief-companies-4846588" rel="nocaes" > Best Debt Relief Companies </a> </li> <li class="fullscreen-nav__sublist-item view-all"> <a href="https://www.investopedia.com/financial-product-reviews-7110783" rel="nocaes" > View All </a> </li> </ul> </div> </li> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/financial-term-dictionary-4769738" rel="nocaes" class="fullscreen-nav__link" > Financial Terms </a> </li> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/investopedia-newsletter-opt-in-7095821" rel="nocaes" class="fullscreen-nav__link" > Newsletter </a> </li> <li class="fullscreen-nav__list-item"> <a href="https://www.investopedia.com/about-us-5093223" rel="nocaes" class="fullscreen-nav__link" > About Us </a> </li> </ul> <div id="utility-nav_2-0" class="comp utility-nav"> <ul class="utility-nav__list"> </ul> </div> <div id="header-social-nav_1-0" class="comp header-social-nav mntl-social-nav" data-tracking-container="true"> <div class="social-nav__title">Follow Us</div> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--facebook"> <a href="https://www.facebook.com/Investopedia/" target="_blank" rel="noopener nocaes" class="social-nav__link social-nav__link--facebook" aria-label="Visit Investopedia's Facebook" > <svg class="icon icon-facebook social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-facebook" href="#icon-facebook"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--instagram"> <a href="https://www.instagram.com/investopedia/?hl=en" target="_blank" rel="noopener nocaes" class="social-nav__link social-nav__link--instagram" aria-label="Visit Investopedia's Instagram" > <svg class="icon icon-instagram social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-instagram" href="#icon-instagram"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/company/investopedia-ulc" target="_blank" rel="noopener nofollow sponsored noskim" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Investopedia's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--tiktok"> <a href="https://www.tiktok.com/@investopedia" target="_blank" rel="noopener nofollow sponsored noskim" class="social-nav__link social-nav__link--tiktok" aria-label="Visit Investopedia's TikTok" > <svg class="icon icon-tiktok social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-tiktok" href="#icon-tiktok"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--x"> <a href="https://twitter.com/investopedia" target="_blank" rel="noopener nocaes" class="social-nav__link social-nav__link--x" aria-label="Visit Investopedia's X" > <svg class="icon icon-x social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-x" href="#icon-x"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--youtube"> <a href="https://www.youtube.com/c/investopedia" target="_blank" rel="noopener nocaes" class="social-nav__link social-nav__link--youtube" aria-label="Visit Investopedia's YouTube" > <svg class="icon icon-youtube social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-youtube" href="#icon-youtube"></use> </svg> </a> </li> </ul> </div> </nav> </div> </header> <div id="mm-ads-leaderboard-header_1-0" class="comp mm-ads-leaderboard-header mm-ads-flexible-leaderboard mm-ads-flexible-ad mm-ads-gpt-adunit has-right-label gpt leaderboard "> <div id="leaderboard-flex-1" class="wrapper" ></div> </div> <div id="mm-ads-leaderboard-spacer_1-0" class="comp mm-ads-leaderboard-spacer mntl-block js-rollaway-spacer"></div><main id="main" class="loc main" role="main"><iframe id="height-change-listener" role="none" tabindex="-1" src="about:blank" aria-hidden="true"></iframe> <div id="skip-to-content" class="jump-link"></div> <article id="article--sc_1-0" class="comp article--sc article mntl-article mntl-article--three-column sc-ad-container right-rail" data-rail-bp="mntl-bp-md" data-tracking-container="true"><div class="loc article-left-rail"><div id="sticky-toc-wrapper_1-0" class="comp sticky-toc-wrapper mntl-block js-sticky-container"><div id="sticky-toc_1-0" class="comp sticky-toc mntl-sticky-toc mntl-block sticky-toc-widget" data-desktop-bp="70em"><div id="toc-wrapper_1-0" class="comp toc-wrapper mntl-toc mntl-block" data-offset="60" data-tracking-container="true"><div id="mntl-toc__inner_1-0" class="comp mntl-toc__inner mntl-block"><div id="mntl-toc__heading_1-0" class="comp mntl-toc__heading mntl-block js-toc-toggle"><span id="mntl-toc__heading-text_1-0" class="comp mntl-toc__heading-text mntl-text-block">Table of Contents</span> <div id="mntl-toc-toggle_1-0" class="comp mntl-toc-toggle mntl-block"><button id="mntl-toc-toggle__btn_1-0" class="comp mntl-toc-toggle__btn mntl-text-block js-mntl-toc-toggle" data-collapsed-text="Expand" data-expanded-text="Collapse">Expand</button></div></div> <div id="mntl-toc__mobile-toggle_1-0" class="comp mntl-toc__mobile-toggle mntl-block js-sticky-toggle"><span id="mntl-toc__heading-text_2-0" class="comp mntl-toc__heading-text mntl-text-block">Table of Contents</span> <svg class="icon icon-drawer-arrow " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-drawer-arrow" href="#icon-drawer-arrow"></use> </svg></div> <ul id="mntl-toc__list_1-0" class="comp mntl-toc__list mntl-toc__list-heading expert-content"><li id="mntl-toc__list-item_1-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_1-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-what-is-the-over-the-counter-otc-market" rel="nocaes" id="mntl-toc__list-item-link_1-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">What Is the OTC Market?</span></a></div></li> <li id="mntl-toc__list-item_2-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_2-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-understanding-otc" rel="nocaes" id="mntl-toc__list-item-link_2-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Understanding OTC</span></a></div></li> <li id="mntl-toc__list-item_3-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_3-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-types-of-otc-securities" rel="nocaes" id="mntl-toc__list-item-link_3-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Types of OTC Securities</span></a></div></li> <li id="mntl-toc__list-item_4-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_4-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-otc-markets-group" rel="nocaes" id="mntl-toc__list-item-link_4-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">OTC Markets Group</span></a></div></li> <li id="mntl-toc__list-item_5-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_5-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-pros-and-cons-of-the-otc-market" rel="nocaes" id="mntl-toc__list-item-link_5-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Pros and Cons</span></a></div></li> <li id="mntl-toc__list-item_6-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_6-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-is-the-otc-market-safe" rel="nocaes" id="mntl-toc__list-item-link_6-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">FAQs</span></a></div></li> <li id="mntl-toc__list-item_7-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_7-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-the-bottom-line" rel="nocaes" id="mntl-toc__list-item-link_7-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">The Bottom Line</span></a></div></li></ul></div></div></div></div> </div><div class="loc article-pre-content"><ul id="breadcrumbs_1-0" class="comp breadcrumbs mntl-breadcrumbs mntl-block" data-tracking-container="true"><li id="mntl-breadcrumbs__item_1-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/stock-trading-4689660" rel="nocaes" id="mntl-text-link_1-0" class="mntl-text-link mntl-breadcrumbs__link" data-tracking-container="true" ><span class="link__wrapper">Stock Trading</span></a></li> <li id="mntl-breadcrumbs__item_2-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/stock-trading-strategy-and-education-4689658" rel="nocaes" id="mntl-text-link_2-0" class="mntl-text-link mntl-breadcrumbs__link" data-tracking-container="true" ><span class="link__wrapper">Stock Trading Strategy & Education</span></a></li></ul> <header id="article-header_1-0" class="comp article-header mntl-block right-rail__offset js-toc-appear"><h1 id="article-heading_1-0" class="comp article-heading mntl-text-block">Over-the-Counter (OTC) Markets: Trading and Securities</h1> <div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div> <div id="article-meta_1-0" class="comp article-meta mntl-block" data-tracking-container="true"><div id="finance-bylines_1-0" class="comp finance-bylines mntl-bylines"><div id="mntl-bylines__group_1-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--author"><div id="mntl-bylines__item_1-0" class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"> <span class="mntl-attribution__item-descriptor">By</span> <div data-tooltip="Chris B. Murphy is an editor and financial writer with more than 15 years of experience covering banking and the financial markets. " tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/contributors/99607/" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Chris B. Murphy</a> <div id="mntl-author-tooltip_1-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:93.2%;"> <img data-srcset="https://www.investopedia.com/thmb/J6LcBFtmliQlFW8bOGe5yxfa-y0=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 90w" data-sizes="90px" data-src="https://www.investopedia.com/thmb/bL94JE5VhGYNuUMCQxw2FITOBC8=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg" class="lazyload mntl-author-tooltip__image" width="90" height="200" /> <noscript> <img src="https://www.investopedia.com/thmb/bL94JE5VhGYNuUMCQxw2FITOBC8=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg" srcset="https://www.investopedia.com/thmb/J6LcBFtmliQlFW8bOGe5yxfa-y0=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 90w" alt="" width="90" height="200" class="img--noscript mntl-author-tooltip__image" /> </noscript> </div> </div> <a href="https://www.investopedia.com/contributors/99607/" rel="nocaes" id="finance-author-tooltip__link_1-0" class="finance-author-tooltip__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_1-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/chris-b-murphy-56405818/" target="_blank" rel="noopener nofollow sponsored noskim" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Chris B. Murphy's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> Chris B. Murphy is an editor and financial writer with more than 15 years of experience covering banking and the financial markets. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div> <div class="mntl-attribution__item-date">Updated March 05, 2024</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <div data-tooltip="<p>Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).</p>" tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/contributors/82594/" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Gordon Scott</a> <div id="mntl-author-tooltip_2-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:117.8%;"> <img data-srcset="https://www.investopedia.com/thmb/K_Rd9ekugsSBUhCHxUi3IwMrd70=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/gordonscottphoto-5bfc26c446e0fb00265b0ed4.jpg 90w" data-sizes="90px" data-src="https://www.investopedia.com/thmb/eWY9VrfpuKSLedhb72OzmXjHymk=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/gordonscottphoto-5bfc26c446e0fb00265b0ed4.jpg" class="lazyload mntl-author-tooltip__image" width="90" height="200" /> <noscript> <img src="https://www.investopedia.com/thmb/eWY9VrfpuKSLedhb72OzmXjHymk=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/gordonscottphoto-5bfc26c446e0fb00265b0ed4.jpg" srcset="https://www.investopedia.com/thmb/K_Rd9ekugsSBUhCHxUi3IwMrd70=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/gordonscottphoto-5bfc26c446e0fb00265b0ed4.jpg 90w" alt="" width="90" height="200" class="img--noscript mntl-author-tooltip__image" /> </noscript> </div> </div> <div id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <span id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item mntl-attribution__item-name">Gordon Scott</span> </div> <a href="https://www.investopedia.com/contributors/82594/" rel="nocaes" id="finance-author-tooltip__link_2-0" class="finance-author-tooltip__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_2-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/gordonbscott/" target="_blank" rel="noopener nofollow sponsored noskim" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Chris B. Murphy's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--x"> <a href="https://twitter.com/gordonscottcmt" target="_blank" rel="noopener nocaes" data-text="Follow" class="social-nav__link social-nav__link--x" aria-label="Visit Chris B. Murphy's X" > <svg class="icon icon-x social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-x" href="#icon-x"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> <p>Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).</p> </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/investopedia-financial-review-board-5076269" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >Financial Review Board</a> </div> </div></div> </div></div> <div id="mntl-bylines__group_3-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--fact_checker"><div id="mntl-bylines__item_3-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <div data-tooltip="Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate." tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/yarilet-perez-5078533" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Yarilet Perez</a> <div id="mntl-author-tooltip_3-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:133.3%;"> <img data-srcset="https://www.investopedia.com/thmb/5mW5IB9BobHXJ7XWOUsjsk0VGBI=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/YariletPerez-d2289cb01c3c4f2aabf79ce6057e5078.jpg 90w" data-sizes="90px" data-src="https://www.investopedia.com/thmb/q-NudbPA-6T3EaVYLf7zSPiwNZ8=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/YariletPerez-d2289cb01c3c4f2aabf79ce6057e5078.jpg" alt="Yarilet Perez" class="lazyload mntl-author-tooltip__image" width="90" height="200" /> <noscript> <img src="https://www.investopedia.com/thmb/q-NudbPA-6T3EaVYLf7zSPiwNZ8=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/YariletPerez-d2289cb01c3c4f2aabf79ce6057e5078.jpg" srcset="https://www.investopedia.com/thmb/5mW5IB9BobHXJ7XWOUsjsk0VGBI=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/YariletPerez-d2289cb01c3c4f2aabf79ce6057e5078.jpg 90w" alt="Yarilet Perez" width="90" height="200" class="img--noscript mntl-author-tooltip__image" /> </noscript> </div> </div> <div id="mntl-author-tooltip__name_2-0" class="comp mntl-author-tooltip__name mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <span id="mntl-author-tooltip__name_2-0" class="comp mntl-author-tooltip__name mntl-attribution__item mntl-attribution__item-name">Yarilet Perez</span> </div> <a href="https://www.investopedia.com/yarilet-perez-5078533" rel="nocaes" id="finance-author-tooltip__link_3-0" class="finance-author-tooltip__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_3-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/yariletp/" target="_blank" rel="noopener nofollow sponsored noskim" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Chris B. Murphy's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div></div> </div></div></header> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"><div id="article__primary-video--jw_1-0" class="comp article__primary-video--jw mntl-jwplayer mm-video lazyload right-rail__offset aspectratio-16:9" data-bgset="https://cdn.jwplayer.com/v2/media/ueNdIjgd/poster.jpg?width=720" data-sizes="auto"> <video class="mntl-jwplayer__video lazyload" preload="none" data-poster="https://cdn.jwplayer.com/v2/media/ueNdIjgd/poster.jpg?width=720"></video> </div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-the-over-the-counter-otc-market"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is the Over-the-Counter (OTC) Market? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The OTC market is where securities trade via a <a href="https://www.investopedia.com/terms/b/broker-dealer.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">broker-dealer network</a> instead of on a centralized exchange like the <a href="https://www.investopedia.com/terms/n/nyse.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">New York Stock Exchange</a>. Over-the-counter trading can involve stocks, bonds, and <a href="https://www.investopedia.com/terms/d/derivative.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">derivatives</a>, which are financial contracts that derive their value from an underlying asset such as a <a href="https://www.investopedia.com/terms/c/commodity.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="4">commodity</a>. </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> When companies do not meet the requirements to list on a standard market exchange such as the NYSE, their securities can be traded OTC, but subject to some regulation by the <a href="https://www.investopedia.com/terms/s/sec.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Securities and Exchange Commission</a>. </p> <div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_7-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>Over-the-counter (OTC) market securities are traded without being listed on an exchange.</li><li>Securities trade OTC through a dealer or broker specializing in OTC markets.</li><li>OTC trading helps small investors enter the market. </li></ul></div></div></div> <figure id="mntl-sc-block_8-0" class="comp mntl-sc-block finance-sc-block-image mntl-sc-block-universal-image mntl-sc-block-image--no-theme no-theme mntl-sc-block-image inline-image figure-landscape figure-high-res"> <div class="figure-media"> <div class="img-placeholder" style="padding-bottom:66.6%;"> <img data-src="https://www.investopedia.com/thmb/cxQrwBeFDE5jUJthisrVxmMCgAo=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/otc-ff2e9e69c97649c6938ecf5f0acb1f2f.png" width="1500" height="1000" data-srcset="https://www.investopedia.com/thmb/1z3k2lkA63QO_6htosEYYFQeQoc=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/otc-ff2e9e69c97649c6938ecf5f0acb1f2f.png 750w" data-sizes="750px" alt="Over the Counter" class="lazyload universal-image__image" data-expand="300" data-hi-res-src="https://www.investopedia.com/thmb/cxQrwBeFDE5jUJthisrVxmMCgAo=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/otc-ff2e9e69c97649c6938ecf5f0acb1f2f.png" id=mntl-sc-block-image_1-0 data-tracking-container="true" data-img-lightbox="true" data-click-tracked="true" /> <noscript> <img src="https://www.investopedia.com/thmb/cxQrwBeFDE5jUJthisrVxmMCgAo=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/otc-ff2e9e69c97649c6938ecf5f0acb1f2f.png" width="1500" height="1000" class="img--noscript universal-image__image" srcset="https://www.investopedia.com/thmb/1z3k2lkA63QO_6htosEYYFQeQoc=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/otc-ff2e9e69c97649c6938ecf5f0acb1f2f.png 750w" sizes="750px" alt="Over the Counter" /> </noscript> </div> </div> <figcaption id="mntl-figure-caption_1-0" class="comp mntl-figure-caption type--mouse figure-caption figure-article-caption"> <span class="figure-article-caption-owner"><p>Investopedia / Laura Porter</p></span> </figcaption></figure> <span class="heading-toc" id="toc-understanding-otc"></span><h2 id="mntl-sc-block_9-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Understanding OTC </span> </h2> <p id="mntl-sc-block_10-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Stocks that trade via OTC are commonly smaller companies that cannot meet the exchange <a href="https://www.investopedia.com/terms/l/listingrequirements.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">listing requirements</a> of formal exchanges. Stocks that <a href="https://www.investopedia.com/ask/answers/08/otc-nyse-nasdaq.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">trade on exchanges</a> are called listed stocks, whereas stocks that trade via OTC are called unlisted stocks. Trade transactions occur through <a href="https://www.investopedia.com/terms/o/otc-markets-group-inc.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">OTC Markets Group's</a> market tiers: the <a href="https://www.investopedia.com/terms/o/otcqx.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="4">OTCQX</a>; <a href="https://www.investopedia.com/terms/o/otcqb.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="5">OTCQB</a>; and the <a href="https://www.investopedia.com/terms/o/otc-pink.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="6">Pink Open Market</a>.<span class="ql-inline-citation" data-cite="8"></span> </p> <div id="mntl-sc-block_11-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-types-of-otc-securities"></span><h2 id="mntl-sc-block_12-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Types of OTC Securities </span> </h2> <p id="mntl-sc-block_13-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <strong>Stocks:</strong> The equities that trade via OTC are often small companies prohibited by the $250,000 cost to list on the NYSE and up to $173,500 on the Nasdaq.<span class="ql-inline-citation" data-cite="12"></span><span class="ql-inline-citation" data-cite="11"></span> </p> <div id="mntl-sc-block_14-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_15-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <strong>Bonds:</strong> Bonds do not trade on a formal exchange but banks market them through broker-dealer networks and they are also considered OTC securities.<br/> </p> <div id="mntl-sc-block_16-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_17-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <strong>Derivatives:</strong> These are private contracts arranged by a broker and can be <a href="https://www.investopedia.com/terms/o/otcoptions.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">exotic options</a>, forwards, futures, or other agreements whose value is based on that of an underlying asset, like a stock.<br> </p> <div id="mntl-sc-block_18-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_19-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <strong><a href="https://www.investopedia.com/terms/a/adr.asp#:~:text=An%20American%20depositary%20receipt%20is,investors%20to%20own%20foreign%20stocks." data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">American Depositary Receipts</a> (ADRs)</strong>: These are sometimes called ADSs or bank certificates that represent a specified number of shares of a foreign stock.  </p> <div id="mntl-sc-block_20-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_21-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <strong>Foreign currencies:</strong> Currency that trades on the <a href="https://www.investopedia.com/terms/f/foreign-exchange.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Forex</a>, an over-the-counter currency exchange. </p> <div id="mntl-sc-block_22-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_23-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <strong>Cryptocurrency:</strong> Digital coins like Bitcoin and Ethereum trade on the OTC market. <br/> </p> <div id="mntl-sc-block_24-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-otc-markets-group"></span><h2 id="mntl-sc-block_25-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> OTC Markets Group </span> </h2> <p id="mntl-sc-block_26-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/terms/o/otc-markets-group-inc.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">OTC Markets Group</a> operates the OTCQX Best Market, the OTCQB Venture Market, and the Pink Open Market. Although OTC networks are not formal exchanges such as the NYSE, they still have eligibility requirements determined by the SEC.<span class="ql-inline-citation" data-cite="8"></span> </p> <div id="mntl-sc-block_27-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_28-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <strong>OTCQX:</strong> The OTCQX does not list stocks that sell for less than five dollars, known as penny stocks, shell companies, or companies going through bankruptcy. The OTCQX includes only 4% of all OTC stocks traded and requires the highest reporting standards and strictest oversight by the SEC. </p> <div id="mntl-sc-block_29-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_30-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <strong>OTCQB:</strong> Often called the "venture market" with a concentration on developing companies that report their financials to the SEC and submit to some oversight. </p> <div id="mntl-sc-block_31-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_32-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <strong>Pink Open Market: </strong>Formerly known as pink sheets, this is the riskiest level of OTC trading with no requirements to report financials or register with the Securities and Exchange Commission. Some legitimate companies exist on the Pink Open Market, however, there are many shell companies and companies with no actual business operations listed here. </p> <div id="mntl-sc-block_33-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_34-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_35-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-important" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_2-0" class="comp mntl-sc-block-callout-heading mntl-text-block"></h3> <div id="mntl-sc-block-callout-body_2-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Although Nasdaq operates as a dealer network, Nasdaq stocks are generally not classified as OTC because Nasdaq is considered a stock exchange. </p></div></div></div> <span class="heading-toc" id="toc-pros-and-cons-of-the-otc-market"></span><h2 id="mntl-sc-block_36-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Pros and Cons of the OTC Market </span> </h2> <p id="mntl-sc-block_37-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Bonds, ADRs, and derivatives trade in the OTC marketplace, however, investors face greater risk when investing in speculative OTC securities. The filing requirements between listing platforms vary and business financials may be hard to locate. </p> <div id="mntl-sc-block_38-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_39-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/ask/answers/buy-over-the-counter-stock/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Stocks trading OTC</a> are not known for their large volume of trades. Lower share volume means there may not be a ready buyer when it comes time to trade shares. Also, the spread between the bid and the asking price is usually larger as these stocks tend to be more volatile based on market or economic data. </p> <div id="mntl-sc-block_40-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_41-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The OTC marketplace is an alternative for small companies or those who <a href="https://www.investopedia.com/terms/u/unquoted_public_company.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">do not want to list or cannot list</a> on the standard exchanges. Listing on a standard exchange is an expensive and time-consuming process, and often outside the financial capabilities of many smaller companies. </p> <div id="mntl-sc-block_42-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_43-0" class="comp mntl-sc-block finance-sc-block-comparisonlist mntl-block"><div id="mntl-sc-block_44-0" class="comp mntl-sc-block mntl-sc-block-comparisonlist"> <div class="mntl-sc-block__wrapper mntl-sc-block-comparisonlist__wrapper"> <span class="mntl-sc-block__heading mntl-sc-block-comparisonlist__heading">Pros</span> <ul class="mntl-sc-block__list mntl-sc-block-comparisonlist__list"> <li><p>OTC provides access to securities not available on standard exchanges such as bonds, ADRs, and derivatives.</p></li> <li><p>Fewer regulations on the OTC allows the entry of many companies who can not, or choose not to, list on other exchanges.</p></li> <li><p>Through the trade of low-cost, penny stock, speculative investors can earn significant returns.</p></li> </ul> </div> <div class="mntl-sc-block__wrapper mntl-sc-block-comparisonlist__wrapper"> <span class="mntl-sc-block__heading mntl-sc-block-comparisonlist__heading">Cons</span> <ul class="mntl-sc-block__list mntl-sc-block-comparisonlist__list"> <li><p>OTC stocks have less trade liquidity due to low volume which leads to delays in finalizing the trade and wide bid-ask spreads.</p></li> <li><p>Less regulation leads to less available public information, the chance of outdated information, and the possibility of fraud.</p></li> <li><p>OTC stocks are prone to make volatile moves on the release of market and economic data.</p></li> </ul> </div> </div></div> <div id="mntl-sc-block_45-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_46-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-is-the-otc-market-safe"></span> <h2 class="mntl-sc-block-questionandanswer__question">Is the OTC Market Safe?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>The OTC market is generally considered risky due to lenient reporting requirements and lower transparency associated with these securities. Many stocks that trade OTC have a lower share price and may be highly volatile. While some stocks in the OTC market are eventually listed on the major exchanges, other OTC stocks fail.</p></div> </div> <div id="mntl-sc-block_47-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_48-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-how-does-an-investor-buy-a-security-on-the-otc-market"></span> <h2 class="mntl-sc-block-questionandanswer__question">How Does an Investor Buy a Security on the OTC Market?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>To buy a security on the OTC market, investors identify the specific security to purchase and the amount to invest. OTCQX is one of the marketplaces for OTC stocks. Most brokers that sell exchange-listed securities also sell OTC securities electronically on a online platform or via a telephone.</p></div> </div> <div id="mntl-sc-block_49-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_50-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-is-an-over-the-counter-derivative"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Is an Over-the-Counter Derivative?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>An over-the-counter derivative is any derivative security traded in the OTC marketplace. A derivative is a financial security whose value is determined by an underlying asset, such as a stock or a commodity. An owner of a derivative does not own the underlying asset, in derivatives such as commodity futures, it is possible to take delivery of the physical asset after the derivative contract expires.</p></div> </div> <div id="mntl-sc-block_51-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-the-bottom-line"></span><h2 id="mntl-sc-block_52-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> The Bottom Line </span> </h2> <p id="mntl-sc-block_53-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The over-the-counter (OTC) market helps investors trade securities via a broker-dealer network instead of on a centralized exchange like the New York Stock Exchange. Although OTC networks are not formal exchanges, they still have eligibility requirements determined by the SEC. </p></div> <div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div> <div id="textnote_1-0" class="comp textnote mm-ads-gpt-adunit gpt textnote "> <div id="textnote" class="wrapper" ></div> </div></div> </div><div class="loc article-post-content"><div id="article-sources_1-0" class="comp article-sources mntl-article-sources mntl-expandable-block" data-scroll-offset="100"><div class="loc toggle-content"><div id="mntl-article-sources__wrapper_1-0" class="comp mntl-article-sources__wrapper mntl-block article-sources__wrapper" data-click-tracked="true"><div id="mntl-article-sources__heading_1-0" class="comp mntl-article-sources__heading mntl-text-block article-sources__heading">Article Sources</div> <div id="mntl-article-sources__icon-wrapper_1-0" class="comp mntl-article-sources__icon-wrapper mntl-block article-sources__icon-wrapper"><div id="article-sources__show-icon_1-0" class="comp article-sources__show-icon mntl-block"></div> <div id="article-sources__hide-icon_1-0" class="comp article-sources__hide-icon mntl-block"></div></div></div> </div><div class="loc expandable-content"> <div id="article-sources__disclaimer_1-0" class="comp article-sources__disclaimer mntl-block">Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our <a href="https://www.investopedia.com/legal-4768893#EditorialPolicy" rel="nocaes" id="article-sources__disclaimer-text-link_1-0" class="article-sources__disclaimer-text-link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">editorial policy.</span></a></div> <div id="mntl-article-sources__citation-sources-1_1-0" class="comp mntl-article-sources__citation-sources-1 mntl-citation-sources mntl-sources" data-tracking-container="true"> <ol class="mntl-sources__content"> <li class="mntl-sources__source" id="citation-8"><p>OTC Markets. "<a href="https://www.otcmarkets.com/about/our-company" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">About</a>."</p></li> <li class="mntl-sources__source" id="citation-12"><p>Nasdaq. "<a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5900-series" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Rules</a>."</p></li> <li class="mntl-sources__source" id="citation-11"><p>NYSE. "<a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Listing_Fee_Schedule.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Listing Fees</a>," Page 1.</p></li> </ol> </div> </div></div> <div id="performance-marketing_1-0" class="comp performance-marketing mntl-block "><div id="gam-ad-table_1-0" class="comp gam-ad-table ad-table mntl-block"><div id="brokertable--v2_1-0" class="comp brokertable--v2 brokertable finance-ad-table mm-ads-ad-table mntl-block ad-table--v2" data-ad-table="brokertable2-"><div id="mm-ads-ad-table__heading_1-0" class="comp mm-ads-ad-table__heading mntl-text-block">Compare Accounts</div> <div id="mm-ads-ad-table__disclosure_1-0" class="comp mm-ads-ad-table__disclosure mntl-block" data-tracking-container="true"><button id="mm-ads-ad-table__disclosure-label_1-0" class="comp mm-ads-ad-table__disclosure-label mntl-button"> Advertiser Disclosure </button> <div id="mm-ads-ad-table__disclosure-description_1-0" class="comp mm-ads-ad-table__disclosure-description mntl-block"><div id="mm-ads-ad-table__disclosure-close_1-0" class="comp mm-ads-ad-table__disclosure-close mntl-text-block">×</div> <div id="mm-ads-ad-table__disclosure-content_1-0" class="comp mm-ads-ad-table__disclosure-content mntl-text-block">The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.</div></div></div> <div id="mm-ads-ad-table__content_1-0" class="comp mm-ads-ad-table__content mntl-block"><div id="mm-ads-ad-table-column_1-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="brokertable2-1" class="wrapper" data-type="adtable" data-pos="brokertable2-1" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div> <div id="mm-ads-ad-table-column_2-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="brokertable2-2" class="wrapper" data-type="adtable" data-pos="brokertable2-2" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div> <div id="mm-ads-ad-table-column_3-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="brokertable2-3" class="wrapper" data-type="adtable" data-pos="brokertable2-3" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div></div></div> </div><div class="loc article-right-rail"><div id="mm-ads-right-rail_1-0" class="comp mm-ads-right-rail mntl-block"><div id="sc-billboard-group_1-0" class="comp sc-billboard-group mntl-block js-scads-inline-content"><div id="mntl-block_1-0" class="comp mntl-block"><div id="fin-billboard1-sticky-dynamic_1-0" class="comp fin-billboard1-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="1050" style="height: 1050px;"><div id="mm-ads-sc-sticky-square-ad_1-0" class="comp mm-ads-sc-sticky-square-ad billboard1-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-flex-1" class="wrapper" data-type="square" data-pos="atf" data-priority="2" data-sizes="[[300, 250],[300, 600],[300, 1050],[160, 600]]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_2-0" class="comp mntl-block"><div id="fin-billboard2-sticky-dynamic_1-0" class="comp fin-billboard2-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_2-0" class="comp mm-ads-sc-sticky-square-ad billboard2-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-flex-2" class="wrapper" data-type="square" data-pos="btf1" data-priority="3" data-sizes="[[300, 250],[300, 600],[300, 601],[160, 600], "fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_3-0" class="comp mntl-block"><div id="fin-billboard3-sticky-dynamic_1-0" class="comp fin-billboard3-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_3-0" class="comp mm-ads-sc-sticky-square-ad billboard3-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf2" data-priority="5" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_4-0" class="comp mntl-block"><div id="native_1-0" class="comp native mm-ads-native " style="--native-ad-height: auto"><div id="mm-ads-native__adunit_1-0" class="comp mm-ads-native__adunit mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit scads-to-load gpt native dynamic"> <div id="native" class="wrapper" data-type="native" data-pos="native" data-priority="4" data-sizes="[[1, 3],"fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div> <div id="mid-brokertable_1-0" class="comp mid-brokertable finance-ad-table mm-ads-ad-table mntl-block dynamic-inline" data-ad-table="mid-brokertable2-"><div id="mm-ads-ad-table__heading_2-0" class="comp mm-ads-ad-table__heading mntl-text-block">Take the Next Step to Invest</div> <div id="mm-ads-ad-table__disclosure_2-0" class="comp mm-ads-ad-table__disclosure mntl-block" data-tracking-container="true"><button id="mm-ads-ad-table__disclosure-label_2-0" class="comp mm-ads-ad-table__disclosure-label mntl-button"> Advertiser Disclosure </button> <div id="mm-ads-ad-table__disclosure-description_2-0" class="comp mm-ads-ad-table__disclosure-description mntl-block"><div id="mm-ads-ad-table__disclosure-close_2-0" class="comp mm-ads-ad-table__disclosure-close mntl-text-block">×</div> <div id="mm-ads-ad-table__disclosure-content_2-0" class="comp mm-ads-ad-table__disclosure-content mntl-text-block">The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.</div></div></div> <div id="mm-ads-ad-table__content_2-0" class="comp mm-ads-ad-table__content mntl-block"><div id="mm-ads-ad-table-column_4-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="mid-brokertable2-1" class="wrapper" data-type="adtable" data-pos="mid-brokertable2-1" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div> <div id="mm-ads-ad-table-column_5-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="mid-brokertable2-2" class="wrapper" data-type="adtable" data-pos="mid-brokertable2-2" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div> <div id="mm-ads-ad-table-column_6-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="mid-brokertable2-3" class="wrapper" data-type="adtable" data-pos="mid-brokertable2-3" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div></div> <div id="mntl-block_5-0" class="comp mntl-block"><div id="fin-billboard4-sticky-dynamic_1-0" class="comp fin-billboard4-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_4-0" class="comp mm-ads-sc-sticky-square-ad billboard4-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf3" data-priority="6" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_6-0" class="comp mntl-block"><div id="fin-billboard5-sticky-dynamic_1-0" class="comp fin-billboard5-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_5-0" class="comp mm-ads-sc-sticky-square-ad billboard5-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf4" data-priority="7" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_7-0" class="comp mntl-block"><div id="fin-billboard6-sticky-dynamic_1-0" class="comp fin-billboard6-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_6-0" class="comp mm-ads-sc-sticky-square-ad billboard6-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf5" data-priority="8" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_8-0" class="comp mntl-block"><div id="fin-billboard7-sticky-dynamic_1-0" class="comp fin-billboard7-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_7-0" class="comp mm-ads-sc-sticky-square-ad billboard7-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf6" data-priority="9" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_9-0" class="comp mntl-block"></div> <div id="mntl-block_10-0" class="comp mntl-block"></div> <div id="mntl-block_11-0" class="comp mntl-block"></div></div></div> </div></article> <div id="related-recirc-section_1-0" class="comp related-recirc-section mntl-block" data-tracking-container="true"><div id="slot-1_1-0" class="comp slot-1 related-recirc-section--terms mntl-block" data-tracking-container="true"><div id="related-terms_1-0" class="comp related-terms mntl-block"><div id="related-terms__heading_1-0" class="comp related-terms__heading mntl-text-block">Related Terms</div> <div id="related-terms__list_1-0" class="comp related-terms__list mntl-block"><div id="relates-terms__content_1-0" class="comp relates-terms__content mntl-block"><a href="https://www.investopedia.com/terms/h/halloween-strategy.asp" rel="nocaes" id="related-terms__title_1-0" class="related-terms__title mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Halloween Strategy: What It Means, How It Works</span></a> <div id="related-terms__description_1-0" class="comp related-terms__description mntl-text-block">Halloween strategy is a trading tactic, which posits that stocks perform better from Oct. 31 to May 1 than they do during the rest of the year.</div> <a href="https://www.investopedia.com/terms/h/halloween-strategy.asp" rel="nocaes" id="related-terms__read-more_1-0" class="related-terms__read-more mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">more</span></a></div></div> <div id="related-terms__list_2-0" class="comp related-terms__list mntl-block"><div id="relates-terms__content_2-0" class="comp relates-terms__content mntl-block"><a href="https://www.investopedia.com/terms/r/rsi.asp" rel="nocaes" id="related-terms__title_2-0" class="related-terms__title mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Relative Strength Index (RSI) Indicator Explained With Formula</span></a> <div id="related-terms__description_2-0" class="comp related-terms__description mntl-text-block">The Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to analyze overbought or oversold conditions.</div> <a href="https://www.investopedia.com/terms/r/rsi.asp" rel="nocaes" id="related-terms__read-more_2-0" class="related-terms__read-more mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">more</span></a></div></div> <div id="related-terms__list_3-0" class="comp related-terms__list mntl-block"><div id="relates-terms__content_3-0" class="comp relates-terms__content mntl-block"><a href="https://www.investopedia.com/terms/b/blocked-period.asp" rel="nocaes" id="related-terms__title_3-0" class="related-terms__title mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Blocked Period: What It Means, How It Works, Example</span></a> <div id="related-terms__description_3-0" class="comp related-terms__description mntl-text-block">The blocked period refers to the length of time in which an investor’s securities are prevented from being accessed.</div> <a href="https://www.investopedia.com/terms/b/blocked-period.asp" rel="nocaes" id="related-terms__read-more_3-0" class="related-terms__read-more mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">more</span></a></div></div> <div id="related-terms__list_4-0" class="comp related-terms__list mntl-block"><div id="relates-terms__content_4-0" class="comp relates-terms__content mntl-block"><a href="https://www.investopedia.com/terms/t/tenderoffer.asp" rel="nocaes" id="related-terms__title_4-0" class="related-terms__title mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Tender Offer Definition: How It Works, With Example</span></a> <div id="related-terms__description_4-0" class="comp related-terms__description mntl-text-block">A tender offer is an offer to purchase some or all of shareholders' shares in a corporation.</div> <a href="https://www.investopedia.com/terms/t/tenderoffer.asp" rel="nocaes" id="related-terms__read-more_4-0" class="related-terms__read-more mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">more</span></a></div></div> <div id="related-terms__list_5-0" class="comp related-terms__list mntl-block"><div id="relates-terms__content_5-0" class="comp relates-terms__content mntl-block"><a href="https://www.investopedia.com/terms/i/insidertrading.asp" rel="nocaes" id="related-terms__title_5-0" class="related-terms__title mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">What Is Insider Trading and When Is It Legal?</span></a> <div id="related-terms__description_5-0" class="comp related-terms__description mntl-text-block">Insider trading is using material nonpublic information to trade stocks and is illegal unless that information is public or not material.</div> <a href="https://www.investopedia.com/terms/i/insidertrading.asp" rel="nocaes" id="related-terms__read-more_5-0" class="related-terms__read-more mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">more</span></a></div></div> <div id="related-terms__list_6-0" class="comp related-terms__list mntl-block"><div id="relates-terms__content_6-0" class="comp relates-terms__content mntl-block"><a href="https://www.investopedia.com/terms/f/fullydilutedshares.asp" rel="nocaes" id="related-terms__title_6-0" class="related-terms__title mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Definition of Fully Diluted Shares and How You Calculate Dilution</span></a> <div id="related-terms__description_6-0" class="comp related-terms__description mntl-text-block">Fully diluted shares represent the total number of shares that will be outstanding after all possible sources of conversion are exercised.</div> <a href="https://www.investopedia.com/terms/f/fullydilutedshares.asp" rel="nocaes" id="related-terms__read-more_6-0" class="related-terms__read-more mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">more</span></a></div></div></div></div> <div id="leaderboardfooter_1-0" class="comp leaderboardfooter leaderboard--lazy leaderboard mm-ads-flexible-leaderboard mm-ads-flexible-ad mm-ads-gpt-adunit has-right-label visible-overflow js-lazy-ad gpt leaderboard dynamic"> <div id="leaderboardfooter-flex-1" class="wrapper" data-type="leaderboard" data-pos="ft1" data-priority="6" data-sizes="[[728, 90], [970, 250], [970, 258], "fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div> <div id="slot-2_1-0" class="comp slot-2 related-recirc-section--articles mntl-block" data-tracking-container="true"><section id="related-articles_1-0" class="comp related-articles" data-tracking-container="true"> <span class="related-articles__header type--camel"> Related Articles </span> <div class="loc recirc-content"><div id="related-articles__card-list-1_1-0" class="comp related-articles__card-list-1 card-list--related-articles mntl-document-card-list mntl-card-list mntl-block" data-chunk="36"><a id="mntl-card-list-items_1-0" class="comp mntl-card-list-items mntl-document-card mntl-card related-articles__link card" data-doc-id="4222796" data-tax-levels href="https://www.investopedia.com/investing/market-capitalization-defined/" data-ordinal="1" data-cta="Read Now ▸"> <div class="card__media" data-tag="Stock Trading Strategy & Education"> <img data-src="https://www.investopedia.com/thmb/JgRrgvfVO3wNvD75PbH0aJwo-HI=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-1018268104-3b7b4e160dd14c62a4575321e8a3831c.jpg" alt="A trader works at a desk on the floor of the New York Stock Exchange, sitting with his back to the camera beneath an American flag." class="lazyload card__img " width="400" height="300" data-dim-ratio="1.5" /> <noscript> <img src="https://www.investopedia.com/thmb/JgRrgvfVO3wNvD75PbH0aJwo-HI=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-1018268104-3b7b4e160dd14c62a4575321e8a3831c.jpg" alt="A trader works at a desk on the floor of the New York Stock Exchange, sitting with his back to the camera beneath an American flag." width="400" height="300" class="img--noscript card__img " /> </noscript> </div> <div class="card__content " data-tag="Stock Trading Strategy & Education"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">Market Capitalization: What It Is, Formula for Calculating It</span></span> <div class="card__byline mntl-card__byline " data-byline="By Shobhit Seth"></div> </div> </a> <a id="mntl-card-list-items_2-0" class="comp mntl-card-list-items mntl-document-card mntl-card related-articles__link card" data-doc-id="4229201" data-tax-levels href="https://www.investopedia.com/articles/stocks/09/five-ways-double-investment.asp" data-ordinal="2" data-cta="Read Now ▸"> <div class="card__media" data-tag="Stock Trading Strategy & Education"> <img data-src="https://www.investopedia.com/thmb/JPHhmzxARNzkorfA2r2BB58JpIw=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-2155369082-8354a59fc73a4fe8a8f8c6ab9e7f1e26.jpg" alt="Investor looking at her account balance on a mobile device" class="lazyload card__img " width="400" height="300" data-dim-ratio="1.499" /> <noscript> <img src="https://www.investopedia.com/thmb/JPHhmzxARNzkorfA2r2BB58JpIw=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-2155369082-8354a59fc73a4fe8a8f8c6ab9e7f1e26.jpg" alt="Investor looking at her account balance on a mobile device" width="400" height="300" class="img--noscript card__img " /> </noscript> </div> <div class="card__content " data-tag="Stock Trading Strategy & Education"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">How to Double Your Money</span></span> <div class="card__byline mntl-card__byline " data-byline="By Ken Clark"></div> </div> </a> <a id="mntl-card-list-items_3-0" class="comp mntl-card-list-items mntl-document-card mntl-card related-articles__link card" data-doc-id="4227501" data-tax-levels href="https://www.investopedia.com/ask/answers/05/042205.asp" data-ordinal="3" data-cta="Read Now ▸"> <div class="card__media" data-tag="Stock Trading Strategy & Education"> <img data-src="https://www.investopedia.com/thmb/YEXtJTUKCAyOeH3i47QqR0vnmPE=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/options-lrg-3-5bfc2b2046e0fb005144ca9d.jpg" class="lazyload card__img " width="400" height="300" data-dim-ratio="1.096" /> <noscript> <img src="https://www.investopedia.com/thmb/YEXtJTUKCAyOeH3i47QqR0vnmPE=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/options-lrg-3-5bfc2b2046e0fb005144ca9d.jpg" alt="" width="400" height="300" class="img--noscript card__img " /> </noscript> </div> <div class="card__content " data-tag="Stock Trading Strategy & Education"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">How To Buy Stocks: Tips for Getting Started</span></span> <div class="card__byline mntl-card__byline " data-byline="By Adam Hayes"></div> </div> </a> <a id="mntl-card-list-items_4-0" class="comp mntl-card-list-items mntl-document-card mntl-card related-articles__link card" data-doc-id="4228997" data-tax-levels href="https://www.investopedia.com/articles/trading/03/010603.asp" data-ordinal="4" data-cta="Read Now ▸"> <div class="card__media" data-tag="Stock Trading Strategy & Education"> <img data-src="https://www.investopedia.com/thmb/e9xplN3HHvT0JCIALr6E158AC4E=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-994764592-141dcd15f5d74830b93ce7a89fa0b2b9.jpg" alt="Person checking stocks on a smart phone." class="lazyload card__img " width="400" height="300" data-dim-ratio="1.5" /> <noscript> <img src="https://www.investopedia.com/thmb/e9xplN3HHvT0JCIALr6E158AC4E=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-994764592-141dcd15f5d74830b93ce7a89fa0b2b9.jpg" alt="Person checking stocks on a smart phone." width="400" height="300" class="img--noscript card__img " /> </noscript> </div> <div class="card__content " data-tag="Stock Trading Strategy & Education"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">How to Read the Psychological State of the Market with Technical Indicators</span></span> <div class="card__byline mntl-card__byline " data-byline="By Caroline Banton"></div> </div> </a> <a id="mntl-card-list-items_5-0" class="comp mntl-card-list-items mntl-document-card mntl-card related-articles__link card" data-doc-id="4228979" data-tax-levels href="https://www.investopedia.com/articles/trading/03/080603.asp" data-ordinal="5" data-cta="Read Now ▸"> <div class="card__media" data-tag="Stock Trading Strategy & Education"> <img data-src="https://www.investopedia.com/thmb/lIdQspmmxg4_p0aAVo-S1bCEHXw=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-93427521-07a5476912474799b58b7c091c9b464a.jpg" alt="A man pointing with a pen trading charts." class="lazyload card__img " width="400" height="300" data-dim-ratio="1.5" /> <noscript> <img src="https://www.investopedia.com/thmb/lIdQspmmxg4_p0aAVo-S1bCEHXw=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-93427521-07a5476912474799b58b7c091c9b464a.jpg" alt="A man pointing with a pen trading charts." width="400" height="300" class="img--noscript card__img " /> </noscript> </div> <div class="card__content " data-tag="Stock Trading Strategy & Education"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">Examining Different Trailing Stop Techniques</span></span> <div class="card__byline mntl-card__byline " data-byline="By Barclay Palmer"></div> </div> </a> <a id="mntl-card-list-items_6-0" class="comp mntl-card-list-items mntl-document-card mntl-card related-articles__link card" data-doc-id="4236402" data-tax-levels href="https://www.investopedia.com/articles/investing/100615/investing-100-month-stocks-30-years.asp" data-ordinal="6" data-cta="Read Now ▸"> <div class="card__media" data-tag="Stock Trading Strategy & Education"> <img data-src="https://www.investopedia.com/thmb/RDNlEelNrmqU8Hnqk0n3GkO8DuI=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-2167703462-2349b3d6761447f98d752ccbc327cef5.jpg" alt="Young woman looking at a tablet and smiling." class="lazyload card__img " width="400" height="300" data-dim-ratio="1.5" /> <noscript> <img src="https://www.investopedia.com/thmb/RDNlEelNrmqU8Hnqk0n3GkO8DuI=/400x300/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-2167703462-2349b3d6761447f98d752ccbc327cef5.jpg" alt="Young woman looking at a tablet and smiling." width="400" height="300" class="img--noscript card__img " /> </noscript> </div> <div class="card__content " data-tag="Stock Trading Strategy & Education"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">How Investing Just $100 a Month in Stocks Could Transform Your Wealth in 30 Years</span></span> <div class="card__byline mntl-card__byline " data-byline="By Adam Hayes"></div> </div> </a></div> </div><div class="loc recirc-content--right-rail"><div id="button-ads_1-0" class="comp button-ads mntl-block billboard"><div id="button1_1-0" class="comp button1 button-ad mm-ads-gpt-adunit gpt button "> <div id="button1" class="wrapper" data-timed-refresh="28000" data-timeout-refresh-once-only="true" ></div> </div> <div id="button2_1-0" class="comp button2 button-ad mm-ads-gpt-adunit gpt button "> <div id="button2" class="wrapper" ></div> </div> <div id="button3_1-0" class="comp button3 button-ad mm-ads-gpt-adunit gpt button "> <div id="button3" class="wrapper" ></div> </div> <div id="button4_1-0" class="comp button4 button-ad mm-ads-gpt-adunit gpt button "> <div id="button4" class="wrapper" ></div> </div></div> <div id="partnerlinks_1-0" class="comp partnerlinks mntl-block billboard"><div id="partnerlinks__heading_1-0" class="comp partnerlinks__heading mntl-text-block">Partner Links</div> <div id="partnerlinks1_1-0" class="comp partnerlinks1 partnerlink mm-ads-gpt-adunit gpt partnerlinks "> <div id="partnerlinks1" class="wrapper" ></div> </div> <div id="partnerlinks2_1-0" class="comp partnerlinks2 partnerlink mm-ads-gpt-adunit gpt partnerlinks "> <div id="partnerlinks2" class="wrapper" ></div> </div> <div id="partnerlinks3_1-0" class="comp partnerlinks3 partnerlink mm-ads-gpt-adunit gpt partnerlinks "> <div id="partnerlinks3" class="wrapper" ></div> </div> <div id="partnerlinks4_1-0" class="comp partnerlinks4 partnerlink mm-ads-gpt-adunit gpt partnerlinks "> <div id="partnerlinks4" class="wrapper" ></div> </div></div> </div></section></div> <div id="leaderboardfooter2_1-0" class="comp leaderboardfooter2 leaderboard--lazy leaderboard mm-ads-flexible-leaderboard mm-ads-flexible-ad mm-ads-gpt-adunit has-right-label visible-overflow js-lazy-ad gpt leaderboard dynamic"> <div id="leaderboardfooter-flex-2" class="wrapper" data-type="leaderboard" data-pos="ft2" data-priority="7" data-sizes="[[728, 90], [970, 250], [970, 258], "fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div> </main><div id="footer_1-0" class="comp footer mntl-block mntl-footer" data-tracking-container="true"><div id="l-container_1-0" class="comp l-container mntl-block"><div id="footer__top_1-0" class="comp footer__top mntl-block"><div id="footer__left_1-0" class="comp footer__left mntl-block"><a id="footer__logo_1-0" class="comp footer__logo linked-logo mntl-block" rel="home" href="/" aria-label="Investopedia Homepage"><svg class="icon inv-logo-inverted " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#inv-logo-inverted" href="#inv-logo-inverted"></use> </svg></a> <div id="social-follow--footer_1-0" class="comp social-follow--footer social-follow mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--facebook"> <a href="https://www.facebook.com/Investopedia/" target="_blank" rel="noopener nocaes" class="social-nav__link social-nav__link--facebook" aria-label="Visit Investopedia's Facebook" > <svg class="icon icon-facebook social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-facebook" href="#icon-facebook"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--x"> <a href="https://twitter.com/investopedia" target="_blank" rel="noopener nocaes" class="social-nav__link social-nav__link--x" aria-label="Visit Investopedia's X" > <svg class="icon icon-x social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-x" href="#icon-x"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--instagram"> <a href="https://www.instagram.com/investopedia/?hl=en" target="_blank" rel="noopener nocaes" class="social-nav__link social-nav__link--instagram" aria-label="Visit Investopedia's Instagram" > <svg class="icon icon-instagram social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-instagram" href="#icon-instagram"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/company/investopedia-ulc" target="_blank" rel="noopener nofollow sponsored noskim" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Investopedia's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--newsletter"> <a href="/investopedia-newsletter-opt-in-7095821" rel="nocaes" class="social-nav__link social-nav__link--newsletter" aria-label="Visit Investopedia's Newsletter" > <svg class="icon icon-newsletter social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-newsletter" href="#icon-newsletter"></use> </svg> </a> </li> </ul> </div> <a id="truste-badge_1-0" class="comp truste-badge mntl-truste-badge mntl-block" href="//privacy.truste.com/privacy-seal/validation?rid=f8e1238d-6371-460f-8ea0-1b8cad9e9c4b" data-tracking-container="true" aria-label="Access TRUSTe's Enterprise Privacy Certification program" target="_blank"><img id="badge-image_1-0" class="comp badge-image mntl-block lazyload" data-src="//privacy-policy.truste.com/privacy-seal/seal?rid=f8e1238d-6371-460f-8ea0-1b8cad9e9c4b" alt="TRUSTe" width="142" height="49"></img></a></div> <ul id="footer-links_1-0" class="comp footer-links footer-links__list"> <li class="footer-links__item"><a href="/about-us-5093223" rel="nocaes" data-type="ourStory" data-ordinal="1" class="footer-links__link" data-component="footerLinks" data-source="footerLinks" >About Us</a></li> <li class="footer-links__item"><a href="https://www.dotdashmeredith.com/brands-termsofservice" target="_blank" rel="nofollow noopener nocaes" data-type="termsOfService" data-ordinal="1" class="footer-links__link" data-component="footerLinks" data-source="footerLinks" >Terms of Service</a></li> <li class="footer-links__item"><a href="/financial-term-dictionary-4769738" rel="nocaes" data-type="editorialGuidelines" data-ordinal="1" class="footer-links__link" data-component="footerLinks" data-source="footerLinks" >Dictionary</a></li> <li class="footer-links__item"><a href="/legal-4768893#editorial-policy" rel="nocaes" data-type="editorialGuidelines" data-ordinal="1" class="footer-links__link" data-component="footerLinks" data-source="footerLinks" >Editorial Policy</a></li> <li class="footer-links__item"><a href="https://www.dotdashmeredith.com/advertising" target="_blank" rel="nofollow noopener nocaes" data-type="advertise" data-ordinal="1" class="footer-links__link" data-component="footerLinks" data-source="footerLinks" >Advertise</a></li> <li class="footer-links__item"><a href="/news-4427706" rel="nocaes" data-type="advertise" data-ordinal="1" class="footer-links__link" data-component="footerLinks" data-source="footerLinks" >News</a></li> <li class="footer-links__item"><a href="https://www.dotdashmeredith.com/brands-privacy" target="_blank" rel="nofollow noopener nocaes" data-type="privacyPolicy" data-ordinal="1" class="footer-links__link" data-component="footerLinks" data-source="footerLinks" >Privacy Policy</a></li> <li class="footer-links__item"><a href="https://invcontent.zendesk.com/hc/en-us/requests/new" target="_blank" rel="nofollow noopener sponsored nocaes" data-type="contact" data-ordinal="1" class="footer-links__link" data-component="footerLinks" data-source="footerLinks" >Contact Us</a></li> <li class="footer-links__item"><a href="https://www.dotdashmeredith.com/careers" target="_blank" rel="noopener nofollow nocaes" data-type="careersAtDotDash" data-ordinal="1" class="footer-links__link" data-component="footerLinks" data-source="footerLinks" >Careers</a></li> </ul></div> <div id="footer__middle_1-0" class="comp footer__middle mntl-block"><div id="terms-bar_1-0" class="comp terms-bar mntl-block terms-bar--footer" data-tracking-container="true"><ul id="terms-bar__list_1-0" class="comp terms-bar__list mntl-block"><li id="terms-bar__item_1-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-1"><a href="https://www.investopedia.com/terms-beginning-with-num-4769350" rel="nocaes" id="terms-bar__link_1-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">#</span></a></li> <li id="terms-bar__item_2-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-a"><a href="https://www.investopedia.com/terms-beginning-with-a-4769351" rel="nocaes" id="terms-bar__link_2-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">A</span></a></li> <li id="terms-bar__item_3-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-b"><a href="https://www.investopedia.com/terms-beginning-with-b-4769352" rel="nocaes" id="terms-bar__link_3-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">B</span></a></li> <li id="terms-bar__item_4-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-c"><a href="https://www.investopedia.com/terms-beginning-with-c-4769353" rel="nocaes" id="terms-bar__link_4-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">C</span></a></li> <li id="terms-bar__item_5-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-d"><a href="https://www.investopedia.com/terms-beginning-with-d-4769354" rel="nocaes" id="terms-bar__link_5-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">D</span></a></li> <li id="terms-bar__item_6-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-e"><a href="https://www.investopedia.com/terms-beginning-with-e-4769355" rel="nocaes" id="terms-bar__link_6-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">E</span></a></li> <li id="terms-bar__item_7-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-f"><a href="https://www.investopedia.com/terms-beginning-with-f-4769356" rel="nocaes" id="terms-bar__link_7-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">F</span></a></li> <li id="terms-bar__item_8-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-g"><a href="https://www.investopedia.com/terms-beginning-with-g-4769357" rel="nocaes" id="terms-bar__link_8-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">G</span></a></li> <li id="terms-bar__item_9-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-h"><a href="https://www.investopedia.com/terms-beginning-with-h-4769358" rel="nocaes" id="terms-bar__link_9-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">H</span></a></li> <li id="terms-bar__item_10-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-i"><a href="https://www.investopedia.com/terms-beginning-with-i-4769359" rel="nocaes" id="terms-bar__link_10-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">I</span></a></li> <li id="terms-bar__item_11-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-j"><a href="https://www.investopedia.com/terms-beginning-with-j-4769360" rel="nocaes" id="terms-bar__link_11-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">J</span></a></li> <li id="terms-bar__item_12-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-k"><a href="https://www.investopedia.com/terms-beginning-with-k-4769361" rel="nocaes" id="terms-bar__link_12-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">K</span></a></li> <li id="terms-bar__item_13-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-l"><a href="https://www.investopedia.com/terms-beginning-with-l-4769362" rel="nocaes" id="terms-bar__link_13-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">L</span></a></li> <li id="terms-bar__item_14-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-m"><a href="https://www.investopedia.com/terms-beginning-with-m-4769363" rel="nocaes" id="terms-bar__link_14-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">M</span></a></li> <li id="terms-bar__item_15-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-n"><a href="https://www.investopedia.com/terms-beginning-with-n-4769364" rel="nocaes" id="terms-bar__link_15-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">N</span></a></li> <li id="terms-bar__item_16-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-o"><a href="https://www.investopedia.com/terms-beginning-with-o-4769365" rel="nocaes" id="terms-bar__link_16-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">O</span></a></li> <li id="terms-bar__item_17-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-p"><a href="https://www.investopedia.com/terms-beginning-with-p-4769366" rel="nocaes" id="terms-bar__link_17-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">P</span></a></li> <li id="terms-bar__item_18-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-q"><a href="https://www.investopedia.com/terms-beginning-with-q-4769367" rel="nocaes" id="terms-bar__link_18-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Q</span></a></li> <li id="terms-bar__item_19-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-r"><a href="https://www.investopedia.com/terms-beginning-with-r-4769368" rel="nocaes" id="terms-bar__link_19-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">R</span></a></li> <li id="terms-bar__item_20-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-s"><a href="https://www.investopedia.com/terms-beginning-with-s-4769369" rel="nocaes" id="terms-bar__link_20-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">S</span></a></li> <li id="terms-bar__item_21-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-t"><a href="https://www.investopedia.com/terms-beginning-with-t-4769370" rel="nocaes" id="terms-bar__link_21-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">T</span></a></li> <li id="terms-bar__item_22-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-u"><a href="https://www.investopedia.com/terms-beginning-with-u-4769371" rel="nocaes" id="terms-bar__link_22-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">U</span></a></li> <li id="terms-bar__item_23-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-v"><a href="https://www.investopedia.com/terms-beginning-with-v-4769372" rel="nocaes" id="terms-bar__link_23-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">V</span></a></li> <li id="terms-bar__item_24-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-w"><a href="https://www.investopedia.com/terms-beginning-with-w-4769373" rel="nocaes" id="terms-bar__link_24-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">W</span></a></li> <li id="terms-bar__item_25-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-x"><a href="https://www.investopedia.com/terms-beginning-with-x-4769374" rel="nocaes" id="terms-bar__link_25-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">X</span></a></li> <li id="terms-bar__item_26-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-y"><a href="https://www.investopedia.com/terms-beginning-with-y-4769375" rel="nocaes" id="terms-bar__link_26-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Y</span></a></li> <li id="terms-bar__item_27-0" class="comp terms-bar__item mntl-block" data-target-el=".letter-z"><a href="https://www.investopedia.com/terms-beginning-with-z-4769376" rel="nocaes" id="terms-bar__link_27-0" class="terms-bar__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Z</span></a></li></ul></div></div></div> <div id="footer__bottom_1-0" class="comp footer__bottom mntl-block"><div id="mntl-dotdash-universal-nav_1-0" class="comp mntl-dotdash-universal-nav" data-tracking-container="true"> <div class="mntl-dotdash-universal-nav__content"> <svg class="icon mntl-dotdash-universal-nav__logo " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#mntl-dotdash-universal-nav__logo" href="#mntl-dotdash-universal-nav__logo"></use> </svg> <div class="mntl-dotdash-universal-nav__wrapper"> <div class="mntl-dotdash-universal-nav__text"> Investopedia is part of the <a href="https://www.dotdashmeredith.com" target="_blank" rel="noopener nofollow nocaes" class="mntl-dotdash-universal-nav__text--link" >Dotdash Meredith</a> publishing family. </div> </div> </div> </div></div></div><svg class="is-hidden"> <defs> <symbol id="mntl-sc-block-starrating-icon"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20"> <path d="M0,0v20h20V0H0z M14.2,12.2l1.1,6.3l-5.4-3.2l-5.1,3.2l1-6.3L1.4,8l5.9-0.8l2.6-5.8l2.7,5.8L18.5,8L14.2,12.2z"/> </svg> </symbol> </defs> </svg><script type="text/javascript" data-glb-js="bottom" src="/static/2.168.0/cache/eNqVVFt24yAM3dBovIj-dhMyyLYSDCmIPLr6Cj-miePSzDm20eteC5DUJEFh04zoxVGzaI7b1Bz0-cgUb3-axyB1ZGHHwpSgzewELiwD_Bg9qgBn9OwcQjIxOLeNMmE8BU9eUsNeKHp0jaWOYsFPQiT7DQo2O5pSdPh5A7QVPuw6TRaFwLE_QqRLZJmJf3BVyOg6J8efM2bK4clYIbiw7UlXH4Q7NhoVPLTo_ZwR06K8QDEQ94O8Deh7euckVDj2jP-47kh6F1o944HQTqiy7MV1IY4aXWjQQSKMZtioe7A1x5FSwn7d1EbdA3o8cz-dypIUqOVO_AXTZee0woj8hHtU9-qnFCNe8Pbku-NvMU113Dm6cuvood6ew89sKcDhcnJ4K7e6CNsb3fSaS3_bPpH8EpZUOd5allqR3R2IBLNg4FF8Ha4vjBiPupdv8b_gLxSzhOCET-ta6-csQ4iwAg5bSwW6XiRdT-gtlqtsXTDHvaLCqAaFLyukkKOhtNUrfzMsc3uv0NLfXgcEwepKtTpCC1JynLa4yLX49JExTtHJQNkWzJYaxqvjPGFmqbKdJDEbyTqHwQSd0V4aHrWZG-0vHaHvZe604fqGMeRE1Qk_wfSfPXe7R2_n1qQuUhrma8oiepLqqfBa7jkMYKn0m92oFdxR07_O3y_7wLa7.min.js" async defer="true"></script> <script type="text/javascript"> Mntl.utilities.scriptsOnLoad(document.querySelectorAll('script[data-glb-js="bottom"]'), function() { var Mntl = window.Mntl || {}; window.Mntl.affiliateLinkRewriter.setMappings( { DOC_ID: '4191735' ,SITE: 'investopedia' ,REQUEST_ID: 'nbb3e94f088c84a85a91caf12416a95af12' } );window.Mntl.externalizeLinks.addPlugin(window.Mntl.affiliateLinkRewriter); window.Mntl.externalizeLinks.addPlugin(window?.Trx?.amazonAffiliateTagger); window.Mntl.externalizeLinks.init();(function(Mntl) { const setup = {"clickToInitialize":false,"skin":{"name":"mantle"},"mute":true,"advertising":{"client":"googima","vpaidmode":"enabled","rules":{"frequency":1},"forceNonLinearFullSlot":true,"vpaidcontrols":true,"autoplayadsmuted":true},"autostart":true,"mediaid":"ueNdIjgd","preload":"metadata","autoPause":{"pauseAds":true,"viewability":true},"aspectratio":"16:9","pauseotherplayers":"true","cast":{},"recsPlaylistId":"qBk3EEbc","width":"100%"}; // JW player requires `playlist` to be populated for contextual playlists setup.playlist = setup.playlistUrl; const isImmediateAutoplay = true; const playInView = 30; const encodedPageURL = encodeURIComponent(window.location); const domain = Mntl.utilities.getDomain(); const iuPath = '/' + Mntl.GPT.getDfpId() + '/ddm.' + domain.replace('.com', '.video') + (Mntl.GPT.isMobile() ? '.mob' : ''); function formatAdSizeArray(sizeArr) { return sizeArr.map(function(sz) { return sz.join('x'); }).join('|'); } // Assign a randomly-generated, eight character, alpha-numeric value to this property. setup.advertising.adscheduleid = Math.random().toString(36).substr(2,8); // muid - used for audience targeting setup.advertising.ppid = '9d9b99b1-7fed-4b5c-87a6-817a70b5b6bc'; let custParams = ''; custParams += '&' + encodeURIComponent('slot') + '=' + encodeURIComponent('primary'); const inFocus = window && window.document && window.document.hasFocus(); const durationParams = Mntl.JWPlayer.getDurationParams(114005, false); custParams += '&ttid=' + setup.mediaid; custParams += '&play=' + Mntl.JWPlayer.getCustomPlayValue(setup.autostart, isImmediateAutoplay, playInView); custParams += '&in_focus=' + inFocus; custParams += '&videoduration=' + durationParams.duration; custParams += '&duration_over=' + durationParams.durationOver; custParams += '&duration_under=' + durationParams.durationUnder; custParams += '&tags=' + encodeURIComponent("QA,economics,investopedia,Finance,money,original,economy,business,3play_extended,VO,TI,animated,16x9,stock trading,Stock Trading Strategy and Education,over-the-counter otc explainer explained,over-the-counter otc,gain a working knowledge of over-the-counter otc,a quick primer of over-the-counter otc,companies with otc shares may raise capital through the sale of stock,over-the-counter otc securities are traded directly between counterparties without being listed on an exchang,a brief overview of over-the-counter otc,what to know about over-the-counter otc,what is over-the-counter otc,the basics of over-the-counter otc,understanding over-the-counter otc"); custParams += '&ad_count=1'; //ad_count is 1 for the ad call. setup.advertising.schedule = [{ "offset": "pre", "tag": [ 'https://securepubads.g.doubleclick.net/gampad/ads?', 'sz=', formatAdSizeArray([[640, 360]]), '&iu=', iuPath, '&env=vp&hl=en&gdfp_req=1&impl=s&output=xml_vast2&unviewed_position_start=1&lid=', '&url=', encodedPageURL, '&description_url=', encodedPageURL, '&correlator=', Math.floor(Date.now() / 1000), '&cust_params=', Mntl.GPT.serializeAllTargeting(), encodeURIComponent(custParams), '&ad_rule=1' ].join('') }]; setup.advertising.bids = { "bidders": [{ "name": "Rubicon", "pubid": "7499", "siteId": "382340", "zoneId": "2120008" }], /* Set the mediation layer. Define the floor price. */ "settings": { "mediationLayerAdServer": "dfp", "floorPriceCents": 1100, "buckets": [ { "increment": .10, "min": .10, "max": 50.00 } ] } } Mntl.JWPlayer.init({ accountKey: "oxY0/BqWBX09BISmLN4/xuTz4IdZy713Cdjj4GyHOiYCUCyJ", adSizes: [[640, 360]], defer: true, deferOnRFDS: true, displayMode: "none", divId: "article__primary-video--jw_1-0", enableBiddingWithTCData: false, enableTVPEngagementBtns: false, eventCategoryType: "Primary", intersectionMargin: "250px", isImmediateAutoplay: isImmediateAutoplay, isImmediateStickyDisabled: false, isIntersectionDisabled: true, isMobileAdhesive: false, isBroadVideo: false, isPlaylist: false, mediaSize: 1080, playerId: "IYlOBiju", playInView: playInView, showCaptions: true, rtbVideoConfig: {"plcmt":2}, useGamPlcmt: true, usePrebidPlcmt: true, useDynamicVideoSizes: true, skipExistingMediaContent: false, stickyplay: true, useMotionThumbnails: false }, setup ); }(window.Mntl || {})); (function(Mntl) { Mntl.Tooltip.init({ defaultPositionX: "auto", defaultPositionY: "auto" }); })(window.Mntl || {}); (function(Mntl) { Mntl.Tooltip.init({ defaultPositionX: "auto", defaultPositionY: "auto" }); })(window.Mntl || {}); (function(Mntl) { Mntl.Tooltip.init({ defaultPositionX: "auto", defaultPositionY: "auto" }); })(window.Mntl || {}); (function(Mntl) { Mntl.Tooltip.init({ defaultPositionX: "auto", defaultPositionY: "auto" }); })(window.Mntl || {}); (function (Mntl) { Mntl.digioh = { script: null, brandId: null, initialized: false, init() { if (this.initialized) return; const brandId = 'e3542c25-d89b-481c-ac4f-44c01364706b'; const digiohFastActivation = 'false'; const lightboxJs = digiohFastActivation === 'true' ? '/lightbox_speed.js' : '/lightbox_inline.js'; // eslint-disable-next-line prefer-template const script = 'https://www.lightboxcdn.com/vendor/' + brandId + lightboxJs; this.brandId = brandId; this.script = script; this.initialized = true; }, load(callback) { this.init(); if (callback) { Mntl.utilities.loadExternalJS({ src: this.script }, callback); } else { Mntl.utilities.loadExternalJS({ src: this.script }); } } }; })(window.Mntl || {}); Mntl.digiohTimerDelay = parseFloat('0') * 1000; }); </script></body> </html>