Legally speaking, at present, OTC options are only for institutional customers, and only by setting a high threshold can they become institutional investors. Individuals who want to participate can only make quotations and inquiries through formal institutions, and must conduct business through formal channels. 1. Derivatives Derivatives refer to contracts whose value depends on the changes in the value of the underlying assets, and are important financial tools for financial market participants to manage risks and gain income. Including forwards, futures, options, swaps, structured products, etc. According to the terms of the contract, it is divided into standardized contracts and non-standardized contracts. Standardized contracts: most of them are listed and traded on exchanges, mainly including futures and floor options. Non-standardized contracts (OTC derivatives): The terms of each transaction are agreed by both parties, which are flexible, compatible and personalized, and are an important source of financial innovation. Transactions are conducted outside the exchange by signing master agreements (foreign ISDA, domestic NAFMII, SAC), including forwards, swaps and structured products. According to the terms of the contract, it can be divided into interest rate products, foreign exchange products, credit products, equity derivatives, bulk commodities and so on. 2. Comparison between OTC option and OTC option: customizable service, basic contract, expiration date, exercise price, option type, settlement price and deposit; Counterparty risk, no central counterparty, credit risk; The information is opaque and the quotations vary greatly; Poor liquidity makes it difficult to find a counterparty. Existing products include European, American and exotic options. , the general term can cover 1 month to 6 months.