"OTC refers to the over-the-counter market, which refers to equity transactions in markets other than the stock exchange. The transaction is decentralized, direct and agreed. There is no fixed place for OTC trading, no prescribed members, no prescribed trading varieties and restrictions, mainly because counterparties conduct one-on-one transactions through private negotiation. "

Over-the-counter market refers to the market formed by buying and selling securities through a large number of scattered securities counters and major telecommunications facilities of securities operating institutions such as investment banks. Sometimes called OTC market or OTC market, it constitutes another important part of the bond trading market. In terms of categories, the securities traded in the OTC market are mainly government bonds, and stocks account for a small proportion. As for all kinds of bonds traded, from the perspective of trading volume, national debt is the main one.