OTC (OTC market) is completely different from the exchange market. There is no fixed place outside the venue, no prescribed members, no strictly controllable rules and regulations, and no prescribed trading varieties and restrictions. It is mainly that counterparties conduct one-on-one transactions through private negotiation. Over-the-counter transactions are mainly in the financial industry, especially in countries with developed financial institutions such as banks. At present, the largest over-the-counter market is in Singapore, which not only provides various foreign exchange, index and futures transactions, but also provides investment reference indexes of Morgan Stanley Taiwan Province Province and Hongkong. Over-the-counter transactions in Europe have developed more vigorously than traditional exchanges and become the new favorite of modern investment. The main differences between OTC and matchmaking methods are as follows: First, the credit base is different. Over-the-counter mode is based on the credit of both parties to the transaction, and both parties bear the credit risk themselves, and the transaction can only be carried out after the bilateral credit is established. In the matchmaking method, all parties take China Foreign Exchange Trading Center as their counterparties, and the trading center centrally bears the credit risk of market traders; Second, the price formation mechanism is different. The off-site method determines the price through negotiation between the two parties, and the matching method forms the transaction price through computer matching. Third, the settlement arrangements are different. The settlement of funds is arranged by both parties off-site, and China Foreign Exchange Trading Center is responsible for centralized settlement.