1. Standardization is different: contracts for on-exchange transactions have standardized contracts, and the opposite is true for OTC transactions. Taking futures as an example, contracts in different months have unified last trading day, delivery date, trading time, price limit, etc. In the OTC market, these terms can be agreed upon privately.

2. Different levels of supervision: On-exchange trading is easier to supervise due to the unified system and more centralized transactions, while OTC trading is more decentralized and more flexible, so it is not conducive to supervision.

On-exchange trading refers to the buying and selling of stocks through stock exchanges. A stock exchange is a place with a fixed location, various service facilities (such as market boards, television screens, computers, telephones, telexes, etc.), and necessary management and service personnel to conduct concentrated trading of stocks and other securities. place.

The stock trading conducted in this place is called on-market trading. In countries around the world, most stock circulation and transfer transactions are conducted in stock exchanges. Therefore, stock exchanges are the core of the stock circulation market, and on-site trading is the main organization method of stock circulation.

On-site trading also refers to on-site outcry trading during normal trading hours. It is also a trading time when trading volume is relatively large and transactions are active.

A floor trader is generally a trader designated by a brokerage company at a seat on the exchange. He is responsible for submitting buy and sell orders for the entire company, which is often referred to as a vest.

OTC symmetry. A method of trading securities through a stock exchange. Seats are not available to ordinary stock holders, they are strictly restricted.

① There are centralized and fixed trading venues and fixed trading activity times. The stock exchange has a fixed building as a centralized trading hall. The hall is equipped with specialized counters and seats, as well as modern telecommunications equipment, to effectively conduct transactions in various listed securities. Each stock exchange has fixed opening and closing times. The opening trading hours of the world's three largest stock exchanges, New York, Tokyo and London, are interconnected, forming a global trading circle.

② Have a strict organizational management system. In member-based exchanges, only those who have obtained the qualifications of exchange members can enter the exchange for securities transactions. Members must comply with various regulations of the exchange. In corporate exchanges, only securities dealers approved by the securities management department can enter the exchange to directly participate in securities transactions. Listed securities must meet certain conditions and be approved.

③Use open bidding and two-way auction to conduct transactions. In a general commodity auction, there are many buyers and only one seller, and the competition is only among the buyers. Securities auctions on exchanges involve competition between buyers and sellers. Adopting this trading method is conducive to forming fair and reasonable prices and maintaining the stability of on-site transactions.