Glossary of Municipal Securities Terms

OVER-THE-COUNTER MARKET (OTC)

A market forĀ securities that are traded other than on a national securities exchange. The over-the-counter market is characterized most particularly by a system of dealers that offer and sell securities. Almost allĀ municipal securities are traded in the OTC market. Compare: AUCTION MARKET; CLOSED END FUND; EXCHANGE TRADED FUND.

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