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场外交易市场(Over-The-Counter Market,OTC),在传统上是独立于集中交易市场之外,为上市标准较低的中小企业提供证券转让和交易的场所。在美国,场外交易市场发源于早期的柜台交易市场,又称店头市场,是在交易所外由证券买卖双方当面议价成交的市场。发展到现代,场外交易市场泛指除了证券交易所以外的所有证券交易市场。美国作为具有全球影响力的资本市场大国,其场外交易市场也非常发达,场外交易市场的结构功能、运作机制和监管制度对世界各国场外市场的发展都产生了重要影响,其发展经验对世界各国场外市场的建设具有极大的启发和借鉴意义。
The Over-The-Counter Market (OTC) is traditionally a place that offers securities transfer and trading to SMEs that are not listed on the market, traditionally, independent of the centralized market. In the United States, OTC market originated in the early counter market, also known as the store market, is outside the exchange by the buyers and sellers bargaining face to face the market. Developed to the modern, OTC market refers to all the stock exchange market except the stock exchange. As a big capital market country with global influence, the United States has also developed its over-the-counter market. The structural functions, operational mechanisms and regulatory regime of the OTC market have had a significant impact on the development of OTC markets around the world. Its development experience It has great inspiration and reference significance for the construction of overseas markets in various countries in the world.