Exchange-traded markets 与Over-the-counter (OTC) markets的区别是什么，下面就让融跃小编来为您讲讲。

  Exchange-traded markets （场内交易）：

  An exchange, is a highly organized market where (especially) tradable securities, commodities, foreign exchange, futures, and options contracts are sold and bought.

  交易所交易市场：

  合同是由交易所定好的标准化合同，每个投资者的交易对手都是清算所，所以没有违约风险，在交易所交易有严格的监管，交易很透明，交易所会要求投资者在交易时做相关的披露，交易价格和交易量都是实时的，交易所交易包括期货和一部分期权。

  缺点是，透明度高意味着交易是相对暴露的，所有交易都可以被监管者所了解，

  标准化的合约意味着丧失了交易的灵活性，参与者只能参与交易所允许的合约。

  Over-the-counter (OTC) markets（场外交易）：

  A decentralized market where buy and sell orders initiated from various locations are

  matched through a communications network.

  场外交易：

  是交易双方自行谈判的个性化合同，因为不在交易所交易，有违约风险和对手方风险，没有监管，透明度较差。

  场外交易包括：远期、互换、部分期权。

  对于场外交易，常让人误以为其流动性会比交易所的交易流动性差，其实不完全是，很多场外交易工具是很容易签订的同时，如果想要抵消只要做一个相反的交易就可以，比如说，公司A从交易商B那里购买了衍生品，在到期日之前，如果公司A想要终止这个头寸，只要再把相同期限的衍生品卖给交易商B即可，当然，公司A也可以选择卖给其他的交易商，也同样可以终止头寸；而在交易所交易的衍生品，有些只有很小的交易量因此流动性会较低。

  例：Which of the following statements most accurately describes exchange-traded derivatives relative to over-the-counter derivatives? Exchange-traded derivatives are more likely to have:

  A. Greater credit risk.

  B. Standardized contract terms.

  C. Greater risk management uses.

  解析：B is correct. Standardization of contract terms is a characteristic of exchange-traded derivatives. A is incorrect because credit risk is well-controlled in exchange markets. C is incorrect because the risk management uses are not limited by being traded over the counter.

  考察场内与场外交易市场的区别，A和C都是属于场外市场的特点。