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A Brief Explanation of an Over-the-Counter Market | Definition. A over-the-counter market (OTC) refers to a decentralized and informal way of exchanging stocks, derivatives, or other assets between two parties.
Fourth market. Refers to the practice of institutional investors trading large blocks of securities directly to avoid brokerage commissions. See: Instinet. Fourth Market. The over-the-counter market for the sale of listed securities between institutional investors. For example, if a mutual fund sells stock in Google to a hedge fund without going through an exchange, the transaction is said to occur on the fourth market.