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“Over-the-counter” or “OTC”


"Over-the-counter" or "OTC" within the REMIT compliance system means any transaction carried out outside an organised market.

The above definition has relevance for REMIT reporting.


OTC trading is either purely bilateral or carried out via a broker.


In turn, pursuant to MiFIR characteristics, OTC trades include transactions which are non-systematic, ad-hoc, irregular and infrequent, are carried out between eligible or professional counterparties, and are part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser.


However, the specific notion of "OTC derivatives" should be noted (meaning thereof common to EMIR and MiFIR).



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Last Updated on Thursday, 02 October 2014 10:16


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