Common OTC transactions include swaps, options, and exotic 

options, some of which are settled against/derived from exchangetraded futures prices. Compared to exchange-traded derivatives, 

OTC markets are characterized by market participants trading 

directly with each other and may be more customized in terms 

of underlying asset quality, contracted quantity, contract expiry 

date, (for options or forwards) strike price. However, exchangetraded futures have advantage of higher liquidity, transparency, 

and lower counterparty credit risk with an exchange as a Central 

Counterparty (CCP). Sometimes market makers in OTC transactions 

will back-to-back hedge OTC market exposure using exchangetraded futures contracts, thus generating symbiotic relationship 

between the two markets.

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