The OTC Market, also known as over-the-counter market, is a type of financial market where securities are traded between two parties outside of a formal exchange. Other synonyms for OTC Market include off-exchange market, unlisted market, and dealer market. The term off-exchange market is used because these securities are traded outside of a formal exchange, while unlisted market refers to securities that are not listed on an exchange. The term dealer market is used because transactions are completed directly between buyers and sellers without intermediaries. Additionally, the OTC Market is sometimes referred to as the pink sheets due to the color of paper that was historically used to list prices.