OTC - Over-The-Counter

Generally used to refer to any trade not executed with an Exchange

Detail

Over-The-Counter trades may be executed by a broker, or directly bilaterally between two parties. The resultant trade, whether brokered or not has the following characteristics:

The trade details may be anything the parties agree - compared to the standardized contracts offered on an Exchange

The agreed trade price is private to the parties - although either may report it to a market data service to increase price transparency

Delivery, settlement, and all credit risk is entirely between the two parties