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OTC市场(Over the Counter)是指在证券交易所以外进行的各种证券交易活动,是一个分散且无固定交易场所的市场。在OTC市场交易的金融资产是未能在证券交易所上市的证券,包括不符合证券交易所上市标准的股票、债券,符合证券交易所上市标准但不愿在证券交易所上市的股票、债券等。目前比较有影响的OTC市场包括美国的场外证券交易行情公告榜(OTCBB)、粉红单(Pink Sheets),英国的替代投资市场(AIM),法国店头市场(CMF)、巴黎新兴市场(New Market)等。OTC市场具有以下特点:一是与主板市场相比,在OTC市场交易的企业上市标准较低,不受资产规模、盈利能力的严格限制,扩大了资本市场容量,最大限度满足流动性要求。二是OTC市场拥有便捷、快速的特点。从国外经验看,在OTC市场上,从企业提出申请到实现上市交易,仅
OTC market (Over the Counter) refers to a variety of securities trading activities carried out outside the stock exchange, is a decentralized and no fixed place of trading market. Financial assets traded in the OTC market are securities that are not listed on the stock exchange, including those that do not meet the listing standards of the stock exchange, stocks that meet the listing requirements of the stock exchange but are not expected to be listed on the stock exchange . The most influential OTC markets include the OTCBB, Pink Sheets, AIM, CFF, New York (New York, NY) Market and so on. The OTC market has the following characteristics: First, compared with the mainboard market, the companies listed in the OTC market have lower standards of listing and are not subject to strict restrictions on asset size and profitability, expanding the capital market capacity and meeting the liquidity requirements to the maximum. Second, the OTC market has a convenient, fast features. From the foreign experience, in the OTC market, from the enterprise to apply for the listing to achieve the transaction, only