A dealer market with no central location. Forwards and swaps are traded in OTC markets. The dealer marries the interested parties into a custom, negotiated contract. Hence, the contract is with a counterparty, which exposes both parties to default risk. Over-the-counter markets tend to be unregulated and decentralised.
Secondary bond market trading often take place in OTC markets.
Compare: Central exchange
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Many years ago, I was exactly where you are today—a CFA Level I candidate juggling a demanding full-time career with the daunting CFA curriculum. Coming from a Computer Engineering background, finance was entirely new territory for me. And yes, it was tough!
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Using the Pareto Principle (80/20 rule), I distilled the vast CFA syllabus into essential, easy-to-understand nuggets. I leaned into visual summaries and bite-sized learning sessions that worked around my busy schedule. This smarter approach helped me clear Levels II and III on my first attempts with significantly less stress.
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