// GLOSSARY
OTC desk & markets
Over-the-counter trading, market structure and how large trades find liquidity.
OTC Desk
An OTC desk is a specialized trading business that quotes and executes large bilateral trades in digital assets, providing liquidity and pricing that public exchanges cannot offer for size.
Primary Market
The primary market is where securities are sold for the first time — issuer directly to investor — with proceeds going to the issuer, as in an offering, private placement or token sale.
Secondary Market
The secondary market is where existing securities change hands between investors after issuance — the issuer is not a party — through exchanges, ATSs or OTC transfers.