Over-the-counter (OTC) (also known as off-exchange trading or pink sheet trading) is the process of trading or transacting securities via a broker-dealer network rather than on a centralized exchange such as the New York Stock Exchange. In an OTC trade, the price is not necessarily publicly disclosed as is the case with a centralized exchange. Over-the-counter trading can involve financial instruments such as stocks, bonds, and derivatives that may derive their value from an underlying asset.