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Option 
   A security that represents the right to buy or sell a specified amount of an underlying security – a stock, bond, futures contract, etc. – at a specified price within a specified time. The purchase acquires a right, and the seller assumes an obligation.

Over-the-Counter (OTC) Market 
   The security exchange system in which broker-dealers negotiate directly with one another rather than through an auction on an exchange floor. The trading takes place over computer and telephone networks that link brokers and dealers around the world.