outstanding shares: see shares outstanding.
over-the-counter (OTC): a security that is not traded on an organized exchange (also called an unlisted security). Over-the-counter stocks and bonds are bought and sold by brokers and dealers negotiating directly over the phone and by computer. The rules of OTC stock trading are written and enforced by FINRATM. Over-the-counter also refers to a market in which securities are traded through a telephone and computer network, rather than on the floor of an exchange.