Over-the-counter, i.e. not on the stock market: for institutional investors with large amounts to invest. In the case of ETF, the market maker reports the settlements on the stock exchange (transparency). Possible settlements include a) risk price (best price enquiry) and b) trading at closing price or NAV.
German: Ausserbörslich (OTC) (129)
Source: SFO D15 2010 m. e. E., 24.04.2010