Final answer:
An over-the-counter (OTC) market refers to a decentralized market where dealers trade securities directly with buyers and sellers, often electronically. The New York Stock Exchange (NYSE) and NASDAQ are two major stock markets.
Step-by-step explanation:
A securities market primarily composed of dealers who buy and sell for their own inventories is referred to as an over-the-counter (OTC) market. In an OTC market, transactions are conducted electronically or via telephone, unlike the auction-based systems of more formalized exchanges such as the New York Stock Exchange (NYSE) or the NASDAQ, which is also an electronic market but has a formal exchange status. Examples of major stock markets include the NYSE and NASDAQ, and regional stock markets include those in Chicago, Philadelphia, Boston, and Memphis. The Dow-Jones Industrial Average (DJIA) and the Standard & Poor's 500 (S&P500) are important stock market indices that measure the performance of the respective basket of stocks. A bull market denotes a period of generally rising prices, while a bear market indicates a period with falling prices. Lastly, a spot market is where securities are traded for immediate delivery, as opposed to a futures market where contracts are traded to buy or sell an asset at a predetermined future date and price.