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资本市场300年的发展历程，经历了从分散走向集中、交易所体系的蓬勃发展以及现代场外与场内交易市场互动发展三个阶段，在此过程中场外交易市场的结构发生了深刻变化，形成了多元化、多层次化，以及与场内交易市场趋同的发展趋势。美国的场外交易市场在先后出现全国性的粉红单市场、NASDAQ市场和OTCBB市场等一系列节点之后，最终形成多层次市场结构；英国在伦敦交易所框架内发展出了AIM板块，并通过LSM的做市商向下延伸出了OFEX市场，是交易所一体化发展的一个案例；而台湾柜台买卖中心和兴柜市场，则是场外交易市场独立于主板市场的一个案例。
<<The capital market has a history of 300 years，which has experienced three stages：scatter to concentration、booming development of exchange system and interactive development between modern OTC and exchange-traded market.In this process，OTC market structure has been changed significantly，and formed diversified and mutiple level structure，which has the trend of convergence to that of exchange-traded market.American OTC market appeared national pink sheet market，the NASDAQ market and OTCBB market successively，and finally formed multi-level market structure；AIM generated in London stock exchange and extended down to the OFEX market through the LSM’s market maker，which is a case of integration.The structure of Taiwan OTC market and Emerging Stock Market is a case that the OTC market is independent to the mainboard market.
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