Abstract: Described herein are illustrative embodiments of a computer-implemented system realizing a specific approach to over-the-counter (OTC) trading of financial instruments, which may use an anonymous data collection protocol, multiple discrete phases of trading activity with computerized controls over what parties are permitted to participate in each phase, and/or computerized timers to govern transitions between such phases to overcome or mitigate long-standing disadvantages of conventional oral trading techniques. In contrast to conventional OTC approaches that involve manual, verbal discussions of trades only between pairs of parties, some embodiments described herein include a computer-implemented system for exchanging information regarding potential OTC trades of a financial instrument so as to dynamically form a temporary market between multiple parties for OTC trade of the financial instrument.