dark derivative
n.— «In his testimony, Greenspan recommended to Congress that regulation of Over-The-Counter (OTC) derivatives between private parties was not necessary. These derivatives are referred to as “dark derivatives” as they take place away from exchanges where the terms could be made public and the companies examined by the exchange for counterparty risk—the risk that a company would be insolvent or bankrupted by the time when the derivative comes due.» —“The Money Matrix – Bring Light to Dark Derivatives! (PART 11/15)” by Jake Nolan Chart Apr. 7, 2009. (source: Double-Tongued Dictionary)
Further reading
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