The risk that arises when a dealer/ end user harbors a deceptive feeling that they are enveloped in a blanket of preconceived safeguards and protections that would help them easily navigate the over-the-counter (OTC) environment. It is a grave mistake to assume that the OTC market is as protected as the regulated world of exchange-listed derivatives. In contrast with the highly regulated exchange-listed derivatives environment, there are no specific safeguards built into the OTC system. A vulnerable participant should not expect that regulators and interest industry self-regulators would come to his rescue. In this “dog-eat-dog” atmosphere, the prevailing adage is: “It is not what you deserve that counts; it’s what you negotiate”.