A market that exists over the phones where brokers (known as voice brokers) negotiate transactions (such as over-the-counter derivatives deals) for their customers. The brokers engage in bilateral transactions with counterparties such as banks, financial institutions, insurance firms, etc. Customers seeking voice brokered markets may also be financial institutions that prefer to step back from exchange-trading, commodity trade finance and client trading, and resort instead to brokers.

A voice brokered market is part of the OTC market, and can be more price efficient than an electronic market due to the possibility of establishing a more sophisticated response to orders that are characteristically opaque or uninformative. In an electronic market (where anonymity is the norm), price responds to, and is affected by, all dealings and corresponding prices, reflecting the likelihood (but not reality) of efficient information. On the other hand, voice-brokered markets allow the communication of more accurate and relevant information that reflects specifics rather than averages. Human-aided interaction with clients where a mutual interest exists as to the need to act based on transparent details from both sides.

Typically, voice-brokered markets involve large and high-volume transactions.