Transparency is the term of art used to describe the degree to which the majority of market participants can readily understand the relative value of a financial transaction. For example, public companies' equity, whether traded on an exchange or over-the-counter, is extremely transparent; the company must report significant financial data to the Securities and Exchange Commission, and those data are readily available to any investor. Barring corporate malfeasance, all of the risks associated with any publicly traded equity may be known and therefore factored into the share price. All of these risks (there are way too many to list) are considered tradable risks because they are understood and priced by the market participants.