Series 24: Quotation Rules For Both OTCBB And Pink Sheets

Taken from our Series 24 Online Guide

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Quotation Rules for Both OTCBB and Pink Sheets

A quotation on the OTCBB or the Pink Sheets may include any of the following:

• A priced bid
• A priced offer
• A priced bid and a priced offer
• An unpriced indication of interest (including “bid wanted” or “offer wanted”)

Quotations may also be submitted with a modifier to indicate that they represent unsolicited customer interest.

Other facts to remember about OTCBB and Pink Sheet quotes versus NASDAQ quotes are:

• OTCBB and Pink Sheet quotations do not need to be two-sided. Unlike on the NASDAQ, one-sided quotes are acceptable.
• Firm versus Subject Quotes. National Exchanges and NASDAQ only allow firm quotes. OTCBB quotes are generally required to be firm; however, quotes for Direct Participation Program securities do not have to be firm. Pink Sheets allow subject quotes. Subject quotes, also called nominal quotes, are often received over the phone and involve words such as “the price is around” or “the price looks like” or “the subject quote is.” A market maker who makes a subject quote will not be held to it.
• FINRA requires all market makers to enter quotes that are reasonably related to the inside market on the security.
• A security cannot be quoted on both NASDAQ and the OTCBB, but a security can be quoted on both the OTCBB and the Pink Sheets at the same time.

If a market maker submits a firm quote to an OTC mar

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