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OTC Bulletin Board

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98:, which uses an electronic quotation system. In September 2009, FINRA announced that it would be selling the OTCBB. OTC Markets Group was the leading contender for purchasing the OTCBB, but terms could not be reached. In September 2010, FINRA announced that it had reached terms for the sale of the OTCBB with Rodman & Renshaw, an investment bank. Along with the sale of the OTCBB and, in an effort to provide uniform regulation to all OTC issues and, subsequently, transparency to the OTC market, FINRA has proposed a "quotation consolidation system". Under the quotation consolidation system, FINRA would require dealers to report all of their quotes to the quotation consolidation system, regardless of the market upon which they were originally quoted. This would enable FINRA to have access to all quotes in OTC issues and regulate the OTC market in its entirety. Pink OTC argues this is 117:
or other requirements to be quoted. Companies which had been "de-listed" from stock exchanges for falling below minimum capitalization, minimum share price or other requirements often ended up being quoted on the OTCBB. An E after the ticker symbol meant that the company was late in its SEC filings.
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Stock of non-reporting companies (those without current SEC filings) may be quoted on one of the markets operated by OTC Markets Group. When the OTCBB was operational, most OTCBB companies were dually quoted, meaning they were quoted on both the OTCBB and the one of the OTC Markets Group markets.
94:", ran and provided regulatory services to the OTCBB by "writing and enforcing rules governing the activities of more than 4,100 securities firms with approximately 639,780 brokers". The OTCBB formerly collected 100% of quotes, but that number declined with the rise of its competitor 154:
once eligible. For a time, FINRA believed that the proposed "quotation consolidation system" would enhance transparency, thereby decreasing the potential for price manipulation or fraud.
142:. The SEC issues stern warnings to investors to be aware of common fraud and manipulation schemes. As such, most companies choose to list on more established exchanges such as the 79:
who subscribed to the system, which was not electronic, were able to use the OTCBB to enter orders for OTC securities that qualified to be quoted. According to the
291: 83:(SEC), "fraudsters often claim or imply that an OTCBB company is a Nasdaq company to mislead investors into thinking that the company is bigger than it is". 322: 157:
The suffix ".OB" in a stock-ticker listing signifies "over-the-counter bulletin board" according to its Reuters Instrument Code.
106: 80: 46: 339: 258: 204: 99: 53: 275: 147: 131: 310: 110: 17: 166: 114: 8: 246: 135: 60: 318: 71:, it had shrunk significantly as stock have migrated to the trading facilities of the 186: 95: 72: 139: 105:
Companies quoted on the OTCBB had to fully report (i.e., current with all required
279: 49:(FINRA) for its subscribing members. FINRA closed the OTCBB on November 8, 2021. 42: 123: 87: 68: 333: 91: 76: 39: 127: 134:
generally avoid them, because of fears that share prices are easily
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Over-the-Counter Bulletin Board (OTCBB) Sale Announcement
122:
Stocks traded on these markets are usually thinly traded
205:"SEC.gov | Microcap Stock: A Guide for Investors" 331: 187:"Regulatory Notice 21-38 | FINRA.org" 252: 319:"Microcap Stock: A Guide for Investors" 81:U.S. Securities and Exchange Commission 47:Financial Industry Regulatory Authority 14: 332: 32:OTC (Over-The-Counter) Bulletin Board 27:American electronic quotation system 102:and an abuse of FINRA's authority. 24: 25: 351: 302: 259:FINRA Proposal Riles OTC Market 268: 240: 215: 197: 179: 13: 1: 172: 340:Electronic trading platforms 63:that were not listed on the 52:The board was used for many 7: 160: 109:filings) but there were no 90:organization authorized by 10: 356: 86:FINRA, an "independent, 276:"My Dumbest Investment" 148:New York Stock Exchange 132:institutional investors 113:, minimum share price, 45:medium operated by the 138:and the potential for 292:Naples Florida Weekly 111:market capitalization 167:Microcap stock fraud 115:corporate governance 130:. Both retail and 96:OTC Markets Group 73:OTC Markets Group 16:(Redirected from 347: 326: 314: 313: 311:Official website 296: 295: 289: 287: 272: 266: 263:Traders Magazine 256: 250: 244: 238: 237: 235: 233: 219: 213: 212: 201: 195: 194: 183: 100:anti-competitive 54:over-the-counter 21: 355: 354: 350: 349: 348: 346: 345: 344: 330: 329: 317: 309: 308: 305: 300: 299: 285: 283: 280:The Motley Fool 274: 273: 269: 257: 253: 245: 241: 231: 229: 221: 220: 216: 203: 202: 198: 185: 184: 180: 175: 163: 28: 23: 22: 15: 12: 11: 5: 353: 343: 342: 328: 327: 315: 304: 303:External links 301: 298: 297: 282:. 15 June 2017 267: 251: 239: 214: 196: 177: 176: 174: 171: 170: 169: 162: 159: 88:not-for-profit 77:Broker-dealers 69:stock exchange 67:or a national 26: 9: 6: 4: 3: 2: 352: 341: 338: 337: 335: 324: 320: 316: 312: 307: 306: 293: 281: 277: 271: 264: 260: 255: 248: 243: 228: 224: 223:"About FINRA" 218: 210: 206: 200: 192: 191:www.finra.org 188: 182: 178: 168: 165: 164: 158: 155: 153: 149: 145: 141: 137: 133: 129: 125: 119: 116: 112: 108: 103: 101: 97: 93: 89: 84: 82: 78: 74: 70: 66: 62: 59: 55: 50: 48: 44: 41: 40:United States 37: 33: 19: 290:– via 284:. Retrieved 270: 262: 254: 242: 230:. Retrieved 226: 217: 208: 199: 190: 181: 156: 128:penny stocks 120: 104: 85: 51: 35: 31: 29: 286:16 February 249:. OTCBB.com 209:www.sec.gov 136:manipulated 232:9 December 173:References 61:securities 43:quotation 334:Category 161:See also 144:NYSE MKT 124:microcap 92:Congress 152:NASDAQ 65:NASDAQ 58:equity 56:(OTC) 38:was a 227:FINRA 150:, or 140:fraud 36:OTCBB 18:OTCBB 288:2018 234:2014 30:The 323:SEC 126:or 107:SEC 34:or 336:: 321:. 278:. 261:. 225:. 207:. 189:. 146:, 75:. 325:. 294:. 265:. 236:. 211:. 193:. 20:)

Index

OTCBB
United States
quotation
Financial Industry Regulatory Authority
over-the-counter
equity
securities
NASDAQ
stock exchange
OTC Markets Group
Broker-dealers
U.S. Securities and Exchange Commission
not-for-profit
Congress
OTC Markets Group
anti-competitive
SEC
market capitalization
corporate governance
microcap
penny stocks
institutional investors
manipulated
fraud
NYSE MKT
New York Stock Exchange
NASDAQ
Microcap stock fraud
"Regulatory Notice 21-38 | FINRA.org"
"SEC.gov | Microcap Stock: A Guide for Investors"

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