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 require only 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” o

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