What are The “OTC”market

Penny stocks are not traded on a stock exchangebut are traded in the over-the-counter (OTC) mar-ket. Part of the OTC market is the NASDAQ Na-tional Market (NNM) of the NASDAQ Nation-al (Association of Securities Dealers Automa-ted Quotation) System, which does not include
any penny stocks.

There are also non-NNM NASDAQ securi-ties, including some penny stocks. The NASDAQ
system has listing standards that change from timeto time and, depending on the standards, there maybe more or fewer penny stocks on NASDAQ. If you purchase a low-priced security that is listed on NASDAQ, it will meet certain minimum stan-dards. In addition, many NASDAQ prices are quoted regularly in newspapers, allowing you to follow the price of your security instead of forc-ing you to rely on your broker for all price infor-mation.

The third major component of the OTC market is the National Quotation Bureau’s (NQB) service,commonly referred to as the “pink sheets”. The NQB’s securities lists and price information, print-ed on pads of long, narrow sheets of pink paper,have, for all practical purposes, no meaningful list-ing standards, and price information is sometimes difficult, if not impossible, for the small investor to obtain. Broker-dealers obtain their price infor-mation by calling the trading desks of three “mar-ket makers”. Obviously, small investors do not have access to those traders and must rely on their stockbroker for accurate price information.

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