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The Pink Sheets
The Pink Sheets is an Electronic Quotation Service (“EQS”) whose origins go back almost one hundred years. The Pink Sheets is a major competitor of the Over-the-Counter Bulletin Board (“OTCBB”) and provides pricing and financial information for over-the-counter securities. Their goal is “to provide a competitive, transparent and efficient medium for market makers to make markets and brokers to transact in these securities.” This 3 page white paper explores many facets of the Pink Sheets, including their history, competition with the OTCBB, and association with risk. The Pink Sheets began in 1904 when the National Quotation Bureau was born. This company was a paper-based, inter-dealer quotation service that linked competing market makers in over-the-counter securities all over the United States. The Pink Sheets got its name from the pink sheets of paper that bore stock prices. These sheets were published weekly and the information quickly became outdated. When the OTCBB became web-based in the 1990s, the Pink Sheets was not as quick and became obsolete, as with the OTCBB investors could get up-to-the minute stock quotations. In 1999, the Pink Sheets became electronic with the introduction of the Electronic Quotation Service. EQS is an internet-based, real-time quotation service for OTC market makers and brokers selling equities and bonds. The Pink Sheets’ website was launched in 2000, and it advertises that this website is “the premier financial web portal for information about OTC securities.”2 One of the Pink Sheets’ goals is to provide broker-dealers, issuers, and investors with electronic and print products and information services designed to improve the transparency of the OTC markets. The Pink Sheets is not a stock exchange; rather is provides information on OTC stocks, and persons wishing to invest in these companies must contact a broker-dealer to trade in these securities. The Pink Sheets offers an array of products and services including OTC Dealer, OTCQuote.com, and OTC Market Report, among others. The OTC Dealer is a computer application that offers market makers an Internet-enabled application for viewing and updating quotes. This program carries a monthly user fee that is determined by the number of users that will be participating. OTCQuote.com is the aforementioned EQS that is designed for agency traders and institutional investors. Users are privy to the following information: inside quotes; market maker quotes; market maker contract information; security lookup by name, symbol, or Cusip; detailed price history; and daily and historical OTC statistics. As with the OTC Dealer, this program is a service that is available by subscription only. The OTC Market Report is a custom report that is issued on a weekly basis. It provides a record of the market’s valuation of a company of your choosing; detailed quarterly range and close price; daily range, volume, and close price; a listing of the name address, and telephone number of all market makers for that company; and a trusted pricing source for SEC, IRS, and other regulatory filings. The OTC Market Report carries a monthly subscription fee. [continued...] Want to know more? Download the White Paper "The Pink Sheets" for just $19.95. People who ordered this paper also ordered: |
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