| The
OTCBB is a quotation medium for subscribing members, not an
issuer listing service, and should not be confused with The
Nasdaq Stock MarketSM. OTCBB securities are traded by a community
of Market Makers that enter quotes and trade reports through
a highly sophisticated, closed computer network, which is
accessed through Nasdaq Workstation IITM. The OTCBB is unlike
The Nasdaq Stock Market in that it:
* does not impose listing standards;
* does not provide automated trade executions;
* does not maintain relationships with quoted issuers; and
* does not have the same obligations for Market Makers.
Feature
or Requirement OTCBB Nasdaq
Minimum
quantitative listing requirements No Yes
Listing and maintenance fees to issuers No Yes
Requirements to maintain quotation or listing Yes** Yes
Real-time electronic quotes for domestic issues Yes Yes
Minimum Form 211 or listing processing time 3 days 6-8 weeks***
*
The OTCBB is separate and distinct from The Nasdaq Stock Market.
**
Issuers of securities which began quotation on the OTCBB after
January 4, 1999 are required to file periodic financial information
with the SEC or other regulatory authority to maintain quotation
eligibility.
***
A Form 211 is not required for listing on Nasdaq; however,
the average time of approval for listing on Nasdaq is 6-8
weeks.
The
OTCBB is distinct from the Pink Sheets. The Pink Sheets are
not owned or operated by The Nasdaq Stock Market, Inc. or
the NASD. The Pink Sheets LLC is a privately owned company
whose Electronic Quotation Service provides an Internet-based,
real-time quotation service for OTC equities and bonds.
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