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another thinly traded issue that can be looked at is ciau. it was eligible to resume trading on 8/24.
https://ih.advfn.com/stock-market/USOTC/ciao-group-inc-CIAU/historical/more-historical-data
Im trying to comfort myself here but rntm had extremely light volume before it was halted too.
rmtn came off suspension on 10/2/17. it hasn't traded yet.
Put it this way. You could be broker simply by filing the correct forms and have enough capitalization. Call Apex clearing and sign up with them for a fee. Go to DAS and sign up your firm to get access to their trading platform for your clients.
Boom you done. Now all you got to do is find clients and do customer support. Which isn't always easy when you got guys thinking its your fault because their order isn't going out in market that is non-existant. Or its your fault that third party software providers server is lagging that day. Or that you stole their money when MM fills their market order for too much slippage etc...
So do you have a source or reference to show us how brokers make market in grey sheet stocks?
Broker is just a middle man. They take your money which gets placed with clearing firm which does all the book keeping. Making sure your account is complaint with rules. When you buy something they are the ones that work with other clearing firms to exchange cash/shares. Orders that are placed with broker get sent to market place where MMs, specialists and ECNs execute your order.
Most brokers don't really do much other than customer service. Clearing firm handles your cash/shares when its exchanged/requested. Platforms where you see quotes, your orders get routed, etc are usually provided by 3rd party software firms. Orders get executed my MMs/ECNs.
Obviously there are some exceptions big brokers like Etrade have their own clearing firm. Have their own software etc. But they are all separate parts of the company. Etrade definitely does not make a market in stocks though. In fact they sell their order flow to select parties that mostly fill your orders in dark pools that aren't even publicly quoted(thats for big baords).
Ok thinkorswim allows you to close trades on the grey but not open them. Hence the confusion. Seems quirky though because if most brokers follow that rule then there wouldn't be anybody to sell to.
why would it say they don't share data instead of there are no market makers? Where is your source for what you claiming?
I have traded greys for a long time and usually do really well with them because I have a knack for getting my orders filled. I know for certain they do not stay with your broker because they end up in different destinations.
no market makers share data
lololol. exactly. they are not the ones matching trades, brokers are.
Unlike other financial markets,
• No recent bid or ask quotes are available because no market makers share data or quote such stocks. There is no quoting system available to record and settle trades.
And your source for this is?
ECNs and MMs match orders.
not in the grey market.
Broker is simply a middle man that takes order to market place. ECNs and MMs match orders.
Uhmm market makers do facilitate trades on grey market. They get buys, sells and match them at their discretion
again, that is complete and total nonsense. brokers do that. mm's don't do the matching.
My test order is being accepted now but wasn't an hour ago. Crazy
Yeah it is basic stuff. You can't sell shares when there is no market to sell them at.
Uhmm market makers do facilitate trades on grey market. They get buys, sells and match them at their discretion. No bid or ask on l2 simply means they aren't obligated to fill your order for min size how they do on pinks or otc. And yes there is volume shown on greys. You also can see time and sales.
Thanks, only a very small position so the damage isn't great, but i'm not holding my breath
at 9.28 this morning and got a message saying it could not be accepted as the security was suspended.
yes, that's how it's supposed to work. hopefully your order can be matched up. gltu.
nonsense. brokers can refuse to buy but they can't refuse a sell order if you bought it from them. this is really very basic stuff.
"are they taking your order?"
There is no market to take your order to.
I attempted to place an order with Charles Schwab at 9.28 this morning and got a message saying it could not be accepted as the security was suspended.
At 9.31 the order was accepted and is open, although obviously none of it has filled yet
don't you think market maker needs to accept incoming order from a broker to be able to facilitate a trade? Broker is just a middle man. There is nothing wrong with brokers not accepting orders when there is no market being made for security. They can accept the order and keep it on their books but that isn't going to help you execute your order.
Market Makers cant facilitate trades on the grey market.
that is incorrect. that is EXACTLY what they do on the grey market. most large brokers have particular mm's they work with. if a broker finds a match for a trade the call their mm to execute the trade. you don't need a bid or ask to do that.
Good weekend to you too. No relaxing for me. Got a flight Chi to DC tonight to play a few games in bball tournament this weekend. Then cross country flight to west coast Sunday.
They are not refusing to sell them.
are they taking your order?
Market Makers cant facilitate trades on the grey market. No bid, ask, volume, or anything except last price is tracked
market makers don't accept orders, brokers do. mm's "facilitate" the trades.
That is fairly obvious given no market makers are accepting orders.
very weird. but again, the suspension is over. brokers require a resumption of trade notice from dtcc before they will recognize it's over. dtcc appears to be dropping the ball here.
Hopefully you have a relaxing weekend. I am leaving for out of town in about 30 minutes, be back Monday.
They are not refusing to sell them. Its just there is no market to sell them at lol
I have tried multiple brokers and none are accepting trades.
that might be further indication that dtcc has not sent out a resumption of trade notice.
yes it is. Thought today was the 19th. long week for me lol
hence most brokers aren't accepting trades.
if a broker bought the shares for you they can not refuse to sell them.
Isn't today the 20th, one day after the 19th?
I had a problem trying to send order for STVA so i talked to td ameritrade admin and he told me trafing still suspended but didnt make any comment about not being able to trade grey market. So then i tried to place a very small order for BITCF which resumed trading weeks ago and i still got a rejection message saying could not accept due to SEC suspension. How wierd is that?
It is true some brokers do not allow grey sheets but those brokers tend to not allow otcbb or pinks either so for most that shouldn't be an issue here.
Broker is just a middle man, they have nothing to do with resumption. An issue here is market markets aren't making a market hence most brokers aren't accepting trades.
I have tried multiple brokers and none are accepting trades. Having traded dozens of grey sheet stocks I am yet to see Etrade not accept orders when trading should have resumed.
There could be much at play here. 10-k wasn't filed(which really shouldn't affect it going to greys but never know). Suspension had section 12(k) of 1934 act attached.
SECTION 12(k) OF THE SECURITIES EXCHANGE ACT OF 1934
15 U.S.C. § 78l(k) (1988)
(k)(1) Trading suspensions. If in its opinion the public interest and the protection of investors so require, the Commission is authorized by order-
(A) summarily to suspend trading in any security (other than an exempted security) for a period not exceeding 10 business days, and
(B) summarily to suspend all trading on any national securities exchange or otherwise, in securities other than exempted securities, for a period not exceeding 90 calendar days. The action described in subparagraph (B) shall not take effect unless the Commission notifies the President of its decision and the President notifies the Commission that the President does not disapprove of such decision.
(2) Emergency orders.
(A) The Commission, in an emergency, may by order summarily take such action to alter, supplement, suspend, or impose requirements or restrictions with respect to any matter or action subject to regulation by the Commission or a self-regulatory organization under this title, as the Commission determines is necessary in the public interest and for the protection of investors-
(i) to maintain or restore fair and orderly securities markets (other than markets in exempted securities); or
(ii) to ensure prompt, accurate, and safe clearance and settlement of transactions in securities (other than exempted securities).
(B) An order of the Commission under this paragraph (2) shall continue in effect for the period specified by the Commission, and may be extended, except that in no event shall the Commission's action continue in effect for more than 10 business days, including extensions. In exercising its authority under this paragraph, the Commission shall not be required to comply with the provisions of section 553 of title 5, United States Code, or with the provisions of section 19(c) of this title.
(3) Termination of emergency actions by President. The President may direct that action taken by the Commission under paragraph (1)(B) or paragraph (2) of this subsection shall not continue in effect.
(4) Compliance with orders. No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security in contravention of an order of the Commission under this subsection unless such order has been stayed, modified, or set aside as provided in paragraph (5) of this subsection or has ceased to be effective upon direction of the President as provided in paragraph (3).
(5) Limitations on review of orders. An order of the Commission pursuant to this subsection shall be subject to review only as provided in section 25(a) of this title. Review shall be based on an examination of all the information before the Commission at the time such order was issued. The reviewing court shall not enter a stay, writ of mandamus, or similar relief unless the court finds, after notice and hearing before a panel of the court, that the Commission's action is arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law.
(6) Definition of emergency. For purposes of this subsection, the term 'emergency' means a major market disturbance characterized by or constituting-
(A) sudden and excessive fluctuations of securities prices generally, or a substantial threat thereof, that threaten fair and orderly markets, or
(B) a substantial disruption of the safe or efficient operation of the national system for clearance and settlement of securities, or a substantial threat thereof.
dtcc has not posted a resumption of trading at its website. that doesn't necessarily mean that they haven't issued one, but for certain they haven't posted one. dtcc is a very clunky organization.
http://www.dtcc.com/legal/important-notices?subsidiary=DTC&q=stevva+corp.&pgs=1
Its all a speculation at this point. Most companies go silent during halts. Some defend. I wasn't expecting anything "official" to be put out.
Most do resume trading though for whats it worth.
They either didn't comply with regulators requests or some otehr issue popped up
there was nothing to comply with. nothing was asked or required from them.
the suspension is over.
people are reporting that they are not able to place trades. there has been a problem recently in that the dtc resumption of trade notice has not been received by the brokers. capital one has been mentioned a couple of times. that might be the case with other brokers.
if you can't place a trade on-line, call your broker. some brokers do not allow on-line trading of greys. if they tell you that the suspension is still on, that is wrong. it means they did not get a resumption of trade notice.
if you have been able to place an order don't be surprised that there haven't been any trades. the grey market is a matched market and it could take quite awhile for buyers and sellers to get matched up, especially on a stock that wasn't traded much to begin with.
STVA hasen't put out anything official at all. It is dead.
oops you right. Got my dates mixed up.
Not a good sign that it hasn't resumed. They either didn't comply with regulators requests or some otehr issue popped up. Sometimes these do start trading an hour or two into the day. Hopefully thats the case. If not we'll probably see some sort of filing later today.
"suspended for the
period from 9:30 a.m. EDT on October 6, 2017, through 11:59 p.m. EDT on October 19, 2017"
Trading should have resumed today (20th) then
Yeah. It is strange though considering the suspension was suppose to be done.
trading will resume Monday as suspension ends today at midnight. "suspended for the
period from 9:30 a.m. EDT on October 6, 2017, through 11:59 p.m. EDT on October 19, 2017"
exactly. When stocks are suspended MMs are prohibited from making a market so they don't accept orders or even show any quotes. Broker can take your order though and hold it until trading resumes.
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"Stevva grows Stevia in Giannitsa, Greece, where the climate and soil conditions are ideal for cultivating this sweet plant. Stevia is grown best in environments with long days of sunshine. It is native to semi-humid, sub-tropical climates where temperatures typically range from -6°C to 43°C. While tolerant of mild frost, hard frosts will kill the roots of the plant. It is a perennial plant that can be harvested several times a year if grown in an optimal environment."
- "Generally, harvesting occurs twice, in mid to late October when plants are 40-60 cm in height and in July."
- "Irrigation is to be considered as complementary to rain." "An adequate water supply will avoid stress in the plants, which will result in less diseases and better biomass production."
- "If done with a machine, 3 or 4 workers are needed to plant 1 hectare per day."
- "Drying of the woody stems and soft green leaf material is completed immediately after harvesting utilizing a drying wagon or a kiln. Depending on weather conditions and density of loading, it generally takes 24 to 48 hours to dry Stevia at 40°C to 50°C. An estimated 21,500 kg/ha of green weight is dried down to 6,000 kg/ha of dry weight. Dry leaves are stored in plastic lined cardboard boxes, sealed, strapped and labeled for further processing."
- "Once Stevia leaves are picked, separated from their stems and dried on the farm, they are shipped to the refinery. After being refined, the final product is distributed".
- "In addition to increasing its production of Stevia, Stevva plans to broaden its scope and market reach by introducing other crops that are in high demand for additional profit growth and risk mitigation purposes such as quinoa and chia seeds."
Ultimately, the company has plans to integrate vertically to convert the dry leaves into the final product that can be directly sold to companies such as Coca-Cola and Nestle for use.
http://www.otcmarkets.com/stock/STVA/company-info
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