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$VTNL is OTC PINK
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Priced quotations in the OTC Link or the OTCBB inter-dealer quotation systems are firm for certain minimum sizes. Minimum quote sizes are based upon quote price. As the price of a quote decreases, the size associated with a price increases. Mandatory sizes assure a minimum amount of liquidity in the market and add weight to a member’s firm quote obligation.
FINRA members shall not impose, nor permit to be imposed, non-subscriber access or post-transaction fees against its published quotation in any OTC Equity Security that exceed or accumulate to more than: (a) $0.003 per share, if the published quotation is priced equal to or greater than $1.00; or (b) the lesser of 0.3% of the published quotation price on a per share basis or 30% of the minimum pricing increment under Rule 6434 relevant to the display of the quotation on a per share basis if the published quotation is less than $1.00.
OTC trading, and all securities trading, responds to the supply and demand in the market place for certain securities. Individual investors, professional investors, and broker-dealers desire to buy and sell securities at certain prices. The number of orders, the volume (e.g., share size), the timing of buy and sell orders, and the availability of information determines how prices will move for a particular security.
Within 30 seconds, members must report their transactions to FINRA’s OTC Reporting Facility, its service to accommodate reporting and dissemination of last sale reports in all OTC Equity Securities. The rule creates a uniform method of reporting obligations of member firms, including who must report, when those reports are due, what must be reported, and how to cancel trades already reported. Subsequent dissemination of transaction information by NASDAQ, on behalf of FINRA.
Investors everyday transfer their accounts from one brokerage firm to another. Account transfers are generally completed without a problem, often within two to three weeks. If you are planning on transferring your account, read our publication, Transferring Your Brokerage Account: Tips on Avoiding Delays.
FINRA requires every member to trade a security at its publicly quoted (OTC Link or FINRA's OTC Bulletin Board) price and size.
Market Order – a market order does not have a set price and is therefore executed immediately at the current ‘market’ price. Markets, especially OTC markets, can be highly volatile and therefore the price of execution may differ dramatically from the price at time of order entry. Those who use market orders are more concerned about the speed of the execution as opposed to the price.
Liquidity follows transparency. Companies that provide current disclosure either through a regulator or directly to OTC Markets Group experience significantly greater levels of liquidity, improved price discovery, and more efficient trading.
Short sellers are subject to price manipulation schemes – or short squeezes. In a short squeeze, traders believing that there are a lot of short sellers begin buying shares to force the price and the short sellers losses higher. These traders hope that the short sellers will be forced to buy pushing the price even higher at which point they can sell their shares at a profit. Short squeezes are easier to execute in illiquid securities.
All subscribers to OTC Link are broker-dealers that are members of FINRA. Subscribers are permitted to quote any OTC equity security eligible for quoting under Exchange Act Rule 15c2-11 or the applicable exemptions to Rule 15c2-11. OTC Link does not require companies whose securities are quoted on its system to meet any eligibility requirements.
The OTC Bulletin Board (which is a facility of FINRA), and OTC Link LLC (which is owned by OTC Markets Group, Inc., formerly known as Pink OTC Markets Inc.), for example, operate within the OTC market, particularly with respect to OTC equity securities.
If the broker-dealer cannot, or chooses not to, execute the trade internally, they must attempt to execute the trade with another broker-dealer. This often means accessing the security on OTC Markets Group’s OTC Dealer application and ascertaining whether the order is marketable. Marketable orders are orders where the price specified can immediately be executed in the market. Market Orders are, by definition, marketable. Limit Orders are marketable if the limit price is better than or equal to the bid price (for sell orders) or ask price.
The FINRA OTCBB system, on the other hand, is a quotation only system, as it lacks the electronic messaging capabilities of OTC Link. Furthermore, only companies that are SEC-reporting (or bank/insurance reporting) are eligible for quotation on the FINRA OTCBB. Since these securities may also be quoted on OTC Link, many BB eligible securities are ‘Dually-Quoted’ on both inter-dealer quotation systems. Currently, 99% of OTCBB eligible securities are quoted on OTC Link.
The National Quotation Bureau changed its name to Pink Sheets LLC in 2000 and subsequently to Pink OTC Markets in 2008. The company eventually changed to its current name, OTC Markets Group, in 2010.[5] Today, a network of over 160 broker-dealers price and trade a wide spectrum of securities on the OTC Markets platform.
In addition, US companies must be ongoing operations (no shells etc.) and may not be in bankruptcy, while foreign issuers must meet the requirements of qualified Non-US exchanges.[9][14] Additional oversight of OTCQX securities is provided by requiring every issuer to be sponsored by approved third-party investment banks or law firms, called Principal American Liaison (PAL) for non-US issuers and Designated Advisors For Disclosure (DADs) for US issuers.
In a new account agreement, you must specify your overall investment objective in terms of risk. Categories of risk may have labels such as "income," "growth," or "aggressive growth."
Limit Orders allow investors to specify the exact price they are willing to accept for a buy or sell order. While Limit Orders are designed to offer more price protection for investors, a Limit Order may not be executed if the price of the security does not reach the price stated in the Limit Order.
Advance fee fraud gets its name from the fact that an investor is asked to pay a fee up front or in advance of receiving any proceeds, money, stock or warrants in order for the deal to go through.
Most investors maintain a "cash" account that requires payment in full for each security purchase. But if you open a "margin" account, you can buy securities by borrowing money from your broker for a portion of the purchase price. For more information about how margin accounts work, read our publication, Margin: Borrowing Money To Pay for Stocks and FINRA's Investor Alert on this subject.
This question must be answered by your broker-dealer. Broker-dealers hold customer orders in their proprietary order books and only they can tell you why your order has not been filled. Possible explanations include: the order may not yet be marketable (at or within the bid/ask spread) or if it is/was marketable, other customer orders at the same price may have been in the order book longer and received execution priority.
SEC filings are available on this website under a company's "Financials" tab and on the SEC's website. Some OTC-traded companies do not have filing or reporting requirements with the SEC. For a detailed explanation of registration and reporting requirements and the exemptions available from those requirements, please see the SEC's Small Business Question and Answer Page.
Do not sign the new account agreement unless you thoroughly understand it and agree with the terms and conditions it imposes on you. Do not rely on statements about your account that are not in this agreement.
Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, the elderly, or professional groups. The fraudsters who promote affinity scams frequently are - or pretend to be - members of the group.
OTC issuers are not required to maintain current address or contact information with OTC Markets Group. With the exception of OTCQX companies, OTC Markets does not maintain listing agreements with OTC traded companies and has no other means of compelling companies to provide this information. Many investor-focused issuers do voluntarily provide their contact information and keep it current.
Current Information - Reporting companies that submit filings to regulators with powers of review and that make the filings publicly available or non-reporting companies that make current information publicly available on the OTC Disclosure and News Service pursuant to OTC Markets OTC Pink Basic Disclosure Guidelines.
While OTC Markets Group’s products and services facilitate the reporting, clearing, and settlement process by transmitting trade data to the broker-dealers, all three functions are the responsibility of the executing broker-dealers.
The company was first established in 1913 as the National Quotation Bureau (NQB). For decades, the NQB reported quotations for both stocks and bonds, publishing the quotations in the paper-based Pink Sheets and Yellow Sheets respectively. The publications were named for the color of paper on which they were printed. In September 1999, the NQB introduced the real-time Electronic Quotation Service.
If a broker-dealer decides to trade they can communicate with other broker-dealer(s) using OTC Link – OTC Markets Group’s electronic messaging and trade negotiation system – or they may contact the broker-dealer through other means of communication and negotiate the trade.
These participants each perform different functions and each has different constituents. Understanding how they work together and compete against each other to create a more efficient OTC marketplace will help make understanding more complex market concepts easier.
OTC issuers are not required to maintain current address or contact information with OTC Markets Group. With the exception of OTCQX companies, OTC Markets does not maintain listing agreements with OTC traded companies and has no other means of compelling companies to provide this information. Many investor-focused issuers do voluntarily provide their contact information and keep it current.
Securities in the OTC Pink (also known as Pink Sheets) market tier are further divided, based on the amount and timeliness of their financial disclosure, into three categories.
There is a public interest concern associated with the company. This may include a spam campaign, stock promotion or known investigation of fraudulent activity committed by the company or insiders. During a spam campaign, any stock that is not in the Current Information category will also have its quotes blocked.
The term ‘OTC Securities’ is a catchall phrase for any security that is not listed on a U.S. stock exchange.
The term "person associated with a broker or dealer" or "associated person of a broker or dealer" means any partner, officer, director, or branch manager of such broker or dealer (or any person occupying a similar status or performing similar functions), any person directly or indirectly controlling, controlled by, or under common control with such broker or dealer, or any employee of such broker or dealer, except that any person associated with a broker or dealer whose functions are solely clerical or ministerial shall not be included in the meaning of such term for purposes of section 15(b) (other than paragraph (6) thereof).