Grey Sheet/Grey Market Stock Info Board

[MinnieM]

Grey Market

Grey Market securities do not have bid or ask quotations in Pink OTC's system or the OTCBB. Due to the lack of pre-trade data, Grey Market securities tend to be relatively illiquid. Broker-dealers must report Grey Market trades to FINRA, so trade data is available on otcmarkets.com.
Securities that are not listed on any stock exchange, the OTCBB, or the Pink Sheets are considered to be in the Grey Market. Transactions are processed independently and not centrally listed or quoted. Trades are reported to a Self-regulatory organization (SRO), which then passes the data on to market data companies.
http://en.wikipedia.org/wiki/Pink_Sheets#Grey_Market

Foreign issuers such ADR’s are an exception since most are fully reporting in their own country of origin.

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Suspended companies usually end up on the Grey Market due to Exchange Act Rule 15c2-11

Rule 15c2-11 -- Initiation or Resumption of Quotations without Specified Information

http://taft.law.uc.edu/CCL/34ActRls/rule15c2-11.html

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Grey Market activity:

http://www.otcmarkets.com/grey-market/home

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Grey Market trading issues:

There are no market makers in this security. It is not listed, traded or quoted on any stock exchange, the OTCBB or the Pink Sheets. Trades in grey market stocks are reported by broker-dealers to their Self Regulatory Organization (SRO) and the SRO distributes the trade data to market data vendors and financial websites so investors can track price and volume. Since grey market securities are not traded or quoted on an exchange or interdealer quotation system, investor's bids and offers are not collected in a central spot so market transparency is diminished and Best Execution of orders is difficult.

http://www.otcmarkets.com/grey-market/learn/otc-market-tiers