OTC Markets Group is not a stock exchange, regulator, or a broker-dealer. OTC Markets operate an interdealer quotation system and electronic messaging service, called OTC LinkTM, for broker-dealers to trade OTC equities. About 150 broker-dealers “make” markets in 10,000 OTC securities on our OTC Link system. OTC Markets organize these securities into 3 tiers: OTCQX, OTCQB and OTC Pink (also known as Pink Sheets). OTC competing market maker model is similar to NASDAQ’s and the 150 broker-dealers making markets on the OTC Link system also make markets on NASDAQ.