Well it's not actually MMs necessarily, though some could and probably are involved at the lowest PPS as that's their job. But basically UBQU is trading right now as if already on the Expert/Grey Market. So traders allowed by the OTC/SEC to trade in those markets are the primary traders at the moment. That's why you see such low volume (almost nonsensical) trades, steady BID/ASK numbers, etc... The new regulations we're experiencing right now were created to "protect" retail traders. Now as a free market guy that believe anyone should be able to buy any stock they want. I don't like the new rules. But just like you and I assume everyone on this board. The rules apply to me and all of us, like it or not.