The Expert Market is a specialized tier within the OTC (Over-the-Counter) Markets Group, designed for securities that provide little to no public financial information. It was created in response to SEC Rule 15c2-11, which restricts broker-dealers from quoting securities unless current information is publicly available.
Here’s what sets it apart:
Access is limited: Only broker-dealers and sophisticated investors (like institutions) can view quotes or trade these securities.
No public quotes: Retail investors can’t see bid/ask prices or trading volume.
Illiquidity: Because of limited access and transparency, these stocks are often very difficult to trade.
Unsolicited quotes only: Broker-dealers can only publish quotes if they’re representing a customer’s limit order.
Many companies end up in the Expert Market after failing to meet disclosure requirements for other OTC tiers like OTCQX, OTCQB, or Pink Sheets. If they want to return to broader trading, they must update their filings and apply for uplisting.
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