LOL, uwlungman! Do you do even minimal due diligence? Go to pink sheets.com and check on the glossary.
The long and short of it is that no MM's have filed form 15 certifying that they attest to the accuracy of the company's financial information. What you are looking at on level 2 is a list of unsolicited customer orders to buy or sell. MM's are not buying and selling for their own accounts.
Which means when the bottom falls out, it falls out in a hurry, just like Friday. No MM's to buffer the pure market forces.
An unsolicited quote is one which represents an "Unsolicited Customer Order". Publishing unsolicited quotes allows a broker/dealer to meet an exception to Rule 15c2-11, which requires a broker to have in its possession current information, including financial information, about the issuer of the securities . To avail itself of this exception to SEC Rule 15c2-11, an NASD member firm must ensure that the quotation published or submitted: (1) is solely on behalf of a customer; (2) represents the customer's indication of interest; and (3) does not involve the solicitation of the customer's interest.
For other stocks, MMs can set the bid/ask at whatever they want and move it around regardless of whether there's unfilled orders in their queue. In these types, MMs cannot make a market on their own. The bid/ask has to reflect unsolicited orders from real customers.
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