The exchange is required to record the daily transactions to the SEC. All we are seeing a their EOD trade. They take the last traded shares on the exchange for that equity. No big deal. Has nothing to do with the Pink Sheets unless the stock has moved significantly in the Pinks. This then causes the Cincinnati Exchange or the Toronto Exchange to correct the NASDAQ.
Is the an arbitrage situation? No. Merely a reporting issue for the Exchange.
Realize there is no clearing between the Exchanges. The clearing occurs between Market Makers and their banks. The Exchanges are merely reporting to their regulators. The Market Makers have to clear their Net Balances each evening with the Bank. The Banks will automatically forward funds overnight if the MM is short on a temporary basis demanding a formal repurchase agreement signed. (A market maker will have such a repo line of credit already established with a Commercial Bank(s). It is a pain for the Market Maker to be funds short. They have to cover their cash short before trading begins the next morning.
So, with all the different stocks a Market Maker will handle, they need to exchange shares quickly with each other to be net funds neutral with their banks.
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