The OTC (Over-The-Counter) Bulletin Board or OTCBB is a United States quotation medium operated by the Financial Industry Regulatory Authority (FINRA) for its subscribing members. The board was used for many over-the-counter (OTC) equity securities that are not listed on the NASDAQ or a national stock exchange, it has shrunk significantly as stock have migrated to the trading facilities of the OTC Markets Group. Broker-dealers who subscribe to the system, which is not electronic, can use the OTCBB to enter orders for OTC securities that qualify to be quoted. According to the U.S. Securities and Exchange Commission (SEC), "fraudsters often claim or imply that an OTCBB company is a Nasdaq company to mislead investors into thinking that the company is bigger than it is".

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  • Das OTC Bulletin Board (OTCBB) ist ein amerikanisches Handelssystem, auf der außerbörsliche Handelsgeschäfte (OTC – Over the counter) festgehalten werden. Wie NASDAQ und Xetra ist es eine elektronische Handelsplattform, in der unter anderem Preise, Zeiten und Volumina registriert werden. Am OTC Bulletin Board der NASDAQ werden die Aktien unter dem Symbol NDAQ gehandelt. Im Vergleich zum ordentlichen Börsenhandel etwa an der NYSE sind die (Transparenz-)Anforderungen an die Unternehmen, die ihre Handelspreise auf der Plattform festhalten lassen, wesentlich geringer. Da bei OTC-Geschäften kein „richtiger“ Börsenhandel stattfindet, kann die Bezeichnung der Notierung oder Kotierung bei auf OTCBB geführten Unternehmen nicht angewendet werden, die jeweiligen Aktienkurse gelten nicht als repräsentativ. (de)
  • The OTC (Over-The-Counter) Bulletin Board or OTCBB is a United States quotation medium operated by the Financial Industry Regulatory Authority (FINRA) for its subscribing members. The board was used for many over-the-counter (OTC) equity securities that are not listed on the NASDAQ or a national stock exchange, it has shrunk significantly as stock have migrated to the trading facilities of the OTC Markets Group. Broker-dealers who subscribe to the system, which is not electronic, can use the OTCBB to enter orders for OTC securities that qualify to be quoted. According to the U.S. Securities and Exchange Commission (SEC), "fraudsters often claim or imply that an OTCBB company is a Nasdaq company to mislead investors into thinking that the company is bigger than it is". FINRA, an "independent, not-for-profit organization authorized by Congress", runs and provides regulatory services to the OTCBB by "writing and enforcing rules governing the activities of more than 4,100 securities firms with approximately 639,780 brokers". The OTCBB formerly collected 100% of quotes, but that number has declined with the rise of its competitor OTC Markets Group, which uses an electronic quotation system. In September 2009, FINRA announced that it would be selling the OTCBB. OTC Markets Group was the leading contender for purchasing the OTCBB, but terms could not be reached. In September 2010, FINRA announced that it had reached terms for the sale of the OTCBB with Rodman & Renshaw, an investment bank. Along with the sale of the OTCBB and, in an effort to provide uniform regulation to all OTC issues and, subsequently, transparency to the OTC market, FINRA has proposed a "quotation consolidation system". Under the quotation consolidation system, FINRA would require dealers to report all of their quotes to the quotation consolidation system, regardless of the market upon which they were originally quoted. This would enable FINRA to have access to all quotes in OTC issues and regulate the OTC market in its entirety. Pink OTC argues this is anti-competitive and an abuse of FINRA's authority. Companies quoted on the OTCBB must fully report (i.e., current with all required SEC filings) but there are no market capitalization, minimum share price, corporate governance or other requirements to be quoted. Companies which have been "de-listed" from stock exchanges for falling below minimum capitalization, minimum share price or other requirements often end up being quoted on the OTCBB. An E after the ticker symbol means the company was late in its SEC filings. Stock of non-reporting companies (those without current SEC filings) may be quoted on one of the markets operated by OTC Markets Group. Most OTCBB companies are dually quoted, meaning they are quoted on both the OTCBB and the one of those OTC Markets Group markets. Stocks traded on these markets are usually thinly traded microcap or penny stocks, and both retail and institutional investors generally avoid them, because of fears that share prices are easily manipulated and there exists a potential for fraud. The SEC issues stern warnings to investors to beware of common fraud and manipulation schemes. As such, most companies choose to list on more established exchanges such as the NYSE MKT, New York Stock Exchange, or NASDAQ once eligible. FINRA believes that the proposed "quotation consolidation system" would enhance transparency, thereby decreasing the potential for price manipulation or fraud. The suffix ".OB" in a stock-ticker listing signifies "over-the-counter bulletin board" according to its Reuters Instrument Code. (en)
  • L'OTC Bulletin Board ou OTCBB est un système de cotation électronique aux États-Unis qui affiche les informations boursières (actions en temps réel, etc.) des échanges réalisés directement entre le vendeur et l'acheteur, sans passer par la Bourse (marché de gré à gré — Over The Counter (OTC) en anglais). (fr)
  • Электронная доска объявлений внебиржевого рынка США (англ. Over-the-counter bulletin board, OTCBB) — торговля на электронных досках объявлений внебиржевого рынка США. Существует с 1990 года. Принадлежит к т. н. неорганизованным внебиржевым рынкам (в отличие от регулируемого вторичного рынка ценных бумаг NASDAQ). Идея внебиржевой торговли состоит в прямых продажах ценных бумаг между двумя сторонами. Внебиржевой рынок — это вторичный нецентрализованный рынок ценных бумаг, на котором географически рассредоточенные дилеры связываются друг с другом по телефону или через компьютерную сеть. В целом, OTCBB обеспечивает доступ к более 3 300 ценным бумагам. Особенностью является тот факт, что торговлю может осуществлять только зарегистрированный маркетмейкер (их насчитывается более 200). Главным отличием от другого вида неорганизованных внебиржевых рынков — розовых листов — в том, что компании OTCBB принадлежат к так называемым reporting companies, то есть они обязаны предоставлять регулярную отчетность в надзорные органы США, в том числе проводить аудит. Несмотря на финансовые затраты, связанные с подготовкой такой отчетности, данная особенность существенно принципиальна для компаний, желающих получить инвестиции. Инвесторы самостоятельно могут получить информацию о такой компании, не ожидая обращений к ним со стороны маркетмейкеров. Таким образом расширяется потенциальный рынок инвестиций. (ru)
  • 場外電子交易板(英語:Over-The-Counter Bulletin Board或OTCBB)是美國一個以電子方式交易的股票系統,會顯示實時報價,最後的出售價格和數量等資料,許多在此板交易的股票並沒有在納斯達克股票市場或任何一個國家的證券交易市場上市。 雖然該類證券交易由監督,但並不算是納斯達克股票交易市場的一部分。美國證券交易委員會曾表示,騙徒經常聲稱OTCBB上市相當於納斯達克上市,令投資者高估OTCBB上市的公司的規模。 (zh)
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  • L'OTC Bulletin Board ou OTCBB est un système de cotation électronique aux États-Unis qui affiche les informations boursières (actions en temps réel, etc.) des échanges réalisés directement entre le vendeur et l'acheteur, sans passer par la Bourse (marché de gré à gré — Over The Counter (OTC) en anglais). (fr)
  • 場外電子交易板(英語:Over-The-Counter Bulletin Board或OTCBB)是美國一個以電子方式交易的股票系統,會顯示實時報價,最後的出售價格和數量等資料,許多在此板交易的股票並沒有在納斯達克股票市場或任何一個國家的證券交易市場上市。 雖然該類證券交易由監督,但並不算是納斯達克股票交易市場的一部分。美國證券交易委員會曾表示,騙徒經常聲稱OTCBB上市相當於納斯達克上市,令投資者高估OTCBB上市的公司的規模。 (zh)
  • Das OTC Bulletin Board (OTCBB) ist ein amerikanisches Handelssystem, auf der außerbörsliche Handelsgeschäfte (OTC – Over the counter) festgehalten werden. Wie NASDAQ und Xetra ist es eine elektronische Handelsplattform, in der unter anderem Preise, Zeiten und Volumina registriert werden. Am OTC Bulletin Board der NASDAQ werden die Aktien unter dem Symbol NDAQ gehandelt. (de)
  • The OTC (Over-The-Counter) Bulletin Board or OTCBB is a United States quotation medium operated by the Financial Industry Regulatory Authority (FINRA) for its subscribing members. The board was used for many over-the-counter (OTC) equity securities that are not listed on the NASDAQ or a national stock exchange, it has shrunk significantly as stock have migrated to the trading facilities of the OTC Markets Group. Broker-dealers who subscribe to the system, which is not electronic, can use the OTCBB to enter orders for OTC securities that qualify to be quoted. According to the U.S. Securities and Exchange Commission (SEC), "fraudsters often claim or imply that an OTCBB company is a Nasdaq company to mislead investors into thinking that the company is bigger than it is". (en)
  • Электронная доска объявлений внебиржевого рынка США (англ. Over-the-counter bulletin board, OTCBB) — торговля на электронных досках объявлений внебиржевого рынка США. Существует с 1990 года. Принадлежит к т. н. неорганизованным внебиржевым рынкам (в отличие от регулируемого вторичного рынка ценных бумаг NASDAQ). Идея внебиржевой торговли состоит в прямых продажах ценных бумаг между двумя сторонами. Внебиржевой рынок — это вторичный нецентрализованный рынок ценных бумаг, на котором географически рассредоточенные дилеры связываются друг с другом по телефону или через компьютерную сеть. (ru)
rdfs:label
  • OTC Bulletin Board (de)
  • OTC Bulletin Board (en)
  • OTC Bulletin Board (fr)
  • Электронные доски объявлений внебиржевого рынка США (ru)
  • 場外電子交易板 (zh)
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