October 30, 2014
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Minimum Quotation Size Requirements for OTC Equity Securities

Nasdaq® would like to remind all firms making markets in over-the-counter (OTC) Equity Securities of their obligations pursuant to NASD® Rule 6750 (Minimum Quotation Size Requirement). The Minimum Quotation Size Requirement provides that every member firm that functions as a Marker Maker in OTC securities enter firm quotations into the OTC Bulletin Board® (OTCBB), or any other inter-dealer quotation system that permits quotation updates on a real-time basis, must honor those quotations for the minimum size defined in the table below.
Price (Bid or Offer) Minimum Quote Size
0 ­ .50* 5,000
.51 ­ 1.00 2,500
1.01 ­ 10.00 500
10.01 ­ 100.00 200
100.01 ­ 200.00 100
201.01 ­ + 50
A Nasdaq officer at the Executive Vice President level or above, within its discretion, may modify the minimum quotation size for those securities with a price exceeding $200.

It is the Market Maker's responsibility to determine the minimum size applicable to its firm bid or offer in any security for which it functions as a Market Maker and enters firm quotations in an inter-dealer quotation system. In addition to the OTCBB, the Electronic Pink Sheets is such an inter-dealer system. Thus, any firm that functions as a Market Maker in an OTC Equity Security by entering firm quotations into the Electronic Pink Sheets must comply with the size requirements described above.

Questions concerning this issue may be directed to the Nasdaq Office of General Counsel, at (202) 728-8294 or the Legal Section of the Market Regulation Department, NASD Regulation®, at (301) 590-6410.

All Nasdaq Head Trader Alerts are available on the Nasdaq TraderSM Web site at www.nasdaqtrader.com. To access the current Alerts, click "Trader News" on the homepage, then click "Go" next to "Head Trader Alerts" on the left navigation. Click on the specific Alert you would like to see. To access the 1998 or 1997 Alerts, click on the appropriate button for the previous year's index.  


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