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Size Requirements For OTC Equity Securities Effective September 5, 2000 (HTA#2000-61)

Head Trader Alert #2000-61

On Tuesday, September 5, 2000, amendments to National Association of Securities Dealers, Inc. (NASD®) Rule 6750 regarding OTC size requirements will become effective. As a result, the minimum quote size for prices (bid or offer) in excess of $200 per share has changed for over-the-counter (OTC) securities quoted on the OTC Bulletin Board®(OTCBB) or another inter-dealer quotation system that permits quotation updates on a real-time basis (e.g., the Electronic Pink Sheets).

Under the new rule, the minimum quote size for shares priced between:

  • $200.01 and $500, will be 25 shares;
  • $500.01 and $1000, will be 10 shares;
  • $1000.01 and $2500, will be 5 shares; and
  • $2500.01 will be 1 share.
The following OTCBB securities have been identified as issues which will be subject to the rule modifications on September 5, 2000. Please note that in each instance the "Unit of Trade" for these issues will be displayed as "1" on the quote screen. All quote sizes in these securities will be automatically updated to reflect the new minimum quote sizes.

AKAP ACAP Corp. FMBL Farmers & Merchants Bank
ALTEO Alltel Corp., 2.25 Pfd. FMCB Farmers & Merchants Bncp.
ANDC Andover Bancorp Inc. FNAN First Natl Bank Anchorage
BHRBE Burke & Herbert Bk & Tr FSCOP First Security Series A Pfd.
BUTH Bank of Utah (Ogden) LINLK Lincoln Intl Corp., Class A
BKUT Bank Utica NY MCHB Mechanics Bank Richmond
CONBE Country Bank Carmel MNAT Marquette Natl Corp.
FCBN First Citizens Bancorp MNBP Mars Natl Bank PA
FINCE First Natl Bank Canton NACB Natl Cap Bank Washington
FINN First Natl Nebraska Inc. PBOWP Pitney Bowes Inc., Pfd.

Members are advised that in situations where the bid is less than $200 and the offer is greater than $200, the "Unit of Trade" will be displayed as "1" and members will be required to manually update the displayed size for the BID in order to be in compliance with the rule. The following OTCBB securities currently are subject to this condition.

BKUT Bank Utica NY FMCB Farmers & Merchants Bncp.
FCBN First Citizens Bancorp LINLK Lincoln Intl Corp., Class A

Upon effectiveness, all subject securities must be quoted in compliance with this rule modification and any tier size modifications granted pursuant to Nasdaq's prior discretionary authority shall become immediately ineffective.

Please note that this rule does not apply to securities listed on The Nasdaq Stock Market®.

If you have any questions regarding this rule amendment, please contact:

  • Market Data Integrity at (203) 375-9609, or
  • Nasdaq® Office of General Counsel at (202) 728-8294.

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