October 31, 2014
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OTCBB Full Decimal Implementation on April 9, 2001

The OTCBB is currently scheduled to complete its transition to a decimals only environment on April 9, 2001.

OTCBB participants have been able to use decimals for both quoting and trading since September 1998. However, some firms still choose to use fractions. On April 9th, the OTCBB system will no longer allow the input of fractions; it will only accept decimals. There are two minor changes from the way OTCBB handles decimals today, to the way they will be handled in the future, beginning April 9th:

  • OTCBB participants will only be able to enter up to four places to the right of the decimal for quotes (e.g. 2.2356) and up to six places to the right of the decimal for trade reports (e.g. 2.235678).
  • When trade reports are disseminated to the media, the Automated Comfirmation and Transaction Service SM (ACTSM)will send out only four places to the right of the decimal. ACT will apply a 5-4 rounding rule to trade reports in excess of four places (i.e. if the number five places to the right of the decimal is 5 or greater, round up, if it is 4 or below, round down). For example, a trade reported at 2.235678 would be rounded and disseminated as 2.2357.

Prior to the market open on April 9, 2001, all priced market maker quotes will be automatically changed to unpriced quotes. The status of the Market Maker position will not change (i.e. an "Active" position will remain in an Active status after the prices are wiped out.) Market Makers will then be able to update their quotes using the new decimal format.

For questions, please contact the NASD Decimalization Program Management Office at (888) 227-1330 or decimals@NASD.com.


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