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Procedural Change for NASDAQ and OTCBB Market Makers

  • NASDAQ to discontinue calls re: securities moving from NASDAQ to the OTCBB.
  • Notification of moved securities available online and via email notification.

Effective Monday, December 16, 2002, NASDAQ will no longer make outgoing calls to market participants notifying them that a NASDAQ security in which they make a market has been moved and is available for immediate quotation on the OTC Bulletin Board (OTCBB). Notification of securities that have been delisted from NASDAQ and moved to the OTCBB will continue to be posted on the OTCBB Web site, OTCBB.com, under Daily List and on the NASDAQ Trader Web site, NASDAQtrader.com, under Daily List.

As an additional service to market participants, a daily email notification of the Daily List is available via OTCBB.com. To subscribe to this service, click here. When prompted to enter a subscription type, select the Daily List checkbox to receive the daily notification.

NASDAQ will continue, on a best-effort basis, to automatically register all firms that had been quoting the security on NASDAQ on the day the security begins to trade on the OTCBB. However, if you had been quoting the security on NASDAQ, and you do not see your market participant identifier (MPID) on the workstation the first day of OTCBB quoting, you may call NASDAQ Market Operations at (800) 219-4861 for registration in the security. This allows a Market Participant to take advantage of the "piggyback" exception under NASD Rule 6540(d) and SEC Rule 15c2-11(f)(3)(i).

At the end of the first day of trading, any previously-registered market participant that has not entered a quote will be deleted from the security, and will be required to file a Form 211 with the NASD OTC Compliance Unit in order to initiate quotation on the OTCBB. A Form 211 is required by any new market participant in the security as well.

For further information on this subject, please contact Liz Heese, OTCBB Product Manager, at (301) 978-8263.  


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