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Order Execution Quality Reports to be Posted on OTCBB.com Monday, September 27, 2004

  • 11Ac1-5 Reports will be Posted on OTCBB.com Monday, September 27th
  • 11Ac1-5 Rule Background
  • Contact information

11Ac1-5 Reports on OTCBB.com
In an effort to increase visibility of execution quality and promote competition in the OTC Bulletin Board® (OTCBB) market, NASDAQ® is pleased to announce it will offer an option for OTCBB participants to post their 11Ac1-5 reports on OTCBB.com beginning on Monday, September 27, 2004.

The 11Ac1-5 Reports include statistical data about OTCBB participants’ execution quality, with respect to execution price and speed. Currently, market participants are not obligated to include OTCBB securities in their 11Ac1-5 Reports — the Rule requires only national market system securities be reported. However, many OTCBB participants do report on OTCBB securities in their 11Ac1-5 Reports.

OTCBB market participants that wish to have their 11Ac1-5 reports for OTCBB securities posted on www.otcbb.com at no charge should see the Contact Information listed below.

11Ac1-5 Rule Background
On November 17, 2000, the Securities and Exchange Commission (SEC) adopted Exchange Act Rule 11Ac1-5, which requires market centers — defined as any exchange market maker, OTC market maker, alternative trading system, national securities exchange, or national securities association — to make standardized, monthly reports containing statistical information about their executions available to the public. Generally, the Rule seeks to improve the ability of public investors to monitor orders after they are submitted to a broker/dealer for execution.

Contact Information
If you would like OTCBB.com to post your 11Ac1-5 reports, have any 11Ac1-5 questions, or would like more information regarding OTCBB, please contact:

The OTC Bulletin Board (OTCBB) is a regulated quotation service that displays real-time quotes, last-sale prices, and volume information in over-the-counter (OTC) equity securities. An OTC equity security generally is any equity that is not listed or traded on NASDAQ or a national securities exchange. OTCBB securities include national, regional, and foreign equity issues, warrants, units, ADRs, and Direct Participation Programs (DPPs).

NASDAQ is the largest U.S. electronic stock market. With approximately 3,300 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. Approximately 48% of NASDAQ-listed shares traded are reported to NASDAQ systems. For more information about NASDAQ, visit the NASDAQ Trader website at www.NASDAQtrader.com.


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