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Publication of OTC Equity Short Interest Data

As announced in NASD Notice to Members 06-14 (April 2006), in accordance with the amendments to NASD Rule 3360 that expand the short interest reporting requirements to over-the-counter (OTC) equity securities which became effective July 3, 2006, NASD collects and disseminates OTC equity short interest data on a monthly basis.

Commencing upon the close of business Tuesday, July 25, 2006 (but no earlier than 4 p.m. ET), OTC equity short interest data will be available on the OTCBB website. Please refer to the publication schedule below for a schedule of subsequent OTC equity short interest publication dates for 2006.

NASD intends to launch a new web page that allows users to query a specific OTC security’s reported short interest position for a particular month. The query will return the security name and symbol, OTC market type (Bulletin Board or other-OTC), current month short interest, percent change from the previous month’s short interest, average daily share volume and days to cover.

In addition, the web page will allow users to download a pipe-delimited text file containing all OTC equity securities with a reported short position for a particular month. The file will provide the following data:

Data Field Definition
Security Name Name of the security
Security Symbol Symbol identifier
OTC Market Type Indicates whether the security is OTC Bulletin Board or non-Bulletin Board
Current Month Short Interest The amount of shares that were reported as being sold short for the month by reporting firms
Previous Month Short Interest The amount of shares that were reported as being sold short for the previous month
Change in Shares Short from Previous Month Difference in short interest between the current month and the previous month
Percent Change from Previous Month The percent change from the current month's short interest compared to the previous month's short interest.
Formula: (Current Month Short Interest - Previous Month Short Interest) / Previous Month Short Interest, x 100, Rounded to Hundredths.
Average Daily Share Volume The daily average share volume reported for the security during the current month
Days to Cover The number of days of average share volume it would require to buy all of the shares that were sold short during the reporting month.
Formula: Short Interest / Average Daily Share Volume, Rounded to Hundredths. 1.00 will be displayed for any values equal or less than 1 (i.e., Average Daily Share is equal to or greater than Short Interest). N/A will be displayed If the days to cover is Zero (i.e., Average Daily Share Volume is Zero).
Historical information will be available on a rolling 12-month basis.

Publication Schedule for 2006

Monthly short interest information will be available on the OTCBB Website after 4 p.m. ET on the dissemination date.

Month of: Trade Date Settlement Date Dissemination Date Publication Date
July 7/11/2006 7/14/2006 7/25/2006 7/26/2006
August 8/10/2006 8/15/2006 8/24/2006 8/25/2006
September 9/12/2006 9/15/2006 9/26/2006 9/27/2006
October 10/10/2006 10/13/2006 10/24/2006 10/25/2006
November 11/10/2006 11/15/2006 11/27/2006 11/28/2006
December 12/12/2006 12/15/2006 12/27/2006 12/28/2006

Questions regarding OTC equity short interest data may be directed to Orlando Cortes at (212) 858-5143; e-mail: orlando.cortes@nasd.com. Questions concerning the short interest reporting requirements may be directed to the Legal Section, Market Regulation at (240) 386-5126, or Office of General Counsel at (202) 728-8071.




As announced in NASD Notice to Members 06-14 (April 2006), in accordance with the amendments to NASD Rule 3360 that expand the short interest reporting requirements to over-the-counter (OTC) equity securities which became effective July 3, 2006, NASD collects and disseminates OTC equity short interest data on a monthly basis.


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