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User Acceptance Testing for OTC Equity Securities Minimum Quotation Size - October 13, 2012

Overview

FINRA® will conduct a production User Acceptance Test (UAT) from 9 a.m. to 12 p.m. Eastern Time (ET) on Saturday, October 13, 2012. This event will allow participants to test the modifications to support the OTC equity minimum quotation tier structure. FINRA will pilot the new tier structure for a minimum of one year beginning on Monday, November 5, 2012. Under FINRA Rule 6433 every member firm that functions as a market maker in OTC equity securities by entering firm quotations into the OTC Bulletin Board Service (OTCBB) (or any other inter-dealer quotation system that permits quotation updates on a real-time basis) must honor those quotations for a minimum size defined.

Participation

All firms that post quotations in OTCBB securities are eligible to participate in the UAT and can enter quotations via their production OTCBB interfaces. Firms that process the Bulletin Board Dissemination Service (BBDS) data feed are also encouraged to participate in the test as transaction data entered into the system during the test will be disseminated via the production feed. All interested participants must register for the test by contacting the departments below by noon on Wednesday, October 10, 2012.

OTCBB quoting firms - NASDAQ Trading services via email or by phone at (212) 231-5180.

BBDS recipients - FINRA Product Management via email.

Testing Details/Script

The UAT will start approximately 9 a.m. ET and end approximately 12 p.m. ET. The conference line listed below will be open for the duration of the test. Due to a limited number of lines, firms should consider sharing the line if calling from the same location. Please note: This is a common bridge line. Users needing to conduct internal dialogue during the test are reminded to facilitate those conversations off line. In addition, if participants step away from the participant call, FINRA requests these lines to be put on mute and not hold.

Date/Time:

  • Saturday, October 13, 2012; 9 a.m. - 12 p.m. ET
  • Dial-in: 866.873.6234
  • Pass code: 8274499
  • The trade date for the test will be Saturday, October 13, 2012.
  • Please direct questions concerning system modification and testing by email to FINRA Product Management or by phone to (866) 899-2107





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