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1st Quarter 1998

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Table of Contents

NASD Invites Member Comment on OTCBB and OTC Market Proposals
The NASD Board of Governors has approved the solicitation of comment on the following three proposed rule changes for the OTC Bulletin Board and the non-Nasdaq OTC market: limiting quotations on the OTCBB to issuers that are current in their reporting requirements to the Securities & Exchange Commission (SEC) or other regulatory authority, requiring brokers to review current financial statements on an OTC company prior to recommending an OTC transaction in the security, and requiring that every investor receive a disclosure statement emphasizing the differences between OTC securities and market-listed securities prior to the initial purchase of an OTC security.

Unregistered Foreign Equities and ADRs Will Be Ineligible for OTCBB
Effective April 1, 1998, foreign equities and ADRs must be registered with the SEC under Section 12 of the Exchange Act to continue eligibility for quotation on the OTCBB. Additionally, beginning April 1, last sale transaction reports for eligible OTCBB foreign equities and ADRs will be disseminated on a real-time basis and OTCBB traders will be permitted to update their quotations in these issues throughout the day, as is currently permitted for domestic OTC equities.

The OTCBB to launch Web site on March 31, 1998
The OTCBB is scheduled to launch its new Web site on March 31, 1998. The Web site is designed for Market Makers, issuers, investors, and market data vendors who use the OTCBB or who are interested in learning about the service. The site will contain current statistics, historical data, information about OTCBB research services as well as all the components of The OTC Bulletin Board Handbook. Visitors to the Web site will also have access to Form 211s, OTCBB news items, past issues of the OTC Bulletin Board Update, and more.

1998 OTCBB Fact Book and Company Directory Available Soon
The 1998 OTC Bulletin Board Fact Book and Company Directory, containing contact information, 1997 monthly summary statistics, an annual trading activity history since the OTCBB's inception, 1997 summary statistics for each OTCBB issue, and more, will be available in Spring 1998.

Top 100 Issues - December 1997
The 100 most active OTCBB issues in December 1997 are ranked by average daily share volume.

Exemptions to Three Quote Rule Now Possible
The NASD RegulationSM, Office of the General Counsel can now grant exemptions from the Three Quote Rule, which requires a market participant to obtain quotations from a minimum of three dealers (or all dealers if three or less) before executing a customer's transaction in a non-Nasdaq security. NASD Regulation may grant an exemption to this requirement in cases where it is deemed that adherence to the Three Quote Rule hinders a market participant's best execution obligation.


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