Listed and Non-listed Markets

Salli Marinov, President and CEO of First American Stock Transfer, is available for consultation and guidance services on a per-hour basis. If you have need of her services, please contact the office directly. In addition, she has written a book about the transfer industry that includes basic knowledge and guidance. To order the book (shown under Products), contact the office by phone or email, or call 602-330-4304.
Nationally, there are three main listed markets and two non-listed markets (not including the after hours market or internet-based markets). The listed exchanges are the New York Stock Exchange, the American Exchange (or ARCA), and the NASDAQ. If a company is listed on any of these markets and continue to satisfy listing requirements, they usually have no problem with DTCC acceptance.

There are also two non-listed markets. These are the OTCBB (Over the Counter Bulletin Board) and OTC markets. Within these two markets are eight tiers reflecting gradations of reporting to the SEC, reliability, stable volume and price, number of market makers, and involvement with problematic situations. From most reliable to most problematic these levels are:

  1. OTCQX, for those reporting companies that demonstrate the highest quality, reliability, and transparency
  2. OTCQB, for those reporting companies who are registered and current in their reporting
  3. OTCBB, for those registered companies listed only on the bulletin board where a telephone must be used to place an order/trade
  4. PinkSheets Current, for those companies who may or may not be filing reports with the SEC, may provide more risk but they do provide a level of transparency and disclosure by providing current information to their market
  5. PinkSheets Limited (Yield Sign), for those distressed companies that are not willing to provide current information to their market but the information they have provided is less than 6 months old
  6. PinkSheets No Information (Stop Sign), for those companies who start to reflect the most risk as they are not willing to provide adequate or current information and any information available is more than 6 months old
  7. Grey Market, for those companies with too few market makers, too little volume or price, and too little information available for an investor to make a credible decision about the investment or amount of risk
  8. Caveat Emptor, or buyer beware, for those companies that have been investigated or have been associated with problematic behaviors such as pump and dump schemes, spam campaigns, fraud, excessive and disruptive corporate actions and/or trading suspensions.