OTC Markets

There is an increasing amount of research and analysis being published about the OTC market by industry professionals and academics. Below is an abridged list of some existing OTC market literature:

JOBS Act and the Impact on the OTC Marketplace

For a list of recent whitepapers relating to the JOBS Act, please visit our JOBS Act Resource Center

OTCQX International

• DR Advisor Insights
  JP Morgan
  "[T]he liquidity of a company’s ADRs is, in effect, at least equal to the liquidity of its shares in its home market. Accordingly, an investor should not look at U.S. trading volume alone when evaluating a non-U.S. company or the use of ADRs as a means to invest in it."
• Getting Quoted on OTCQX International | An Overview for Non-US Companies
  Schulte Roth & Zabel LLP
  “OTCQX International is attractive to many foreign issuers because it provides them with a cost effective way to expand their access to U.S. investors and increase liquidity."
• Increasing Relative Value and Liquidity Through US Capital Market Access
  Taylor Rafferty
  ”Canadian-based companies with publicly traded equity in both the US and Canada, regardless of market capitalization, enjoy a notably greater level of liquidity.”
• OTCQX International: Attractive US Trading Platform for Non-US Blue Chip Companies
  McDermott Will & Emery
  “Develop or maintain an active US investor base able to execute trades in United States markets, without incurring the burden, expense and often duplicative disclosure obligations imposed by US stock market listing rules and the resulting mandatory Exchange Act and Sarbanes-Oxley compliance.”
• Listing Made Simple - Using Rule 12g3-2(b) to List International Companies on OTCQX
  Pillsbury Winthrop Shaw Pittman LLP
  “This memorandum explains (1) how the 12g3-2(b) exemption works, (2) discusses the extent and type of securities liabilities that international issuers become subject to when they list on OTCQX.”
• Dorsey & Whitney LLP: Guide to Listing on the OTCQX for Canadian Issuers
  Dorsey & Whitney LLP
  “An OTCQX listing can provide an effective alternative to listing on the New York Stock Exchange (“NYSE”), the NYSE Amex or Nasdaq and provide liquidity for investors in both Canadian and U.S. marketplaces.”
• The Impact of ADR Listing on Liquidity
  Professors Alex Frino, Elsa Di Marco and Dr. Andrew Lepone
  "OTC-traded ADRs have a more significant effect on the overall change in liquidity than exchange-traded stocks."
• DTC Eligibility and Trading Canadian Company Stocks in the U.S.
  Burns Figa & Will P.C.