What is the Pink Sheets ?
Pink Sheets ? LLC is the leading provider of pricing and financial information for the over-the-counter (OTC) securities markets. The Pink Sheets is a quotation medium where FINRA member broker/dealers can publish their quotations (the price and size that they would buy or sell a security). In September of 1999, Pink Sheets introduced the Electronic Quotation Service, an Internet-based, real-time quotation service for OTC equities and bonds. Our centralized information network collects firm, priced quotations from hundreds of different market makers in over 3,000 OTC Securities and provides them to market data distributors in real-time. Pink Sheets information enhances the efficiency of OTC trading, provides better executions for OTC investors and improves the capital formation process for OTC issuers.
What types of stocks are quoted on the Pink Sheets ?
There are over 4,100 stocks quoted exclusively in the Pink Sheets . Of those, 3,000 have firm market maker prices. The securities range from small, emerging growth companies, closely held companies, economically distressed companies and ordinary or ADR shares of foreign (non-US) companies.
Aren't the Pink Sheets a quotation service for small, struggling companies?
Although many associate Pink Sheets quoted companies with small domestic and foreign OTC companies, or economically distressed issuers such as Lernout & Hauspie Speech Products (LHSPQ), many major American Depositary Receipts (ADRs) of large international corporations not willing to meet disclosure requirements of larger U.S. stock markets are quoted on the Pink Sheets . Examples include food giant Nestle (NSRGY), drug maker Roche (RHHBY), auto maker Volkswagen (VLKAY), brewery Heineken (HINKY), oil giant Lukoil (LUKOY) and the gaming industry's Sega (SEGNY) and Nintendo (NTDOY).
Are the prices in the Pink Sheets firm?
Prices quoted in the Pink Sheets are firm by FINRA Regulations. Quotations are supplied by SEC registered broker/dealers that are responsible for complying with applicable FINRA Rules and securities laws. FINRA Rule 6750 requires that market makers honor their quotation prices entered in the Pink Sheets .
Is Pink Sheets LLC, affiliated with NASDAQ?
No, Pink Sheets LLC, is not affiliated with NASDAQ. It is a separate company that provides real-time inside quote and market maker information for Pink Sheets quoted instruments. Pink Sheets LLC is not a member of the FINRA or regulated by the SEC. The Pink Sheets are a quotation service, not a stock exchange.
What information does Pink Sheets LLC, provide?
Pink Sheets LLC, provides inside quote data (Best Bid, Best Ask, Bid Size, Ask Size). The service is referred to as Pink Sheets Level One, and the underlying Market Maker quote information, which is referred to as Pink Sheets Level Two. At this time, only Pink Sheets Level One data is available on all platforms (RTW, Kobra, Reuters Plus, Reuters Pro, Xtra, RDF). Please contact your local Reuters representative if you think Pink Sheets Level Two is a service Reuters should offer.
Can Pink Sheets information be displayed on client web sites or internal applications?
Yes, Reuters Data Feed (RDF) clients can license Pink Sheets data for display on their websites and in their own applications. Contact your local Reuters sales office to find out more about Pink Sheets web site licenses and non-professional user fees
Does Pink Sheets provide trade prices and volumes?
Pink Sheets does not distribute trade prices and volumes. FINRA Rules require broker/dealers to report trades in all OTC equity securities to NASDAQ. Those trades are distributed as NASDAQ Other OTC trade prices and volume.
Why is there no inter day trade prices and volume for Pink Sheets ADRs?
NASDAQ only distributes end of day total volume and open, high, low and last prices for ADRs and foreign OTC securities.
What is an inside quote?
By definition an inside quote is Best Bid, Best Ask, Bid Size, Ask Size.
What is the unit size for Bid / Ask Size?
The unit size is 'actual' not round lots as sent by other US exchanges.
How do I know if the instrument I want has been created in Reuters' database?
There are two methods:
For Reuters Plus / Pro clients, using the Symbol Guide search criteria will retrieve the instrument symbol. From there a click will bring the instrument into the quote window.
Is the quote data in real-time?
Yes, the quote data is real-time.
Are quotes sent only during market hours?
No, Pink Sheets Level One inside quote data is sent from 7:00am until 6:55pm.
Are there any fees associated with this data?
Yes, there are fees associated with Pink Sheets Level One quote data. Pink Sheets Level One is priced at $19.95 per user, per month.
If I subscribe to NASDAQ Level 1 or Level 2, will it include Pink Sheets LLC, data?
No, it will not include Pink Sheets Level One or Pink Sheets Level Two data.
Does that mean that I will need to subscribe to both NASDAQ Level 1 or Level 2 and to Pink Sheets LLC, to view trade and quote data?
Yes, that is correct. If you are a subscriber to NASDAQ, you will require a subscription to Pink Sheets , LLC., thus enabling access to Pink Sheets Level One to complement NASDAQ trade data.
Can I still see the trade data from NASDAQ for Pink Sheets ?
Yes, the trade information continues to be provided by NASDAQ. However, you will need to subscribe to NASDAQ Level 1 in order to view the trade data.
NASDAQ disseminates all Pink Sheets trade information (Last, Trade Volume, Total Volume, Block Volume, Block Count) for Pink Sheets instruments.
Can I see both the NASDAQ data and Pink Sheets data in one display?
If you an IDN user, you can see both NASDAQ trade information and Pink Sheets inside quote (Pink Sheets Level One) in a co-mingled display. However, you must subscribe to both NASDAQ Level 1 and Pink Sheets Level One.
IDN users
To retrieve the co-mingled display, you should use the following formula:
| RIC ROOT |
DELIMITER |
EXCHANGE IDENTIFIER |
F3 |
| MVEE |
. |
PK |
|
Example,
MVEE.PK F3
If you press ENTER or F5, after entering the RIC, only the trade data will be returned.
Reuters Plus / Pro Users
If you subscribe to both NASDAQ and Pink Sheets all the data items will be visible within a quote window. The symbol keystroke has not changed. If you are not subscribing to Pink Sheets and you enter the symbol as normal, you will continue to view trade data and the quote fields (Bid, Ask, Size) will not be populated.
I have heard that Pink Sheets LLC, also provides Market Maker information. How can I retrieve the data?
That is correct, Pink Sheets LLC, provides a service called Pink Sheets Level Two, which is Market Maker data - Market maker name, quotes, contact information.
At this time, Reuters is only implementing Pink Sheets Level One, inside quote data (Bid, Ask, Bid Size, Ask Size). Please contact your local Reuters representative if you think Pink Sheets Level Two is a service Reuters should offer.
When Pink Sheets Level Two, (market maker) information does become available, what is the price?
Pink Sheets Level Two, market maker information will be priced at: $49.95 per user, per month.
