Posted On: 12/03/2014 5:31:32 PM
Post# of 12259
Info:Most penny stock observers depend on the Daily List for information about stock splits, dividends, and other corporate actions, and are disappointed by its new iteration at finra.org. At the old site, it was possible to search for past and present actions for a single issuer and related tickers; that can no longer be done.
The new Daily List and accompanying resources made its appearance on November 17. Another major change went unnoticed for a few more days. On the same date, FINRA migrated its technology for reporting trades in OTC issues to a new OTC Reporting Facility (“ORF”) platform. Plans for the migration had been underway since early in the year. Most of the technical implications will not affect traders, but one feature grabbed their attention: trades are now being reported out to six digits. As a result, transactions executed below $0.0001 no longer print as $0.00; they print as, for example, $0.000098. So far, the lowest price recorded seems to be $0.00001.
FINRA is to be applauded for creating more transparency for OTC issues, especially those that have lost their bid. But for many, the action begged the question of whether market makers would now, or in the near future, be allowed to publish quotes below $0.0001. That, however, will not change; as before, “a member may rank or accept (but not display) such order or indication of interest in an increment of $0.000001 or greater.”
It took a week for more for some data providers to catch up to the new standard for trade price reporting, but by now nearly all are compliant.
The new Daily List and accompanying resources made its appearance on November 17. Another major change went unnoticed for a few more days. On the same date, FINRA migrated its technology for reporting trades in OTC issues to a new OTC Reporting Facility (“ORF”) platform. Plans for the migration had been underway since early in the year. Most of the technical implications will not affect traders, but one feature grabbed their attention: trades are now being reported out to six digits. As a result, transactions executed below $0.0001 no longer print as $0.00; they print as, for example, $0.000098. So far, the lowest price recorded seems to be $0.00001.
FINRA is to be applauded for creating more transparency for OTC issues, especially those that have lost their bid. But for many, the action begged the question of whether market makers would now, or in the near future, be allowed to publish quotes below $0.0001. That, however, will not change; as before, “a member may rank or accept (but not display) such order or indication of interest in an increment of $0.000001 or greater.”
It took a week for more for some data providers to catch up to the new standard for trade price reporting, but by now nearly all are compliant.
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