Nasdaq Struggles With a Problem Child
Traders Magazine, May, 2004 by Gregory Bresiger
Nasdaq is stuck with the Bulletin Board lease.
Nasdaq's Over-the-Counter Bulletin Board (OTCBB) - launched in 1990 after Congress hoped that Nasdaq and its parent, the NASD, could clean up the penny stock mess - is caught between a regulatory and market dilemma.
The OTCBB, which was designed to provide greater transparency and reassure investors that penny stocks were a legitimate form of trading, makes little or no money. That's even though the OTCBB, which is not a listing market, is in the midst of a small stock bonanza.
"This is a very important market. It is an incubator market for micro stocks. It is an important part of capital formation in the United States," said Nick Ponzio, chief executive of Hill, Thompson, Magid, a prominent OTC market maker....
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