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Trade Reporting Notice - 3/18/08

Revised Policy for Disseminating Reports of Fewer Than 100 Shares

Published Date:
Effective Date: April 21, 2008

Effective April 21, 2008, for OTC equity securities1 that traded at or above $175 per share during the fourth calendar quarter of 2007, FINRA will change the "unit of trade" from100 shares to one share (such that transactions in these securities for fewer than 100 shares will no longer be considered "odd-lot transactions" for dissemination purposes), and will disseminate last sale information for all reported transactions in these securities via the Trade Data Dissemination Service (TDDS) feed. Going forward, FINRA will review trading activity at the end of each calendar quarter to determine whether additional OTC equity securities meet the stated dissemination criteria.

Questions regarding this Notice and FINRA's OTC equity securities dissemination policy may be directed to FINRA Operations at (866) 776-0800.

1 NASD Rule 6610(d) defines OTC Equity Security as "any non-exchange-listed security and certain exchange-listed securities that do not otherwise qualify for real-time trade reporting," which effectively includes all securities quoted on the OTC Bulletin Board (OTCBB), securities quoted on the Pink Sheets, and securities traded but not otherwise quoted in a quotation medium in the OTC equity market.