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Apr 01

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The solution for the future is to have an electronic network that links all of the markets, aggregating all orders into 1 central limit order book, where the best inside prices can be quoted. This not only gives the best prices to the customers, but will also force the exchanges to become more efficient, since the lowest cost networks will generally have the best prices. Eventually, there will be no market makers or specialists—buyers will simply buy directly from sellers, electronically, for the lowest transaction cost possible.

If you feel the stock has been marked untradeable in error, please contact us at support@robinhood.com


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Time for another dose of reality. Drink up. It doesn’t cost that much more for a listing on a major exchange as it does on the OTCBB. If the company was such a good company, selling such a hot product, that had this great potential to jump from the OTC to the Nasdaq, then why didn’t they just list on the Nasdaq in the first place? Hmmmmm? The main different between the two listings is not money, but the additional reporting requirements. Companies that list on the OTCBB don’t want to disclose to investors what’s really going on behind the PRs and they sure as hell don’t want to provide this information on anything remotely close to a timely and regular basis.



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Secondary Securities Markets

After securities have been issued, they are frequently traded in the secondary markets. Securities can be traded on organized national and local stock exchanges, in the over-the-counter market, and directly between buyers and sellers, often using the services of an electronic network.

Stock Exchanges

In the United States, there are 3 major national stock exchanges—the New York Stock Exchange (NYSE), the American Stock Exchange (AMEX), and the NASDAQ—which list most of the major companies—and numerous local exchanges, which list smaller, local companies. The New York Stock Exchange is the largest exchange, followed closely by NASDAQ, while AMEX is a distant third. However, AMEX lists many new types of securities, such as exchange-traded funds. The local exchanges include the following:

All exchanges have initial listing requirements that companies must satisfy before they can be listed on a particular exchange. Since an exchange makes money by charging commissions or fees on trades, most requirements are designed to ensure that a certain amount of trading will occur in the company's shares. In most cases, larger companies have more trading activity, and so several requirements are related to ensure a minimum size. The most common requirements are a minimum market value, a minimum income and revenue, a minimum number of shares outstanding, and a minimum number of holders of public stock.

Although most stocks listed on an exchange are listed stocks for that exchange, an exchange can list the securities of any other exchange, if it so chooses. To increase pricing competition, the Securities and Exchange Act of 1934 contains a provision referred to as unlisted trading privileges (UTP) that allows any exchange to list any securities listed on any other exchange.

Only members of an exchange may list and execute trades at the exchange. When a retail investor wants to trade an exchange-listed stock, he must go to a broker. If the broker is a member of the exchange where the stock is listed, then she can send her client's order to a representative of her firm, who will then execute the trade. However, if her firm is not a member, then she will have to send the order to another broker or dealer who is a member of the exchange or to their representative at the exchange.

Buy or sell limit orders are entered into the system and crossed with matching orders. If there are no matching orders, then they are queued, first by price, then by date, as a bid or offer price. The list of all bids and offers constitutes the order book, and the current market quote is the best bid and offer.

The Over-the-Counter (OTC) Market

The over-the-counter (OTC) market is, by far, the largest market. Almost every security—including bonds, derivatives, and currencies—are traded in the OTC market. It generally operates by phone or through electronic systems, where individual dealers or brokers list bid and offer prices. There is generally no listing requirements. When a broker or dealer wants to buy an OTC stock, he contacts the market maker listing that security. For stocks, there are 2 specific OTC markets, the OTC Bulletin Board and the Pink Sheets.

OTC Bulletin Board (OTCBB)

The OTC Bulletin Board (OTCBB) lists OTC equity securities, which is any equity security not listed on NASDAQ or a stock exchange. Equity securities include not only domestic and foreign stocks, but also American Depositary Receipts (ADRs), warrants, and Direct Participation Program (DDP) securities. The issuers do not have to pay a fee for a listing, nor is there any financial reporting requirements with NASDAQ or the Financial Industry Regulatory Authority (FINRA). The companies must, however, maintain any required filings with the U.S. Securities and Exchange Commission (SEC) or with its banking or insurance regulator.

When an OTCBB company fails to file its reports on time, the NASD will add a fifth letter "E" to its 4-letter stock symbol. The company then has 30 days to file with the SEC or 60 days to file with its banking or insurance regulator. If it's still delinquent after the grace period, the company will be removed from the OTCBB. A watch list of delinquent companies and their securities is maintained at http://www.otcbb.com/DailyListContent/Delinquency_Eligibility.stm.

The OTCBB began as a pilot program in June 1990, then, after SEC approval, became permanent in April 1997. The Penny Stock Reform Act of 1990 mandated that the (SEC) to establish an electronic system that met the requirements of Section 17B of the Exchange Act. Since December 1993, firms have been required to report trades in all domestic OTC equity securities through the Automated Confirmation Transaction Service (ACT) within 90 seconds of the transaction. In May, 1997, DPPs became eligible for listing on the system, and in April, 1998, all ADRs and foreign securities that are registered with the SEC also became eligible for listing.

Currently, there are about 3300 listed securities. The OTCBB transmits real-time quote, price, and volume information in domestic securities, foreign securities and ADRs; and displays indications of interest and prior-day trading activity in DPPs. Only qualified market makers can display quotes on the OTCBB. However, quotes and information can be obtained from the OTCBB website.

Pink Sheets

In the early 1900's, new and outstanding stocks were advertised in financial newspapers or in the financial sections of large newspapers by investors, dealers, and brokers. The National Quotation Bureau started, in 1904, to consolidate and print this information for dealers and brokers. Through various incarnations, this has become the pink sheets of today, when, despite the name, most of the information is distributed electronically at the Pink Sheets website.

Pink sheets lists mostly stocks that do not qualify for a listing on an exchange. These thinly traded stocks, often called penny stocks, are issues from small companies. The name is based on the color of the paper of the traditional sheets that were printed daily by Pink Sheets, LLC. Nowadays, listings are updated by fax or email, and real-time quotes are displayed on the Electronics Quotation System. The listings include the stock, the market makers dealing in the stock, their phone numbers, and may include a quote for the stock. However, these quotes are static quotes that the market maker is not obliged to uphold because they are only updated once per day. To buy a stock listed in the pink sheets, the customer's broker would call 1 or more of the market makers listed for that security, and ask for a firm quote.

Some OTC stocks are listed only on Pink Sheets, some only in the OTCBB, and some are listed on both services.

Third Market—Trading Listed Securities in the OTC Market

The third market is the trading of exchange-listed securities in the over-the-counter market.

Up until 1972, the NYSE charged fixed commissions on all trades on its exchange. However, many traders felt that there should be lower commissions for larger trades. Consequently, traders with large blocks to trade started trading NYSE listed stocks in the OTC market for reduced commissions, using brokers who were not members of the NYSE. Eventually, in May, 1975—known as May Day—all commissions became negotiable. In that year, the lowest price for a seat on the NYSE was ,000, whereas 10 years earlier, the lowest price was 0,000.

Fourth Market—Electronic Communication Networks (ECNs)

Electronic Communication Networks (ECNs) are electronic networks that can connect buyers directly with sellers for listed securities—no brokers or market makers are involved. Often called the fourth market or network, ECNs can eliminate the spread that dealers charge, if a crossing match can be found for the buy or sell orders that were entered. The ECN earns its money from fees for the transactions, rather than from commissions or a spread. Most ECNs are also connected to NASDAQ through the Intermarket Trading System. Participants, mostly institutional investors, post bids or offers on the ECN. The ECN will try to match the order with another participant on the ECN, or, if that fails, it will send the order to NASDAQ. Most large traders also like ECNs because of their anonymity—the rest of the market does not know who is buying or selling large blocks of securities.

ECNs must be registered by the SEC, and by the FINRA if it wants to connect to the NASDAQ market.

National Market System (NMS)

Because stocks are listed on multiple exchanges and in the OTC markets for different prices, the SEC wanted to promote competition among the different trading centers by consolidating the quotes in 1 place—the National Market System, (NMS), which was the result of Regulation NMS. The SEC has been trying to implement this strategy since 1975, but because of technical problems and industry opposition, it has taken some time, with the latest changes being implemented in 2007. The NMS would allow individual investors to see the same quotes as big institutional investors.

Consolidated Tape—Network A and Network B

The National Market System began with the Securities Act Amendments of 1975 that gave the SEC authority to effect some institutional changes so that quotes from different markets could be consolidated. One result was the consolidated tape, which began operating in June, 1975, and is composed of Network A and B.

Network A lists the best prices for NYSE-listed stocks from the NYSE, local exchanges, and the OTC market. Network B lists the best prices for AMEX-listed stocks from AMEX, the local exchanges, and the OTC market, and also stocks that are only listed on local exchanges and the OTC market.

The Consolidated Quotation System (CQS) electronically disseminates these quotes across the networks.

Intermarket Trading System (ITS)

The Intermarket Trading System (ITS) is a network that links the NYSE, the AMEX, NASDAQ, and the Boston, Chicago, National (formerly Cincinnati), Pacific and Philadelphia local exchanges, and the Chicago Board Options Exchange. This system, begun in 1978, allows market makers and brokers to transmit quotes to other exchanges for better prices for the approximately 4,500 stocks listed on multiple exchanges. Thus, if a customer for a broker who is a member of the Philadelphia Stock Exchange, sees a better price on the NYSE, the broker can route the customer's order to the NYSE, then the trade is reported on the Consolidated Quotation System.

One of the problems with the ITS is that the orders are not routed automatically to the best price, but must be sent there by a market participant. For instance, if an NYSE specialist receives an order for a stock, but sees a better price on the ITS system, then he must either send the order to that exchange, or match the price. The ITS system is also considered too slow for the NYSE.

However, a major drawback is that it does not include quotes from ECNs, which are transacting increasing numbers of shares because of their low cost.

The solution for the future is to have an electronic network that links all of the markets, aggregating all orders into 1 central limit order book, where the best inside prices can be quoted. This not only gives the best prices to the customers, but will also force the exchanges to become more efficient, since the lowest cost networks will generally have the best prices. Eventually, there will be no market makers or specialists—buyers will simply buy directly from sellers, electronically, for the lowest transaction cost possible.

Source: https://support.robinhood.com/hc/en-us/articles/208650286-Available-Securities-on-Robinhood


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However, a major drawback is that it does not include quotes from ECNs, which are transacting increasing numbers of shares because of their low cost.

Stocks may not be searchable or appear as “Untradeable” on Robinhood for a few reasons:

I’ve met thousands of traders over the years and not a single trader made money at regularly picking jumpers.



Available Securities Overview

You can trade over 5,000 securities on Robinhood, including most U.S. equities and exchange trade funds (ETFs) listed on major U.S. exchanges.

We do not yet support the following, but hope to in the future:

*Certain foreign domiciled securities are tradable on Robinhood. These include the securities of companies domiciled in Canada and Israel that trade above .

Low Priced Securities

Some securities and ETFs that trade on Robinhood may be considered low-priced securities. Low-priced securities or "penny stocks" generally refer to securities issued by very small companies that trade at less than per share.

Investing in low-priced securities is considered speculative and involves considerable risk. Please see our Low-Priced Securities Disclosure for more information click here.

Pre-Market and After-Market Trading

Currently, Robinhood Gold supports trading during pre-market and after-market hours (9:00am EST to 6:00pm EST) on trading days. 

Robinhood will display after-hours price changes once the market closes. The percent change displayed for a stock after-hours is the stock’s closing price. In addition, market buy orders placed after-hours will use the closing price of the stock as the reference price, not the current price in the after-hours market.

Prices will reset to the current price once the market opens the following trading day. Keep in mind that certain holidays in the United States are not considered trading days. 

Delisted Securities

Before a company can begin trading on an exchange, it must meet certain initial requirements or "listing standards". Exchanges (NYSE or NASDAQ) each set their own standards for listing and continuing to trade a security. A security may be delisted if it does not meet the requirements of its particular exchange.

Delisted securities will trade Over The Counter (OTC). Since Robinhood does not currently support OTC trading, when securities that you own on Robinhood are delisted they will be set to liquidating only. This means that you will be able to sell the shares you hold but not purchase more.

Orders placed on delisted securities will execute based on the current market price of the security regardless of if the app displays that updated price. In these cases, you will need to find stock quotes elsewhere. 

IPO (Initial Public Offerings)

Robinhood currently does not offer access to pre-IPO shares, given the regulatory complexity and illiquidity of the market. We do our best to mark new stocks as tradeable the day of the IPO. You will not be able to execute extended-hours trades on the day of a security’s IPO.

Untradeable Securities

Stocks may not be searchable or appear as “Untradeable” on Robinhood for a few reasons:

If you feel the stock has been marked untradeable in error, please contact us at support@robinhood.com

Source: http://thismatter.com/money/stocks/secondary-stock-market.htm