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[QUOTE]Originally posted by T e x: [QB] pretty interesting; before the new "tiers" at Pinksheets, but still interesting background from an academic perspective: [QUOTE][b]Microstructure of the Pink Sheets Market[/b] Abstract The Pink Sheets market is a highly unregulated trading venue that is virtually free of affirmative obligations or reporting requirements. Using all quotes and trades reported through the Pink Sheets electronic quotation service and Pink Link electronic execution service in the 2004 calendar year, we examine whether regularities that exist in highly regulated markets arise for stocks traded through the Pink Sheets. We find that the market appears quite capable of creating organized rather than chaotic quotation and trading activity in an environment without a tick size, even among penny stocks, and that bid-ask spreads show a consistent relation with market maker costs.[/QUOTE] http://www.owen.vanderbilt.edu/vanderbilt/data/research/1650full.pdf [/QB][/QUOTE]
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