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The Over-theCounter Market Braces for OATS

Traders Magazine, February 2007

Peter Chapman

Over-the-counter dealers have four months to comply with new NASD rules that require them to report trades to the NASD's Order Audit Trail System, or OATS. Heretofore OATS applied only to Nasdaq securities. But last fall the SEC approved an NASD plan to extend compliance to OTC equities, notably OTC Bulletin Board and Pink Sheets securities. Compliance kicks in June 11.

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