Nice.
Barring any damaging financing arrangements that this company may have to do in the future IMO it has the potential to turn into one of the better investments I've ever made. It got off to a shaky start as we all know but the company has severed contacts with the various neer-do-wells (I won't mention names) that it was associated with in the beginning.
Does anyone here know anything about the BBX? It's a new exchange that's opening in 2003 and will have many improvements over the OTCBB. ESWW fills all the listing requirements:
What is the BBX.....
In 2003, a new market, the Bulletin Board ExchangeSM (BBXSM), will be launched. The BBX will eventually take the place of the OTC Bulletin Board ® (OTCBB), which will be phased out. The BBX will appeal to many of the same companies that are currently quoted on the OTCBB, but will be a higher quality market.
The BBX will have qualitative listing standards, but no minimum share price, income, or asset requirements. In addition, the BBX will have an electronic trading system to allow order negotiation and automatic execution. This is a major improvement over the current OTCBB system, where market participants must execute customer orders using the telephone. The BBX’s new system will bring increased speed and reliability to trade executions, as well as improve the overall transparency of the marketplace.
Companies trading on the BBX will be differentiated from those trading over-the-counter. All BBX issue symbols will begin with the letters “XB,” and, unlike in the current OTCBB, issuers will be able to choose their own three-letter trading symbol to follow the two-letter prefix (e.g., XBAAA).
The BBX will offer a significant improvement over the OTCBB for qualifying small companies by increasing liquidity in the market for their securities, augmenting the opportunity to raise equity capital, and conferring the recognition of trading on a listed market.
bbxchange.com
Read on, this is the good part (unless you're a manipulative MM that is):
Market Rules
The BBXSM trading environment will differ in several ways from that of the OTC Bulletin Board® (OTCBB) today. Specifically, the BBX marketplace rules will be different. The BBX proposes to adopt marketplace rules closely modeled on current Nasdaq marketplace rules, with changes to reflect the differences in the listed companies. Three important Nasdaq rules that will apply to the BBX going forward are: 1) market makers will be required to maintain continuous, two-sided markets, with quotes that are reasonably related to the market and that generally do not lock or cross the market, 2) BBX market makers will be required to report their short interest on a monthly basis, as market makers in Nasdaq National Market ® (NNM®) and SmallCap stocks do today, and 3) the BBX proposes to adopt the same trade halt rule that currently applies to NNM and SmallCap issues. This provides BBX with broader authority consistent with its new relationship with BBX issuers.
The BBX also proposes to retain certain OTCBB rules. For example, the BBX will continue to require market makers to quote in a designated minimum size, depending on the quoted price of a BBX issue. In addition, BBX proposes to limit the marginabilty of BBX issues by imposing a 100% maintenance margin requirement. BBX market participants will also be required to comply with the SEC’s Penny Stock Rules whenever a stock would qualify as a penny stock absent its listing on the BBX.
These changes are designed to help make the BBX a liquid, efficient, and orderly trading venue for this unique segment of the market.
View the BBX SEC rule filing SR-NASD-2002-82 and Exhibit 2 which contains the proposed rule language for the BBX market.
SEC Rule Filing (pdf)
BBX Rule Book (pdf)
BBX Automated Trading Systems
The BBX will offer a far superior trading and quoting system to that of the OTCBB. In place of today's telephonic communications, the BBX will provide a dynamic quotation system, and a fully automated trading environment.
The proposed automated order delivery service (ODS) will enable BBX users to communicate electronically with one another to negotiate and confirm the execution of non-liability orders. It will offer much of the functionality of the SelectNet® service that is used for trading of Nasdaq National Market and SmallCap issues.
The automatic execution system will offer immediate execution of liability orders priced at the Best Bid or Offer (BBO). This will ensure market participants rapid access to the best-priced quotations in BBX issues.
We expect that these changes will increase the speed, efficiency, and quality of execution in the BBX marketplace.
Market Regulation
Nasdaq and NASD Regulation, Inc. are committed to maintaining a high level of regulation in the BBX trading environment. NASD Regulation anticipates that the automated trading systems will enable it to surveil the BBX marketplace more effectively. Nasdaq will provide the same level of intra-day surveillance for the BBX as is currently available for Nasdaq issues. Nasdaq MarketWatch, TradeWatch, and NASDR Market Regulation will monitor for the following:
Issuer news that warrants a news-related Trade Halt;
Backing away;
Excused withdrawals from the market, locked/crossed markets and trading during trading halts;
Best execution obligations;
Marking-the-close activity;
Anti-competitive practices by market makers;
Front-running of research;
Short interest reporting; and
Insider trading.
bbxchange.com |
