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Microcap & Penny Stocks : Zulu-tek, Inc. (ZULU)
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To: wlcnyc who wrote (16483)11/30/1998 10:51:00 PM
From: Jon Tara  Read Replies (2) of 18444
 
There's one other requirement for getting on AMEX that hasn't been mentioned - they need a Specialist that is willing to sponsor them.

The NYSE and AMEX are based on the Specialist system. Instead of competing market-makers, NYSE and AMEX stocks are traded by Specialist firms. There is ONE Specialist firm for each stock. (A firm may trade several stocks, of course.)

The Specialist is bound by exchange rules to make an orderly market in the stock. These rules put significantly more responsibility and burden on the Specialist than does being a NASDAQ market-maker. (For example, a Specialist may be required to short a stock, if there is a market buy order, and there are no orders to sell, or may be required to buy for it's own account, if there is a market order to sell and there are no orders to buy.)

I do not believe that ESVS would be able to find an AMEX specialist, willing to take the risk of trading a stock with it's history of flaunting regulations.

Specialist firms are among the most respected on Wall Street, and pick the stocks that they trade in carefully, with an eye toward preserving their reputation.

On the other hand, there is no shortage of fly-by-night brokerage firms willing to be an OTC-BB market-maker.
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