OTCBB is the over-the-counter trading system (Over the Counter Bulletin Board), also known as bulletin board market, is a trading intermediary system managed by the National Association of Securities Dealers ((NASD)), the manager of NASDAQ.
Unlike NASDAQ, OTCBB has no listing conditions and standards, no automatic transaction execution system, and no relationship with securities issuers.
OTCBB is typically characterized by fragmentation, small scale, simple listing procedures and low fees. There are few large fund and institutional investors on OTCBB, and the investors are mainly small funds and individual investors.