The Securities Division considers a stock to be a " penny stock" if it trades at or under $5.00 per share and trades in either the "pink sheets" or on NASDAQ.

而证券部门则是把在“粉色街道”或者纳斯达克以每股5美元或以下的价格交易的股票称为为“投机股票”。

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This does not mean the Company's shares are cleared for trading on the OTC Bulletin Board or even the Pink Sheets.

这并不表示该公司股票可以在场外柜台交易系统，甚至粉单交易市场进行交易。

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Shares in the 35 suspended firms - which are not traded on stock exchanges - are listed instead on the so-called Pink Sheets electronic quotation service, which does not require brokers to investigate the background of the companies.

BBC: Last Updated: Friday, 9 March 2007, 11:00 GMT

To buy, say, Gazprom ADRs, you must go through a broker, who can obtain them through the Pink Sheets in New York--if they're available.

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Many ADRs are very liquid, others like those that trade over-the-counter on the pink sheets can be illiquid so the bid and asked spread are higher.

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