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Market newbies discover penny stocks, and 1 trillion shares get traded
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By Sarah Ponczek and Elena Popina
January 15, 2021 1.28pm
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In New York, there s Broadway, off Broadway, and off-off Broadway. A similar hierarchy exists in the modern equity market, and it s in the third category of way-off-exchange trading where today s retail speculator is really going to work.
While there have been many examples of trading volume explosions in low-priced NYSE and Nasdaq stocks in the last few months, a whole other ecosystem of speculation exists outside the regulatory reach of these venues and it s been booming. Out past the broker-operated venues where Robinhood trades get executed, it s lightly regulated quotation systems run by firms like OTC Markets, where more than 1 trillion shares in some of the riskiest companies changed hands last month.
In a world where all it takes for a company to go crazy is a quasi-mention by Elon Musk tweets, it should be no surprise that such shares are back in vogue.
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