Summary of the Listing Requirements of the AMEX, BBX, Nasdaq,
OTCBB, TSX, TSX Venture Exchange and US Pink Sheets


As a company you have several decisions to make when selecting a secondary trading system for your publicly held securities. First, do you go with a formal exchange or do you chose a quotation system. NYSE, AMEX, TSX, TSX Venture and the new CNQ are all formal exchanges. NASDAQSM, NASDAQNM, OTCBB and the Pink Sheets are all quote systems. The National Association of Securities Dealers, which own AMEX, the BBX, NASDAQSM and NASDAQNM, have requested SEC approval to change NASDAQSM and NASDAQNM into formal exchanges.

Another decision is where to list. Some choices will be eliminated on the basis that your company doesn't meet the listing requirements of all secondary trading systems. Out of the choices which remain you will need to decide which market will serve you and your stockholders best. You also always have the option of moving to a different trading system as your economic and stockholder needs change.


A master chart summarizing the main North American markets you may chose to list your company's securities follows. This chart provides a general overview of the minimum tier requirements for technology and industrial companies.  It is important to understand that several of these trading systems have more than one tier or standard with different requirements for each.   The TSX Venture Exchange, for instance, has three tiers and different requirements for mining, oil and gas, technology, industrial, and real estate companies and a separate category for their version of blank check companies. 

You can access more information about a specific exchange or quotation system by  following the page link to our summary of the listing requirements of that exchange or quotation system. 

Skip to Listing Requirement Summary of:

Amex , TSX, NASDAQNM, NASDAQSM, TSX Venture, CNQ, OTCBB, US Pink Sheets forum for its stockholders.


Summary of Listing Requirements: Master Chart
Pre-Tax Income Last Year $2,500,000 $750,000 a.C$300,000
N/A $750,000 a. $50,000
b. $250,000
c. N/R
Two Year Avg Pre-Tax Income $2,000,000 $750,000 two out of 3 years a.C$500,000 a. $1,000,000
b. N/A
c. N/A
$ 750,000 a. $50,000 two out of 3 years N/A N/A
Net Tangible Assets $60 mil. N/A a.C$75,000,000
d. N/A
e. N/A
a. N/A
b. N/A
c. $75,000,000 and
$75,000,000 Total Revenue
N/A a. $500,000
b. $750,000
c. $750,000
Mrkt Value Publicly Held Stock $18,000,000 $3,000,000 C$4 mil. (Ind)
C$10 mil(tech)
a. $8,000,000
b. $18,000,000
c. $20,000,000
$5,000,000 $500,000 $500,000 N/A
# of Shares Publicly Held 1,100,000 a.1,000,000
c.500,000 with 2,000/d trading vol. previous six  months
1,000,000 1,100,000 1,000,000 500,000

20% of Float

10% of Float
# Public Board Lot Holders 2,000 a. 400
b. 800
c. 400
300 400 300 300 150 40
Trading Price of Listed Securities No minimum $3.00 No minimum $5.00 $4.00 No minimum No minimum No minimum
Shareholders Equity No minimum $4,000,000 No minimum a.$15,000,000
$5,000,000 No minimum No minimum No minimum


Alixe B. Cormick
Venture Law Corporation

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Vancouver, B.C, V6B 1P1
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