The over-the-counter (OTC) market is a telecommunications network of dealers who provide liquidity to investors by their willingness to ‘‘make markets’’ in particular securities. When an investor wants to purchase a security, a dealer firm will sell it (at a price equal to the ‘‘ask’’ price) from its own inventory of securities; if an investor wants to sell, the dealer will purchase the security (at the ‘‘bid’’ price) and hold it in inventory. A source of dealer profit is the spread, or difference between the bid and ask price. P