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The designation “15C2-11” most commonly refers to Rule 15c2-11 under the Securities Exchange Act of 1934 in the United States. This rule governs the publication or submission of quotations by broker-dealers for over-the-counter (OTC) securities in any quotation medium other than a national securities exchange.
Here’s a breakdown of what that means:
* Over-the-Counter (OTC) Securities: These are securities that are not listed or traded on a formal exchange like the New York Stock Exchange (NYSE) or Nasdaq. They are traded directly between broker-dealers. Examples can include smaller company stocks, penny stocks, and certain fixed-income securities.
* Quotation Medium: This refers to any system that displays bids and offers for securities, allowing broker-dealers to indicate their interest in buying or selling. Examples include the OTC Bulletin Board (OTCBB) and the Pink Sheets (now known as OTC Markets Group).
* Broker-Dealers: These are firms that act as intermediaries in the buying and selling of securities. They can act as agents for their clients (brokers) or buy and sell securities for their own accounts (dealers).
* Purpose of Rule 15c2-11: The rule is designed to prevent fraudulent and manipulative practices in the OTC market by ensuring that broker-dealers have a reasonable basis for believing that the information they rely on when publishing quotations is accurate and from reliable sources. They must review certain information about the issuer of the security before publishing a quote.
In simpler terms, Rule 15c2-11 is a “look before you leap” rule for broker-dealers quoting OTC securities. It requires them to do their homework on the company before they start posting prices for its stock.
While the most common meaning of “15C2-11” relates to this SEC rule, it’s unlikely to refer to a military specification or a connector. Military specifications usually have a more distinct naming convention (e.g., MIL-SPEC followed by a number and letter combination). Similarly, connectors have their own specific part numbering systems.
Therefore, if you encountered “15C2-11,” it almost certainly refers to the Securities and Exchange Commission’s Rule 15c2-11 regarding OTC quotations.

Video courtesy of KDPW

Video courtesy of KDPW