The purpose of this paper is to provide a breakdown of the Over-the-counter Bulletin Board as well as the Pink Sheets. Professor Carl Luft from the DePaul University in Chicago and Lawrence M. Levine director of Corporate Finance Services at American Express Tax and Business Services Inc. in Chicago and Scott Larson who is an Intermediate Research Analyst at Allstate Insurance have pointed out in their research paper "Over the Counter Bulletin Board Exchange Market Structure, Risk and Return" that the lack of knowledge of the OTCBB Exchange has motivated them to produce their paper about the estimates of the market''s risk and return. Undoubtedly has their research filled the information void by enlightening investors about the structure of the OTCBB, but I believe that the OTCBB as well as the Pink Sheets deserve a more detailed and in depth research when it comes to determining the structural rules and the trading processes that govern these trading venues. The idea is to elaborate the theoretical background that determines the over-the-counter market in general and then put the OTCBB and the Pink Sheets in context with each other as well as with the theory.