What are Yellow Sheets?

Similar to the Pink Sheets, the Yellow Sheets are information about the prices of corporate bonds traded on the over-the-counter market (that is, bonds not listed on the mainstream exchanges).

How Do Yellow Sheets Work?

The Yellow Sheets disseminate information to market data vendor terminals and websites to subscribing customers. Among other things, the information contains bid, ask, high, low, closing prices and volumes, yields, and telephone numbers for market makers of particular securities.

Why Do Yellow Sheets Matter?

Small companies that may not meet the listing requirements for their securities to be listed on national exchanges might turn to the Yellow Sheets as an alternative. However, because these companies do not meet listing requirements, they are often considered riskier bonds and are less actively traded than bonds listed on national exchanges. Thus, the bid/ask spread is often larger for bonds on the Yellow Sheets.

It is important to note that the Yellow Sheets are not a trading platform or exchange. Rather, Yellow Sheets securities are traded by a network of market makers who enter quotes and trades through a closed computer network that can be accessed by subscribers.

Ask an Expert about Yellow Sheets

All of our content is verified for accuracy by Paul Tracy and our team of certified financial experts. We pride ourselves on quality, research, and transparency, and we value your feedback. Below you'll find answers to some of the most common reader questions about Yellow Sheets.

Be the first to ask a question

If you have a question about Yellow Sheets, then please ask Paul.

Ask a question
Paul Tracy
Paul Tracy

Paul has been a respected figure in the financial markets for more than two decades. Prior to starting InvestingAnswers, Paul founded and managed one of the most influential investment research firms in America, with more than 3 million monthly readers.

Verified Content You Can Trust
verified   Certified Expertsverified   5,000+ Research Pagesverified   5+ Million Users