The registered name for a privately owned company that operates a centralized quotation service that collects and distributes market maker quotations for securities traded in the over-the-counter market. Pink Sheet quotations include companies that range from businesses in bankruptcy to international firms that do not wish to meet the regulatory requirements of an exchange listing. The service is named for the colored slips of paper on which bid and ask price quotations were once distributed. In 1999 Pink Sheets introduced its Electronic Quotation Service, which provides real-time quotes for OTC equities and bonds. See also OTC Bulletin Board, Yellow Sheets.