The term "Yellow Sheets" refers to a publication produced by the National Quotation Bureau (NQB), now known as the Pink Sheets LLC. The Yellow Sheets were a daily listing of bid and ask prices for over-the-counter (OTC) stocks that did not meet the listing requirements of major stock exchanges.

The Yellow Sheets provided investors with information on OTC stocks that were not traded on centralized exchanges like the New York Stock Exchange (NYSE) or NASDAQ. These stocks were often considered more speculative or less established compared to those listed on major exchanges.

The publication included details such as the stock's ticker symbol, bid and ask prices, and the market makers responsible for trading the security. It served as a reference for investors and brokers who wished to trade OTC stocks and needed up-to-date pricing information.

In recent years, the Yellow Sheets have transitioned to an electronic format and are now part of the OTC Markets Group's suite of market data services. The OTC Markets Group operates the OTCQX, OTCQB, and Pink markets, providing investors with access to OTC securities and financial information.

Yellow Sheets are over-the-counter (OTC) listings for corporate bonds traded in the secondary market. Unlike stocks, which are listed on exchanges, bonds often trade OTC, and Yellow Sheets provide pricing and liquidity information for these debt securities. They are published by financial data providers (like OTC Markets Group) and include bid/ask prices, yields, and dealer contacts for bonds that may not be publicly listed.

Primarily used by institutional investors and brokers, Yellow Sheets help traders assess bond market liquidity and pricing trends. They are less common for retail investors, who typically access bond data through platforms like Bloomberg or TRACE. The name "Yellow Sheets" comes from the traditional paper format on which these quotes were historically printed.