IB offers two ecn to OTC markets, arcaedge and otc links. But, if a stock have less than two market makers (from buy size) IB dont sent order to ecn and order dont show level 2 is a exchange rule ? Or is just IB ?
If it's over the counter then by definition it doesn't trade on an exchange. So how could it be subject to exchange rules?
Just IB. Otherwise no one would trade those stocks and they clearly are traded, just not by IB customers.