Nominal quote is a quote given for informational purposes only. A trader who identifies a quote as being nominal cannot be held to trading at the prices that were clearly identified as being nominal.
Applying "Nominal Quote" to Securities Exams:
Some issues that are not actively traded such as PINK OTCt securities or smaller municipal bond issues may not have active secondary markets. As such traders may not know the exact terms and conditions at which a trade could be executed. If a contra dealer inquires about the market for such a security the dealer receiving the quote request may respond with a nominal quote. The dealer is providing the quote for informational purposes and can not be held to the prices in the quote. Some key qualifiers to indicate that the quote is nominal are ” it looks like” “its around” “last I saw” “subject” would clearly indicate that the quote is for informational purposes. If no qualifier is given, the quote is considered to be firm and the dealer providing the quote must honor those prices. All quotes displayed electronically are firm with the exception of DPP programs trading on the OTC BB.