This is a press release put out by OTC Markets, but we think that it is important enough to let ever
NEW YORK – March 8, 2012 – OTC Markets Group Inc. (the “Company”), announced today that its wholly owned subsidiary, OTC Link LLC (“OTC Link”), has been approved as a broker-dealer member of FINRA™. OTC Link next plans to register with the SEC as an Alternative Trading System (“ATS”). As a broker-dealer and an ATS, OTC Link will operate the Company’s OTC Link inter-dealer quotation and messaging system. The Company anticipates that OTC Link will begin operating as an ATS late in the second quarter of 2012.
“We worked diligently with FINRA to ensure that FINRA membership, and OTC Link’s anticipated future status as an ATS, will not require us to make any fundamental changes to the current OTC Link network model or the trading process for our broker-dealer subscribers,” said Michael Modeski, President of OTC Link. “We are pleased to report that the OTC Link trading system will continue to provide fully attributable quote and message services to our network of subscribers. The current trade reporting process will not change, and we will not automatically execute orders or act as a matching engine.”
“OTC Markets Group’s mission is to operate open, transparent and connected marketplaces that link broker-dealers and provide investors with the information they need to intelligently trade any OTC security at the best possible price,” said R. Cromwell Coulson, President and Chief Executive Officer of OTC Markets Group. “OTC Link’s FINRA membership will allow our inter-dealer quotation and messaging system to continue that mission, serving our broker-dealer subscribers as a regulated entity without altering their user experience.”
OTC Markets Group will announce its status as an ATS upon completion of the SEC’s formal ATS registration process.
To view this release, visit: http://www.otcmarkets.com/news/otc-press-release?id=549.
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More information about OTC Markets Group can be found at www.otcmarkets.com