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Pink OTC Markets Announces Limit Order Protection Changes
NEW YORK, NY--(Marketwire - November 11, 2008) - Pink OTC Markets Inc., the leading electronic inter-dealer quotation system, trading technology and financial information provider for over-the-counter (OTC) securities, is pleased to announce a new Financial Regulatory Authority (FINRA) rule change effective today for limit order protection in the OTC marketplace.
Starting today, broker-dealers that handle customer limit orders in OTC equities, whether received from their own customers or from another member firm, cannot trade ahead of customer limit orders. This means that a firm cannot trade for its own account at a price equal to or better than a customer limit order without also executing the customer order.
This specialist-type obligation on OTC broker-dealers to execute customer limit orders price for price and share for share brings one of the most significant regulatory safeguards of trading exchange-listed securities to investors in the OTC market. This significant rule change will result in improved quality of executions for investors and improved OTC market efficiency.
Limit order protection will contribute substantially to transparency in the market, resulting in better and fairer executions for investors, as well as standardize the regulation of trading in listed and OTC securities. In recognition of this important advance in market structure, Pink OTC Markets is extending a free Real-Time Level 2 Quotes trial to issuers of securities in the Pink Sheets Current Information market tier for the next month. Investors using www.pinksheets.com will have access to real-time market maker quotes in order to better monitor the execution of their limit orders.
For more detailed information about the Limit Order Protection rule change: http://www.finra.org/web/groups/rules_regs/documents/rule_filing/p038831.pdf
About Pink OTC Markets Inc.
Pink OTC Markets Inc. provides the leading inter-dealer electronic quotation, trading, and messaging system in the over-the-counter (OTC) securities market. We create innovative technology and data solutions to efficiently connect market participants, improve price discovery, increase issuer disclosure, and better inform investors. Pink OTC Markets operates the third largest U.S. equity trading venue which includes both the elite OTCQX market tiers for strong OTC-traded companies that can satisfy financial and disclosure listing standards and Pink Sheets for all other OTC quoted securities.
Over 230 financial service firms, including the largest U.S. investment banks, actively make markets in OTCQX, OTCBB and Pink Sheets quoted securities and in 2007 these firms traded over $160 billion of OTCQX and Pink Sheets securities. Pink OTC Markets offers widespread access to all U.S. broker-dealers, enabling investors to seamlessly trade these securities through their institutional, online, or full service brokers.
Pink OTC Markets is headquartered in New York City.
To learn more about how Pink OTC Markets' products and services make OTC markets more transparent, informed, and efficient, please visit our websites at www.pinksheets.com and www.otcqx.com or contact us at info@pinkotc.com.
NEW YORK, NY--(Marketwire - November 11, 2008) - Pink OTC Markets Inc., the leading electronic inter-dealer quotation system, trading technology and financial information provider for over-the-counter (OTC) securities, is pleased to announce a new Financial Regulatory Authority (FINRA) rule change effective today for limit order protection in the OTC marketplace.
Starting today, broker-dealers that handle customer limit orders in OTC equities, whether received from their own customers or from another member firm, cannot trade ahead of customer limit orders. This means that a firm cannot trade for its own account at a price equal to or better than a customer limit order without also executing the customer order.
This specialist-type obligation on OTC broker-dealers to execute customer limit orders price for price and share for share brings one of the most significant regulatory safeguards of trading exchange-listed securities to investors in the OTC market. This significant rule change will result in improved quality of executions for investors and improved OTC market efficiency.
Limit order protection will contribute substantially to transparency in the market, resulting in better and fairer executions for investors, as well as standardize the regulation of trading in listed and OTC securities. In recognition of this important advance in market structure, Pink OTC Markets is extending a free Real-Time Level 2 Quotes trial to issuers of securities in the Pink Sheets Current Information market tier for the next month. Investors using www.pinksheets.com will have access to real-time market maker quotes in order to better monitor the execution of their limit orders.
For more detailed information about the Limit Order Protection rule change: http://www.finra.org/web/groups/rules_regs/documents/rule_filing/p038831.pdf
About Pink OTC Markets Inc.
Pink OTC Markets Inc. provides the leading inter-dealer electronic quotation, trading, and messaging system in the over-the-counter (OTC) securities market. We create innovative technology and data solutions to efficiently connect market participants, improve price discovery, increase issuer disclosure, and better inform investors. Pink OTC Markets operates the third largest U.S. equity trading venue which includes both the elite OTCQX market tiers for strong OTC-traded companies that can satisfy financial and disclosure listing standards and Pink Sheets for all other OTC quoted securities.
Over 230 financial service firms, including the largest U.S. investment banks, actively make markets in OTCQX, OTCBB and Pink Sheets quoted securities and in 2007 these firms traded over $160 billion of OTCQX and Pink Sheets securities. Pink OTC Markets offers widespread access to all U.S. broker-dealers, enabling investors to seamlessly trade these securities through their institutional, online, or full service brokers.
Pink OTC Markets is headquartered in New York City.
To learn more about how Pink OTC Markets' products and services make OTC markets more transparent, informed, and efficient, please visit our websites at www.pinksheets.com and www.otcqx.com or contact us at info@pinkotc.com.