TFCN Customers Find Success Making Markets
TFCN Offers Customers Limit Order Representation in Bulletin Board and Pink Sheet Securities
New York, New York, September 20, 2000 TFCN – The Financial Commerce Network, (OTCBB: FCNI) has begun offering its customers the ability to reflect their bids and offers in Bulletin Board and Pink Sheet issues and has already helped their clients improve their returns. Unlike Listed and Nasdaq issues, there are no order reflection rules for Bulletin Board and Pink Sheet issues, which means that when a customer of a broker/dealer enters an order to buy a Bulletin Board stock the broker/dealer has no obligation to show the customer’s bid, even if it would be the inside bid. In order for the customer to buy the stock, it must be offered at that price.
This market fragmentation can be very costly to clients who trade heavily in microcap issues. Unlike Nasdaq and Listed issues, Bulletin Board and Pink Sheet securities do not trade electronically, market makers must place phone calls to other market makers to complete a trade. Also, there are set size requirements for different price levels that market makers are obligated for. These reasons make it unreasonable to mandate market making firms to represent offers. "Big firms complain that an order to sell 300 shares of a stock that trades on the bulletin board for under $0.50 would put them at risk because in order to reflect that offer they would have to show an offer of 2500 shares," said Ara Proudian, head trader at Alexander, Wescott & Co, TFCN’s wholly owned broker/dealer. "Our specialization and experience in these issues allow us to offer this service to our customers."
Alexander, Wescott & Co. specializes in executions in Bulletin Board and Pink Sheet stocks and has made markets to reflect it’s institutional clients orders for several years. Now, through the advances made by internet based trading systems they can offer this service to our retail internet based accounts. "We have been facilitating this new service to our clients who want to have their orders reflected over the telephone, but we expect to have the internet based order system set up within 30 days. Investors who are interested in having this terrific service should contact us today" said Richard Bach, Chairman and CEO of TFCN.
About TFCN:
On August 22, 2000, Rascals International signed a Letter of Intent to merge with The Financial Commerce Network, Inc. (OTC Bulletin Board: FCNI) TFCN's primary source of business is financial services, which includes: Investment Banking, Online Trading, Hedge Funds and Private Placements. TFCN also offers an array of products and services through their ever-expanding EcoNet, including: Naturalist.com (health and outdoor related products); American Association of Professional Athletes (event sponsorship); StockChicken.com (educational financial tools) and HarborZone.com (web-hosting services). Finally, the company offers a Concierge service that includes travel, news, sports, music, arts, cultural affairs and shopping.
For access to all of The Financial Commerce Network services, visit their website at tfcn.com
Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Contact:
Ara Proudian
(212) 742-9870 |
