Some news for Pinkland.They will still be alive.They already
starting to have the systems running for them.
Pink Sheets LLC Introduces Pink Link - Electronic Messaging and Automated Trade Negotiation Service for OTC Markets
The Liquidity of OTC Market Makers Is now Linked Electronically!
NEW YORK, June 2 /PRNewswire/ -- Pink Sheets LLC announced the successful introduction of Pink Link, an electronic messaging and automated trade negotiation service for over-the-counter (OTC) securities markets. Transforming what was previously a cumbersome telephonic process, broker- dealers can now electronically access all market maker quotes in Pink Sheets quoted securities, ranging from small emerging growth companies to the ADRs of large foreign companies.
The Pink Link works with the Electronic Quotation Service to bring Order and Execution Report message delivery across Pink Sheet's OTC Dealer service and via a FIX 4.2 connection. Pink Link allows Market Makers and Broker Dealers to immediately send Market Makers Order messages. The Market Maker can electronically execute, negotiate or decline the orders on an automated basis through an Execution Report message that is sent back through the Pink Link.
Pink Link has successfully operated as a Pilot Program since April 2nd, 2003. OTC market makers have already used Pink Link to communicate electronically more than 70,000 transactions in over 1.7 billion shares. The average response time for market maker executions through Pink Link is currently 18 seconds.
CONTINUING TO IMPROVE OTC MARKETS
"We are pleased to have completed the roll out of Pink Link. The OTC trading process has been significantly enhanced with faster executions, straight through processing and increased trader efficiency," said R. Cromwell Coulson, Chairman and CEO of Pink Sheets LLC. " Pink Sheets quoted companies are now benefiting from these improvements to the OTC trading of their shares. With thousands of new companies expected to become Pink Sheets quoted due to the planned discontinuation of the OTCBB, those companies will also gain when they move to Pink Sheets' more advanced electronic trading environment."
"Pink Link has enhanced our ability to make markets," said Nicholas Ponzio, President and CEO of Hill, Thompson, Magid & Co. "The electronic linkage has improved access to liquidity and allows our traders to provide faster executions to our customers. Pink Sheets has created the advanced platform we need to competitively make markets in thousands of OTC equities."
"By focusing on our needs as OTC market makers and enhancing the trading process, Pink Sheets is creating the leading quotation system for OTC markets" said Alan Feitell, SVP and Manager of Bulletin Board Trading for Crown Financial Group, Inc., "Pink Sheets' innovative technology is an important aspect in our plans to significantly increase our wholesale market making operations."
About Pink Sheets LLC
Pink Sheets LLC, formerly the National Quotation Bureau, is the leading provider of trading systems, pricing and financial information for OTC markets. There are over 3,900 stocks quoted exclusively in the Pink Sheets. These range from the small emerging growth or economically distressed issuers such as WorldCom, Inc. (WCOEQ), Enron Corp. (ENRNQ) or HEALTHSOUTH Corp. (HLSH) that investors traditionally associate with the Pink Sheets. However, many community banks and major American Depositary Receipts (ADR's) of large international corporations are quoted on the Pink Sheets as well, including, food giant Nestle (NSRGY), drug maker Roche (RHHBY), auto maker Volkswagen (VLKAY), brewery Heineken (HINKY), property company Cheung Kong (CHEUY), oil giant Lukoil (LUKOY), retailer Wal-Mart De Mexico (WMMVY) and the gaming industry's Sega (SEGNY) and Nintendo (NTDOY). Pink Sheets provides broker- dealers, issuers and investors with software and information services designed to improve the transparency of the OTC markets. The innovative products and technology increase the availability of information and efficiency of OTC markets, leading to greater liquidity and investor interest in OTC securities. Pink Sheets centralized information and messaging network provides a platform for competitive market maker quotations and trade negotiation. Pink Sheets is the leading provider of historical prices and corporate information about OTC issues and issuers via third party market data providers and www.pinksheets.com. Pink Sheets is neither a Securities and Exchange Commission (SEC) Registered Stock Exchange nor a NASD Broker-Dealer. Investors must contact a NASD Broker-Dealer to trade in a security quoted on the Pink Sheets. Pink Sheets LLC is a privately owned company headquartered in New York City. Pink Sheets(R) is a registered trademark of Pink Sheets LLC. For additional information, please contact Pink Sheets Customer Service, at 212-868-7100 or visit our web site at www.pinksheets.com
SOURCE Pink Sheets LLC
/CONTACT: Cromwell Coulson, Chairman and CEO of Pink Sheets LLC,
+1-212-896-4444/
/Web site: pinksheets.com / |
