INET to Begin Trading in OTCBB and Pink Sheets Nov. 24, 2003
AUDIENCE
Anyone who trades on INET.
SUMMARY
Effective Monday, November 24, 2003, INET will begin trading in OTC Bulletin Board (OTCBB) and Pink Sheet securities.
INET will only permit trading in OTCBB and Pink Sheet securities that are DTC/CNS eligible, i.e. those that can be cleared electronically, and do not require physical delivery.
As with other securities traded on INET, orders in OTCBB's and Pink Sheets will be disseminated through INET's proprietary data feed, ITCH, as well as the INET BookViewer.
WHY ARE YOU DOING THIS?
As previously announced, Instinet ECN and INET will be consolidating to form a single pool of liquidity. As a result, INET will begin trading in all OTCBB's and Pink Sheets that are available for trading on Instinet ECN.
WHAT DO I HAVE TO DO?
You do not have to do anything, however, subscribers that trade OTCBB or Pink Sheet securities on INET should be aware of the regulations applicable to these securities, and consult with their compliance department prior to trading OTCBB's or Pink Sheets on INET. For your convenience, we have briefly summarized the unique rules applicable to trading OTCBB's and Pink Sheets. Please click on the following link, or copy and paste it into your browser's address field:
inetats.com
For more information on the rules governing OTC Bulletin Board securities, please click on the following link, or copy and paste it into your browser's address field:
otcbb.com
WHICH SECURITIES CAN I TRADE?
Only OTCBB and Pink Sheet securities that are DTC/CNS eligible, i.e., that do not require physical delivery, will be available for trading on INET. The list of securities available to trade on INET will match that which is available on the Instinet ECN.
HOW WILL INET DISSEMINATE ORDER BOOK INFORMATION?
Orders in OTCBB and Pink Sheet securities will be represented via INET's ITCH feed, as well as the INET BookViewer, available at www.inetats.com/bookviewer/index.asp.
INET will not be representing its orders in NASDAQ data feeds.
WHERE WILL INET REPORT TRADES IN OTCBB AND PINK SHEET SECURITIES?
Trades executed on INET in OTCBB and Pink Sheet securities will be reported through NASDAQ's ACT system.
DOES THE NASD SHORT SALE RULE APPLY TO THESE SECURITIES?
No, the NASD Short Sale Rule (bid test) does not apply to OTCBB and Pink Sheet securities.
LINKS
INET BookViewer
www.inetats.com/bookviewer/index.asp
OTCBB Rules
otcbb.com
QUESTIONS
If you have any further questions about trading OTCBB and Pink Sheet securities on INET, please contact an Equities Transaction Specialist at 212-231-5100.
Sincerely,
Inet ATS, Inc.
Member NASD/NSX/SIPC |
