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Strategies & Market Trends : HONG KONG
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To: Heretic who wrote (1545)4/30/1998 3:30:00 PM
From: Aaron Weiss  Read Replies (1) of 2951
 
Reed,

When I complained to the BNY that it was no longer possible to get timely electronic quotes for CPPKY and other "pink sheet" ADRs, I received the interesting reply quoted below. I think it's time for all of us to descend upon the OTCBB website in droves!

Aaron

Subject: Re: Why can I no longer get quotes on this BNY ADR?
Date: Thu 30 Apr 98 09:22:37 EDT
From: James_Proctor.BNY@LNOTES.bankofny.com
To: aurum@ix.netcom.com

Dear Mr. Weiss

Since the OTC BB was an electronic trading system, it was easy to post fresh prices up on a website for investors. Unfortunately, as of April 1, all ADRs were dropped from the system. ADRs still actively trade in the OTC pink sheet market, but since that market is not electronic, no system can track prices continuously. Individual shareholders like yourself were hurt most by this OTCBB policy change.
The only way for you to get a fresh price is to call your broker and ask him/her for it. They should have an advanced pricing system that can obtain quotes, or they could contact a market maker as well.

Bank of New York unsuccessfully disputed this policy change citing that investors like yourself would be disadvantaged. If you are interested, the OTCBB does have a website in which you can send comments and opinion.

James N. Proctor
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