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Pink OTC Markets Announces Limit Order Protection Changes



Nov 11, 2008
Pink OTC Markets News Service




New York, NY - 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 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