Archipelago launches over-the-counter bulletin board trading system
02 July 2003 | 3805 views | 0
Archipelago has launched ArcaEdge, an over-the-counter bulletin board (OTCBB) trading system that connects clients to its electronic matching system for OTCBB stocks.
The ArcaEdge platform uses the exchange's established connectivity to major order management systems.
Archipelago says to date the OTCBB market has lacked automation and stocks have been traded using phone-based systems and antiquated order delivery mechanisms. Also, another blow was dealt to the OTCBB markets this week when Nasdaq announced it was dropping plans to build an electronic bulletin board exchange and trading platform.
Jerry Putnam CEO Archipelago, says: "It is absolutely necessary to modernise the markets for trading these underserved stocks by providing fast, transparent and efficient trading systems to all investors."
ArcaEdge provides all clients wishing to trade OTCBB stocks with a single entry point to all domestic markets including OTC, OTCBB and listed equities. Archipelago says the system is also adaptable to other product categories that need modernising, such as Pink Sheets.