This is mostly an informational blog, because I’m not sure I have an opinion on it yet. But Pink OTC Markets, Inc. and Cromwell Coulson certainly have an opinion on FINRA’s recent proposal to create a Quotation Consolidation Facility (“QCF”) or, as Pink OTC Markets calls it, an unconstitutional, anti-competitive, abuse of regulatory power, and a taking of property without just compensation.
You can read the FINRA proposal here.
You can read the comments that have been submitted to the proposal here. Including the comment letter from Pink OTC Markets, Inc. here.
Finally, there is a pretty good commentary on the battle here.
I find the back office workings of quoting and trading in the OTC markets to be fascinating, but I will freely admit that I don’t fully understand it. I doubt many people really do.
Back in November I blogged on the potential sale of the OTCBB by FINRA. It has been stated that Pink OTC Markets, Inc. is one of the leading candidates to buy it. Now, Pink OTC Markets is accusing FINRA of circumventing (if not completely destroying) the asset that is for sale. I guess if you can’t get the price you want for something, and you have regulatory authority to create something competitive with your potential buyer, that is a pretty good negotiating position now isn’t it?
