OTC Market Makers Striking Back
Traders Magazine, May 2004
In an unusual request, the Securities and Exchange Commission has been urged by advocates of traditional OTC securities trading to approve Nasdaq's application to become a bona-fide national securities exchange. These proponents run the United States Capital Markets (USCM), which sees itself as the embodiment of authentic OTC market making. The group believes Nasdaq is abandoning market makers. The company founders are Nasdaq activist Arthur Pacheco of Bear Stearns and K. Richard Niehoff, the former president and CEO of the Cincinnati Stock Exchange.
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