Hill, Thompson Stops Making Markets

Hill, Thompson, Magid & Co. has ceased market making, but the firm is still operating.

In a statement on its website, the wholesaler, part of RBC Capital Markets, stated it “will no longer be a participating market maker in any National Market securities, over-the-counter Bulletin Board securities and Pink Sheet securities.” The notice was effective March 4.

An RBC spokesperson told Traders Magazine: “We have chosen to consolidate all of our U.S. institutional equity trading activities under the RBC Capital Markets umbrella. As such, Hill Thompson has ceased market making activities.” The spokesperson gave no time frame for the consolidation.

Hill Thompson was formed in 1932 and based in Jersey City. The firm is best known for its OTC market making activities, trading about 8,000 securities and servicing broker-dealers. RBC Capital Markets is based in New York and services money managers.