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OTC Link ECN
The OTC Link ECN expands the depth of liquidity in OTC Securities by combining the Broker Dealer Network model with Anonymous, Auto-Execution functionality.
Access Greater Liquidity: Over 80% of non-internalized volume in OTC Securities occurs between OTC Link ATS subscribers
Fully Anonymous Orders: Provides anonymity through order, execution and clearing so that neither party is exposed
Auto-Ex Functionality: Improves the speed and real-time execution to meet the needs of OTC Equity Traders
Seamless Integration: Offers ECN subscribers the ability to enter orders via FIX connection
Cost Effective: Provides firms with an efficient solution to access liquidity with tiered pricing models
OTC Link ECN's aggregated top of book will be integrated with OTC Link ATS
Electronic order book functionality is provided by a low latency matching engine
Limit order book will include support for reserve orders
Automatic, anonymous routing to OTC Link ATS and other external destinations
Maker-Taker Pricing Model
Anti-internalization capabilities
MARKET COMPARISON
OTC Link ECN | Global OTC | |
Electronic Order Book | Yes | Yes |
Fully Anonymous | Yes | No |
Reserve Quantities | Yes | Yes |
Routing to External Vendors | Yes | Yes |
Maker / Taker Model | Yes | Yes |
Seamless Integration with OTC Market Data | Yes | No |
