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OTC Markets
Totals
Securities
11,054
Dollar Vol
$2.5B
Share Vol
4.3B
Trades
354,171

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OTC Link ECN

Overview

The OTC Link ECN expands the depth of liquidity in OTC Securities by combining the Broker Dealer Network model with Anonymous, Auto-Execution functionality.

Key Benefits

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

How It Works
  • 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

OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.