OTC Link ATS

Subscribing broker-dealers view and publish quotes and negotiate trades in OTCQX®, OTCQB®, OTCID^TM and Pink Limited^TM securities on our SEC-registered Alternative Trading System, OTC Link® ATS, an interdealer quotation and trade messaging system. Broker-dealers access OTC Link® ATS through our OTC Dealer®, user interface or by using OTC FIX protocol.

OTC Dealer is a high-performance, real-time, front-end application. OTC Dealer® provides a consolidated quotation, trading, and information system to attract and access market liquidity.

OTC Dealer provides a smart and simple interface for traders to manage their market making and agency trading activities. With OTC Dealer, traders can:

• View - See an integrated quote montage providing a single source for all market maker quotes in OTCQX®, OTCQB®, OTCID® and Pink Limited® securities. OTC Dealer® provides information needed for broker-dealers to comply with FINRA Best Execution.

• Quote - Publish quotes in OTCQX®, OTCQB®, OTCID® and Pink Limited® securities on OTC Link® ATS. A simple point and click interface allows traders to easily communicate and manage price and size of their markets. All Quote data is also published on OTC Markets Group's real-time quote message feed. This data is distributed by Bloomberg, Thomson and other financial data distributors and reaches a diverse group of financial market professionals.

• Trade - Access liquidity instantly via the OTC Link® ATS electronic messaging system. Traders have direct access to send, execute, negotiate or decline trade messages with increased efficiency and speed.

• Analyze - Review complete quote and trade histories as well as the latest market changes, from new securities to critical corporate action data.

• Integrate - Connect using FIX 4.2 for seamless integration with leading OMS providers (Bloomberg, Fidessa, SunGard Brass and others) or with internal applications.

Designed as a comprehensive quotation and trading application for securities traded off the exchanges, OTC Dealer provides traders with an easy to use interface and robust functionality including:

• Multiple Message Types - OTC Dealer® users have the option to 'negotiate' trades by using the 'counter' option or use our new MAX message type which allows traders to show their whole size to multiple market participants without risk of over-execution or race conditions.

OTC Dealer also has a number of 'Add-on Services' that can provide additional functionality and ease of use:

• ORFTM Drop Copy - Automatic direct reporting of OTC Link® executions to FINRA's OTC Reporting Facility™

• AutoQuote - Enables the use of algorithms for quote submission directly to OTC Dealer® and publication on OTC Link® ATS. The AutoQuote Excel spreadsheet is often used to synch prices for ADRs and F shares with the home market.

OTC Markets Group's OTC FIX™ product uses the industry standard FIX protocol for quote submission, trading and routing of execution (drop copy) reports.

OTC FIX is used by market participants to integrate the quotation and trade messaging functionality of OTC Link® ATS into proprietary trading systems. OTC FIX users may:

• Submit quotes to OTC Link® ATS for all OTCQX®, OTCQB®, OTCID® and Pink Limited® securities.

• Trade Securities via OTC Link® ATS.

• Receive execution reports (drop-copies).

• Use of OTC Markets Group's custom functionality: counter-messages, MAX trade messages, Advertisements.

OTC Link ATS Subscription Agreement

Broker Dealer Subscription OTC FIX Addendum

Broker Dealer Subscription ORFTM Reporting Service