$REAC MENTIONED >>FINRA halts trading in all OTC e
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Posted On: 11/07/2013 1:49:53 PM
[b]$REAC MENTIONED >>FINRA halts trading in all OTC equity securities
NEW YORK | Thu Nov 7, 2013 12:59pm EST[/b]
NEW YORK (Reuters) - The Financial Industry Regulatory Authority halted trading in more than 10,000 over the counter "penny stocks" on Thursday, the OTC Bulletin Board said.
The halt began at 11:25 a.m. EST (1625 GMT) and was due to a connectivity issue, said an OTC Markets Group spokeswoman.
Investors cannot trade those securities through the market, bilaterally or on any other market.
Trading in Nasdaq- and New York Stock exchange-listed securities is not affected.
"FINRA has determined that halting quoting and trading in all OTC Equity Securities is appropriate to protect investors and ensure a fair and orderly marketplace," OTC said on its web site.
Many of the securities on the over-the-counter market are illiquid, trading infrequently and mostly under $1. [b]In Wednesday's trading, just six securities including Alternative Energy Partners, Fannie Mae and Real Estate Contacts Inc traded more than 10 million shares.[/b]
FINRA declined to comment.
(Reporting by Rodrigo Campos and John McCrank; Editing by Chizu Nomiyama)
NEW YORK | Thu Nov 7, 2013 12:59pm EST[/b]
NEW YORK (Reuters) - The Financial Industry Regulatory Authority halted trading in more than 10,000 over the counter "penny stocks" on Thursday, the OTC Bulletin Board said.
The halt began at 11:25 a.m. EST (1625 GMT) and was due to a connectivity issue, said an OTC Markets Group spokeswoman.
Investors cannot trade those securities through the market, bilaterally or on any other market.
Trading in Nasdaq- and New York Stock exchange-listed securities is not affected.
"FINRA has determined that halting quoting and trading in all OTC Equity Securities is appropriate to protect investors and ensure a fair and orderly marketplace," OTC said on its web site.
Many of the securities on the over-the-counter market are illiquid, trading infrequently and mostly under $1. [b]In Wednesday's trading, just six securities including Alternative Energy Partners, Fannie Mae and Real Estate Contacts Inc traded more than 10 million shares.[/b]
FINRA declined to comment.
(Reporting by Rodrigo Campos and John McCrank; Editing by Chizu Nomiyama)
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