The Bank of New York Selected by Pink Sheets as First Depositary Bank to Service New Alternative to Traditional Exchanges
NEW YORK, February 20, 2007 -- The Bank of New York, a global leader in securities servicing, has been approved by Pink Sheets, LLC as an American depositary receipt (ADR) Principal American Liaison (PAL) for International OTCQX-listed companies. The Bank of New York can serve in the PAL role for its international clients with sponsored Level I ADR programs wishing to join the International OTCQX platform.
The International OTCQX is a new Pink Sheets market tier that provides a premier trading, quotation and disclosure venue for international companies whose securities are listed on a qualifying non-U.S. exchange and are traded in the U.S. over-the counter (OTC) markets. International OTCQX, which is to launch on March 5 and is an alternative to traditional exchanges, distinguishes the securities of qualifying non-U.S. issuers from the thousands of securities traded on OTC.
Every ADR issuer participating in the OTCQX program is required to appoint a U.S. PAL to perform the role described in the OTCQX rules. In addition to the role requirements under the rules, a depositary PAL may help participating issuers obtain a market maker, steer them to appropriate third-party vendors for assistance with OTCQX program guidelines and facilitate communication with the U.S. investment community.
Pink Sheets, LLC is the leading provider of services, software and financial information for the U.S. OTC securities markets. It provides electronic quotation, trading and disclosure services for securities that are publicly traded but not listed on a national securities exchange.
Cromwell Coulson, chairman and chief executive officer of Pink Sheets, said, "The Bank of New York provided us with valuable input on ADRs as we developed the International OTCQX program, and we look forward to continuing our relationship. We are delighted that our efforts are coming to fruition as the program will help the Bank's clients elevate the visibility of their Level I ADRs in the U.S. investor community."
Christopher Sturdy, executive vice president and head of The Bank of New York's Depositary Receipt Division, said, "We consistently look for ways to help clients' ADRs gain greater visibility and liquidity, and the OTCQX program offers just that. For our Level I clients, the program is a unique venue for enhancing the status of their ADRs in the U.S., and we are pleased to be the only depositary bank to date approved as a PAL."
The Bank of New York is depositary for more than 1,250 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 62 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Bank delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.adrbny.com.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security.
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