CSE disowns OTC Group plan
The Colombo Stock Exchange (CSE) disowned connections to the OTC Markets Group Inc on Friday saying the exchange hasn’t collaborated with any party for trading on the OTCQX, OTCQB and Pink markets in the US.
This was in response to an online story which said that the CSE has become a Qualified Foreign Exchange allowing Sri Lanka listed companies to qualify for trading on their OTCQX and OTCQB markets (platforms) effective from March 24.
“As a result, effective immediately, companies listed on the Colombo Exchange may apply to qualify. We look forward to welcoming more Sri Lankan companies to the US markets,” Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group Inc. was quoted as saying.
However a CSE source told the Business Times that they were not contacted on this and that it was ‘news’ to them. “The CSE wishes to notify interested parties that the CSE has not collaborated in any manner or worked with OTC Markets Group Inc, Yenom Ltd or Ortoli Rosenstadt LLP or any representatives of such organisations for the said endeavour,” the CSE said in a statement. The statement said that the official involvement of the CSE in any form of partnership or collaboration with another organisation/institution would be communicated to the public by the CSE itself, and no such communiqué has been released by the CSE on the above development.
Through OTC Link. ATS, OTC had said the company connects a diverse network of broker-dealers that provide liquidity and execution services. OTC Markets Group enables investors to easily trade through the broker of their choice and empowers companies to improve the quality of information available for investors.
The company said William Rosenstadt, managing partner of Ortoli Rosenstadt LLP, Kosala Heengama and Gregory Scott Newsome, owners of Yenom Pvt Ltd of Sri Lanka (earlier attached to the controversial ERI) had worked closely with the exchange during this process, a claim the CSE has vigourously denied.