NEW YORK, April 1, 2011 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), the financial information and technology services company that provides the world's largest electronic marketplace for broker-dealers to trade unlisted stocks, announced today the hiring of Michael Modeski as President of its OTC Link LLC subsidiary and head of its Subscriber Services business line.
OTC Link LLC is an SEC registered broker-dealer currently seeking membership with FINRA, with plans to register as an alternative trading system, or ATS, after gaining FINRA membership. After registration as an ATS, OTC Link LLC will operate the OTC Link interdealer quotation system and related services for broker-dealers trading unlisted securities.
Modeski comes to OTC Markets Group after serving as Director, Broker Dealer Execution Services and Sales at Citigroup, and previously as the Director of Execution Services at Lava Technology, a division of Citigroup. Prior to Lava, he was the Director of OTC Equities at the Financial Industry Regulatory Authority (FINRA) and held several management positions at Pershing, primarily guiding its OTC trading operations.
"Mike's extensive knowledge of the OTC market structure and his experience leading strategic initiatives make him a perfect fit to lead our services for the broker-dealer community and manage our ATS subsidiary," said R. Cromwell Coulson, President and Chief Executive Officer. "OTC Markets Group has a history of partnering with our subscribers to provide valuable information and communication services that allow market makers, agency brokers and ECNs to provide the best prices to investors, attract liquidity to their quotes and trade directly with their competitors. Mike will take the lead on working with our subscriber base to ensure we continue to provide the high level of service they have come to expect."
Modeski will replace Carl Giangrasso, who is leaving the Company after 33 years of service. "Carl's tenure has extended through many of OTC Markets Group's critical changes, and we are grateful for his exceptional dedication and loyalty," said Coulson. "We wish him well in the next phase of his career."
Announcement by Todd A. Graber, Chief Financial Officer, of Intent to Resign
Todd A. Graber, the Company's Chief Financial Officer, announced his intention to resign from the Company during the spring of 2011. The specific date of his separation will be announced when it is finalized.
"Todd has done a great job in building a strong finance and accounting department and setting up several strategic initiatives that will serve us well going forward," said Coulson. "We thank Todd for his hard work and many contributions."
The Company is conducting a search for Mr. Graber's replacement.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the world's largest electronic marketplace for broker-dealers to trade unlisted stocks. Our OTC Link™ platform supports an open network of competing broker-dealers that provide investors with the best prices in over 10,000 OTC securities. In 2010, securities on OTC Link traded over $144 billion in dollar volume, making it the third largest U.S. equity trading venue after NASDAQ and the New York Stock Exchange. We categorize the wide spectrum of OTC-traded companies into three tiers – OTCQX® (the quality controlled marketplace for investor friendly companies), OTCQB® (the U.S. reporting company marketplace for development stage companies) and OTC Pink™ (the speculative trading marketplace) – so investors can identify the level and quality of information companies provide. To learn more about how OTC Markets Group makes the unlisted markets more transparent, informed, and efficient, visit www.otcmarkets.com.
SOURCE OTC Markets Group Inc.