The Colombo Stock Exchange has been declared as a Qualified Foreign Exchange by OTC Markets Group Inc., announced by Launchpad.
Launchpad announces the Colombo Stock Exchange has been designated as a Qualified Foreign Exchange by OTC Markets Group Inc., effective Friday, the 24th of March. As a result, effective immediately, companies listed on the Colombo Exchange may apply to qualify for trading on the OTCQX, OTCQB and Pink markets in the U.S.
“We are excited to recognize the Colombo Stock Exchange as a Qualified Foreign Exchange, which will allow Sri Lanka listed companies to qualify for trading on our premium OTCQX and OTCQB markets. We look forward to welcoming more Sri Lankan companies to the U.S. markets,” said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group Inc.
OTC Markets Group (OTCQX:OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market, and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS, 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 Colombo Stock Exchange is the only equities exchange market in Sri Lanka with almost 300 listed companies. The CSE is regulated by the SEC of Sri Lanka.
William Rosenstadt, managing partner of Ortoli Rosenstadt LLP (www.ortolirosenstadt.com), and Kosala Heengama and Gregory Scott Newsome, owners of Yenom Pvt Ltd of Sri Lanka, worked closely with the exchange during this process.
Mr. Rosenstadt stated, “It is an honor to have been instrumental in the qualification process of the CSE. As a leading sponsor of companies on the U.S. OTC markets, we are now able to introduce CSE-listed companies to the world’s largest capital market and help them greatly expand their presence in the U.S. If embraced, this opportunity should change the landscape for CSE-listed issuers.”
Kosala Heengama, director of Yenom, stated, “We are excited to begin working side-by-side to help Sri Lankan publicly-traded companies trade on the OTC markets. The OTC markets will provide our local companies the needed global presence with enhanced efficiency and access to the biggest capital market in the world.”