NASD, CSCS agree to automate account opening process for investors

NASD OTC market said it has agreed with Central Securities Clearing System (CSCS) to automate the process of account opening for investors.

The implication is that participating institutions will directly upload their account opening requests through CSCS Data-Exchange Portal.

“We therefore advise all participating institutions to collect their access tokens from CSCS Limited at a small fee,” said NASD OTC plc.

Also, the market for trading unlisted securities noted that CSCS had allocated a portal to NASD OTC through which participating institutions would access their clients’ accounts.

“What this implies is that NASD pIc can manage clients’ portfolios through the CSCS website. They will also be able to view new CSCS client account creation and monitor client transaction execution at each end of day directly from their offices. Participating institutions should obtain login access from CSCS,” NASD said.

In another development, NASD said out of the 77 participating institutions registered to operate on the OTC market, 25 had been active while 52 had been inactive so far.

“We therefore advise all inactive firms to start trading activities in earnest. As we all know, active firms are more current with developments in this very dynamic new market and better equipped to provide relevant advice to their clients,” the OTC market for unlisted securities noted.

Iheanyi Nwachukwu