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NASDAQ OMX, Nine Financial Institutions Form PORTAL Alliance

PORTAL Alliance intends to expand to meet growth in the 144A equity market by providing issuers of 144A equity securities and QIBs, an electronic over-the-counter trade negotiation system

A group of securities firms and The NASDAQ OMX Group, have formed ‘The PORTAL Alliance’ to operate a platform that facilitate over-the-counter trading of 144A equity securities among qualified institutional buyers (QIBs).

Reportedly, the PORTAL Alliance will commence working with issuers, investors, broker-dealers and third-party service providers specializing in shareholder tracking and settlement services to improve the efficiency of trading and transfer of 144A equity securities to be included in the PORTAL Alliance platform.

The PORTAL Alliance intends to meet growth in the 144A equity market by providing issuers of 144A equity securities and QIBs an electronic over-the-counter trade negotiation system, a suite of trade data generated by the PORTAL Alliance platform and resources to access issuer information.

The founding members of The PORTAL Alliance are BofA Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, The NASDAQ OMX Group, UBS and Wells Fargo Securities.

Bob McCooey, senior vice president, Capital Markets Group, The NASDAQ OMX Group, said: “The members of The PORTAL Alliance believe that an institutional equity market will form an important part of the capital markets landscape in the future. It is important to create an improved method for issuers and institutional investors to communicate to support expected growth in the 144A equity market.”