BaaS fintech DriveWealth announced last week the expansion of its overnight trading capabilities through a collaboration with OTC Markets Group Inc. (OTCQX: OTCM), an operator of regulated markets for U.S. equity securities. Beginning in March, this new offering is designed to establish DriveWealth as a pioneer in multi-venue overnight trading and meet increasing demand from retail and institutional investors.
DriveWealth intends to provide investors with improved routing across multiple overnight trading venues, taking real-time pricing and liquidity into account. It will also manage the complexity of transitioning any unexecuted orders from overnight trading venues to traditional market centers when the U.S. pre-market session begins.
With this new capability, DriveWealth will offer an overnight trading experience for all NMS securities that it said is similar to daytime trading in the U.S.. With this collaboration, DriveWealth augments its current overnight market center access with connectivity to OTC Markets MOON ATS.
“(Our) global partners, particularly in Asia, seek to invest in U.S. companies 24 hours a day, but need a solution that combines convenience and immediacy with simplicity and resiliency,” said Michael Blaugrund, CEO of DriveWealth. “Adding MOON ATS to our brokerage platform allows DriveWealth to facilitate access to multiple overnight execution venues and across trading sessions with a single order.”
The firm believes this collaboration with OTC Markets will position it as a connected broker to multiple overnight venues. OTC Markets Group serves individual users and firm clients, including all of the top U.S. and global brokerage firms, processing more than 100,000 trades and receiving 120 million quotes daily.
“The expansion of DriveWealth capabilities into the Asia-Pacific markets will unlock new opportunities for investors in this region,” said Cromwell Coulson, president and CEO of OTC Markets. “We are proud to partner with them to broaden access to America’s capital markets for global investors. The MOON ATS platform is designed to offer redundancy and system scalability, ensuring that investors can trade a diverse range of stocks at any time, from anywhere in the world.”
