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CHICAGO, Oct. 23, 2020 /PRNewswire/ -- Openfinance Securities, LLC, the Broker-Dealer and ATS behind the Openfinance digital securities trading platform, has received an unprecedented approval for digital securities trading enhancements to its membership agreement with FINRA – relying upon the SEC's recent Staff no-action letter clearing Openfinance's digital ATS business model.
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Openfinance's approval comes after more than two years of working closely with both the SEC and FINRA Staffs in support of legally compliant regulated trading of digital securities. The SEC no-action letter issued last month acknowledges the view advocated by Openfinance that a complex "Four Step" process to guide broker-dealers involved in the transfer of digital securities could create unnecessary and undesirable operational and settlement risks.
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Openfinance's approval comes after more than two years of working closely with both the SEC and FINRA Staffs in support of legally compliant regulated trading of digital securities. The SEC no-action letter issued last month acknowledges the view advocated by Openfinance that a complex "Four Step" process to guide broker-dealers involved in the transfer of digital securities could create unnecessary and undesirable operational and settlement risks.
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