Mississauga, ON -- (SBWIRE) -- 05/15/2013 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled “QuoteMedia Aiming to Overcome Q1 Revenue Hit From Penson Worldwide Bankruptcy.”
Companies mentioned in this article include QuoteMedia, Inc. (OTCQB:QMCI).
Penson Worldwide Inc., a one-time major in handling security trades in the United States was struggling for years to make ends meet before finally succumbing to financial pressures and filing for Chapter 11 bankruptcy protection along with nine of its affiliates in January 2013. For anyone in the market that used a brokerage firm that used Dallas, Texas-based Penson to buy and sell shares prior to the bankruptcy, the pain could be felt as well with federal regulations on protective reserve capital squashing the company’s ability to close positions on many illiquid stocks. In short, the company put restrictions on the amount of shares that could be sold in given trading periods based on average trading volume levels for the company, often times making it impossible to ever sell a share of companies that were held in a portfolio.
By the way, Penson is not gone from the markets as it is in the process of liquidation. It trades on the Pink Sheets under the ticker “PNSNQ” with a closing price on Tuesday of $0.006.
The company going under had a ripple effect across many traders, but also damaged the operations of QuoteMedia, Inc. (OTCQB:QMCI), the provider of market data and cloud-based applications that are used on financial websites across the web. Chances are that many of the readers of this article have visited financial portals that employ QuoteMedia data. We use their comprehensive quotation systems right here at AllPennyStocks.com to provide our members with a robust platform of due diligence data and stock quotations.
The full version of this article can be found at:
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