New York Securities Auction Corp. Markets Hard-To-Sell Securities


The recently launched New York Securities Auction Corp. provides an electronic market for hard-to-sell securities, namely junk bonds and some unlisted stocks and warrants. The idea is to draw attention to illiquid securities not easily tradable in other markets.

"We are a market niche," says Joel Greenblat, founder of the exchange. Greenblat is also a principal in Gotham Capital, a hedge fund. The New York City-based exchange opened for business July 9 with 80 securities listed for sale. Fifty

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