Mr. Niehoff takes the most pride in developing the National Securities Trading System, NSTS, at the Cincinnati Stock Exchange.
CINCINNATI, OH, January 09, 2024 /24-7PressRelease/ -- K. Richard Niehoff has been included in Marquis Who's Who. As in all Marquis Who's Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process.
Backed by decades of financial expertise, Mr. Niehoff was the founder of the Trading and Market Services Division of the National Association of Securities Dealers Automated Quotations (NASDAQ). Additionally, he has served and is active as a trustee and advisor to nonprofit organizations. Prior to embarking on a career in philanthropy, he was the chairman and chief executive officer of the United States OTC Markets, Inc., Prior to USOM Mr. Niehoff was President of the Delaware Board of Trade Inc., DBOT, that operated as an alternative trading system, ATS, registered with the U.S. Securities and Exchange Commission and FINRA. Through the DBOT system platform, he helped broker-dealers registered with FINRA subscribe to the system, which allowed them to place orders on their own or on a retail investors behalf on the quotation and matching system. The DBOT ATS listed publicly-traded entities that did not meet criteria for listing on the New York Stock Exchange or NASDAQ Exchange.
During the early stages of his career, Mr. Niehoff gained valuable expertise in the financial services field as the chairman and president of the Cincinnati Stock Exchange, where he developed the National Securities Trading System, which was the first SEC-approved trading system under the Securities Acts Amendments of 1975. An expert in his field, he completed coursework at the University of Cincinnati. Outside of his business work, he has contributed to his community through involvement with the Harmon Art Museum and Folk Art Gallery, the Dayton Society ofNatural History, World Heritage Ohio, the Contemporary Art Center, Cincinnati, and the Cincinnati Regional Chamber of Commerce.
Throughout his career, Mr. Niehoff has achieved much, leveraging his valuable expertise to assist in the development of capital markets imitative in the Republic of Poland after the Berlin Wall fell. His in country team developed the online automated trading system and regulatory framework CeTO that was integrated into the Warsaw Stock Exchange. Due to the nature of the infrastructure and lack of brokerage house associations, including market regulations at the time, the achievement took three year. The capital markets imitative included working with the Ministry of Privatization of Poland to restore a privatized capital market. In recent years, Mr. Niehoff was a member of the World Heritage Ohio steering committee to memorialize the Hopewell Ceremonial Earthworks which culminated in an UNESCO inscription as a World Heritage Site of outstanding value to humanity, September 2023.
While his career has been filled with highlights, Mr. Niehoff takes the most pride in developing the National Securities Trading System, NSTS, at the Cincinnati Stock Exchange. This System enabled the Exchange to close the trading floor and the application enabled establishing the first fully computerized-automated exchange in the United States and world. Known as the Exchange without walls, using modern telecommunication protocols, NSTS was connected to other US National exchanges and directly to broker-dealers member firms. This automation helped decrease operations costs by eliminating the trading floor, downsizing the exchange, and reopening it fully automated that benefitted the 400 plus member firms to serve their clients in a better, faster and cheaper regulated and audited direct market environment. The NSTS architecture and design supported by breakthrough state of art technology and communications was the precursor of direct c to b, c to c, and b to b commercial business transactions. Over numerous years of constant upgrades Mr. Niehoff in conjunction with staff and assembled team of consultants met the needs of an escalating market through the use of breakthrough technological and TCP/IP trading solutions. Though hard work, dedication and open acceptance of change have brought him far in his career. He credits his success to his perseverance, and following his mantra of finding and implementing faster, better and cheaper solutions to commercial transactions. Such skills were honed in the initial transition from stock exchange floor to non-floor trading. In the coming years, Mr. Niehoff aims to utilize his expertise as a consultant.
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