Rodman & Renshaw files form to terminate broker-dealer license

Finra informed of non-compliance with SEC's Net Capital Rule 15c3-1

By Jennifer Chiou

New York, Sept. 14 - Direct Markets Holdings Corp.'s broker-dealer subsidiary, Rodman & Renshaw, LLC, filed with the Financial Industry Regulatory Authority a form to terminate its broker-dealer license.

The filing of Form BDW-Uniform Request for Withdrawal of Broker Dealer with Finra followed Rodman & Renshaw informing Finra on Sept. 12 that it was no longer in compliance with the SEC's Net Capital Rule 15c3-1, according to an 8-K filing with the Securities and Exchange Commission.

Upon acceptance of the file, the subsidiary will cease to conduct its securities business, other than liquidating transactions, until it is in compliance.

Direct Markets Holdings said that it continues to explore options for the commercialization or monetization of its electronic platform and the sale of assets related to its broker-dealer business.

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