CHICAGO — The Midwest Stock Exchange said it was notified Wednesday that it won Securities and Exchange Commission approval to become the first exchange to trade over-the-counter stocks.
Midwest officials said May 18 would be the initial session for trading 25 OTC stocks on an unlisted basis on the exchange floor. The SEC gave unanimous approval Wednesday, the exchange announced.
"We've been gearing up for it," said spokesman Jack Queeney. "We've got all the equipment and lines in place."
The exchange has been seeking permission since late 1984 to trade unlisted stocks and tap into the substantial growth in the over-the-counter market.
Among the 25 stocks the Midwest exchange will trade initially are Apple Computer and MCI Communications.
Under the new plan, the Midwest exchange will be treated as another market maker in the automated quotation system operated by the National Assn. of Securities Dealers.