Fidelity Reportedly Set To Reopen Online UK Brokerage Service
According to a report
yesterday in the Wall Street Journal, Fidelity Investments,
the biggest mutual fund company in the US, is to repoen
its Internet share trading service for UK stocks by
the end of this year. The service will offer
trading in UK listed stocks to the company's online
UK customers via its Internet fund supermarket Funds
Network. Initially Fidelity will not operate the service
itself but will form a partnership with a UK brokerage
which will be named at a latter date, said the WSJ.
Fidelity closed its UK
brokerage business in February 1998 following more
than a year of turmoil involving record-keeping problems
at the unit. It was fined £200,000 in May 1997
for record- keeping violations that triggered more
than 200 investor complaints. The company is investigating
extending the service to include European and US shares
but has no immediate plans for this. In October Fidelity
opened a new investor center in the City of London
to increase its exposure to the UK market. .
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