Yahoo!, Online Broker To Tap Individual Investor Boom
The latest companies
to tap into the individual investor boom are Instinet
Corporation, an online broker owned by Reuters Group,
and Yahoo!, the global Internet communications, commerce
and media company, who have agreed to provide trade
data on Yahoo! Finance. With this agreement, individual
investors will now have access to trading activity
on Instinet during market hours and will be able to
view - in real time - the best-priced orders in Instinet.
In addition, investors will also be able to view volume
information, as well as last sale for stocks of their
choice. Previously, this data was made available only
to professional trading firms and financial institutions.
Doug Atkin, President
and CEO, Instinet Corporation said, 'This agreement
with Yahoo! underscores Instinet's commitment to expand
our offering into new customer groups based on our
robust core global equity trading business. Retail
investors will now have access to the information
which has helped institutional investors improve their
trading performance for the past 30 years. We're pleased
to work with Yahoo! and to provide Yahoo! Finance
users with critical market information in order to
seek and find the best price for their investments.'
Towards the end of this
year Instinet plans to join E*Trade, Datek Online,
Charles Schwab and others by allowing retail investors
to trade directly through Instinet.com. The company,
which was aquired by Reuters group in 1987, is part
of a growing group of financial services companies
that are trying to reach out to the increasingly influential
individual investor. Retail traders or individual
investors, who once took a backseat to institutional
brokers, have recently become a significant force
on Wall Street. Individual investment accounts topped
$1 trillion for the first time in the first quarter
of 2000, according to a report by the US Bancorp Piper
Jaffray. The Internet has, of couse, helped fuel the
retail boom. Earlier this year, Instinet
entered into a pilot program with TheStreet.com to
feature summaries of pre-market and post-market trading
on Instinet on TheStreet.com site for investors seeking
insight into the off-hours market. Based on the success
of this initiative, as well as other consumer-focused
efforts, Instinet decided to broaden its public exposure.
Barbara Goodstein, the
CEO of Instinet.com, commented: 'Instinet was founded
on the principle that institutional investors needed
a way to trade that delivered deep visibility into
the market, the ability to keep their trading strategies
anonymous, and freedom from worry that the broker
executing their trades might be trading against them
rather than acting on their behalf. As we will soon
be entering the retail business by offering direct
trading via Instinet to individual investors through
Instinet.com, it's appropriate that we provide self-directed
investors and the marketplace with the same kind of
powerful information we historically have provided
our institutional clients.' .
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