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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