Financial Services Industry
Industry: Email Alert RSS FeedBrokers searching for door to exit costly portal race.(Brief Article)
Investment News, December, 1999 by Hansard, Sara
After rushing into expensive deals to access Internet portals like AOL and Compuserve, online brokerages are crying for relief as they gear up to buy even more advertising. Internet access sites are more than willing to rewrite their deals to keep the cash flowing their way. But there's just one hitch: Federal rules prohibit the compensation arrangement brokerages prefer.
While a sympathetic Securities and Exchange Commission is working to solve the problem, there's no such thing as an easily done deal in the highly competitive online brokerage business. Firms like E*Trade Group Inc. are lining up against the SEC proposal because it would allow portals to be paid based on referrals or accounts opened without having to register as a broker-dealer....
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