A New Nasdaq World Power? An online brokerage targets institutional business. Can the strategy work this time?
Traders Magazine, February, 2003 by Gregory Bresiger
The so-called online trading revolution fizzled out in the late 1990s and some firms have been trying to reinvent themselves since then.
When BrokerageAmerica began a few years ago, it was going to succeed as a market maker because it promised to provide the best Nasdaq executions to a new generation of computer literate investors.
The latter would benefit from a revolution led by BrokerageAmerica. The firm would charge no commissions on market orders for 1,000 shares or more, and give rebates to retail customers. In a bull market that appeared to last forever, in a market in which more and more people wanted to buy equities for themselves - in which market making appeared to be a license to print money - how could this strategy miss?
But it hasn't worked....
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