(April 27 – 09:20 ET) – BayStreetDirect.com has now signed up more than 10,000 Canadian investors.
The firm offers access to new issues through its site, although it does not hold investor accounts. Instead it markets the issue and secures allocations before referring investors through to their existing brokers to close the deal.
The firm is also developing ProTraderAlert.com, a service that will notify members electronically when selected fund managers trade certain stocks. Funds based on this service will follow, too.
The firm’s site was launched in February 2000. “Ten thousand investors represents tremendous buying power for new issues,” said BayStreetDirect.com’s deputy chairman, Colman O’Brien. “Canadian retail investors have shown how much they want real access to new issues and, as our membership increases, more new corporate issues will become available.”
-IE Staff