New York-based online brokerage Firstrade Securities has completed the software development of its direct access trading system, FirstradePro.
The technology allows active investors direct access to major markets and ECNs including Island, Instinet, Archipelago, RediBook and Brut, as well as, Nasdaq's SelectNet and SOES, says the company.
John Liu, president and CEO of Firstrade, says he intends to market the technology platform to other institutions as well as Firstrade customers. An Internet version of the product will be launched later this Spring.
Several other brokerage industry leaders including Charles Schwab which last year bought CyBerCorp in a $500 million deal, E*Trade Group which recently struck a deal to use AB Watley's direct access technology, and TD Waterhouse are actively seeking ways to offer similar services. Most recently Ameritrade bought TradeCast, a direct access trading and technology firm, in a $67.3 million stock deal.