GlobalNetFinancial's Norwegian finance portal Norge-iNvest has signed a broad cross marketing, trading and distribution agreement with Scandinavian online brokerage Nordnet.
Under the terms of the five year agreement, Norge-iNvest customers will be able to trade securities through the Nordnet trading platform using an online Windows connection developed by local software house Infront. GlobalNet will receive 50% of the online trader revenue.
In addition GlobalNet will gain distribution and marketing for its streamed real-time information products to Nordnet's customer base and gain distribution for its news service throughout Scandinavia, while building traffic to its Norwegian, Danish and Swedish chat sites.
Nordnet currently processes about 6000 trades a day with a market value of Skr500 million. In January 2001, Nordnet expanded into Norway and is soon to launch in Denmark.
Morten Petersen, Norge-iNvest general manager, says: "With this deal in place our customers will be able to buy and sell securities, mutual funds and other financial products online...This is exactly the kind of consolidation we will see in the months to come in our industry."