|
|
Article: Spear Leeds Plans to Spin Off Its RediBook ECN To Brokerages: New owners expected to direct order flow into trading system.
- Article from:
- Investment Dealers' Digest
- Article date:
- October 18, 1999
- Author:
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Spear Leeds & Kellogg plans to spin off its RediBook electronic communications network into a stand-alone entity that will be co-owned by retail discount brokerages that can direct order flow into the trading system.
RediBook ECN LLC, as the company would be known after the spin-off, would benefit from infusions of capital and order flow from discount brokers like TD Waterhouse Group, which announced last week that it was pulling the plug on a planned $25 million investment in Island ECN and joining the RediBook consortium.
"We don't want to be like Strike or Brut, where you have 20 to 25 members but nobody really cares," said Larry Liebowitz, acting ...