Reuters ditches plans for online brokerage product
News and information company Reuters has scrapped plans for a retail version of its online brokerage system Instinet.
LONDON (Brand Republic) - News and information company Reuters has scrapped plans for a retail version of its online brokerage system Instinet.
The company’s share price fell 76p to £11.92 yesterday, amid investors’ fears that plans to float Instinet would now be abandoned. Reuters, however, said it still plans to go ahead with the flotation, which is scheduled for the first quarter of next year.
The retail product is an equity-trading scheme for private investors. Reuters chief executive Peter Job said that market conditions were not right for the launch of such a product under Instinet’s name and that marketing costs were prohibitive.
The product will instead be offered through Instinet’s wholesale business, allowing third-party retail brokers to licence and use it under their own brand-names.
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