I have heard that Direct Access Financial was acquired by BofA. What does this mean for current BDs using the product (and white-labeling it)? Keep in mind that in the past this has not faired well for ASP BDs. TradeScape, TradeCast, REDI and CyberTrader all shut off most of their BD clients when they were acquired. If anybody has input on this, please share...
The paperwork is complete. They are just awaiting Regulatory Approval. I think that BofA might be looking to become the next UBS. They bought a clearing firm and need some volume for it. So why not buy a direct access firm as well and put some meat on the table. Just my 2 cents.
Thanks Waggie...does anybody else have information on this purchase which could obviously impact many of the brokerage firms in the direct access space???
Echo is converting all InstaQuote traders over to ECHOpro. I am not sure if the BofA deal has anything to do with that, but I can't imagine it is just a coincidence.
What will this mean for the brokers offering this product to trade? Will they not be able to offer the Platform to trade in the near future