The Internet: redefining boundaries in investment markets

摘要

The Internet is revolutionising the financial industry. A few years ago, detailed information and sophisticated analysis were accessible only by institutional investors via expensive commercial providers. Much of this same information is now available to home investors for little or no cost. This has created new markets in discount brokerage and individual investment services, which have matured at a phenomenal rate since 1995. This paper profiles two young companies that are pioneering new investment alternatives. They represent innovative competitors in the financial industry that minimise overheads by exploiting Internet technology to market and deliver their products. Wit Capital is attacking two of the industry's most venerable institutions, the Initial Public Offering and Stock Exchange, broadening opportunities for both investing and raising capital. E~*TRADE provides investors with a wealth of news and technical information, deeply discounted brokerage rates and the ability to create and analyse their own portfolios of securities.