eSpeed Pens Agreements with 7 Online BrokersE-commerce services company eSpeed yesterday said that seven online investment firms have signed agreements to use its system, which delivers quotes for the buying and selling of U.S, Securities bonds.
The investment-based companies included in the deals are A.B. Watley, Muriel Siebert & Co., Web Street Securities, Tradescape.com, NetInvestor, Bondpage.com and Scottrade. The announcement came on the heels of eSpeed's similar deal earlier this month with investment firm Charles Schwab & Co. No terms of the agreements were released.
eSpeed, New York, has over 500 clients using the system, Through those relationships, the software is responsible for the handling of $150 billion of daily transactions. The company points to a bonds trade market that exceeds $200 billion on some days as the backbone to its program's growing success.
"We anticipate that these relationships will give investors unprecedented access to the world's most liquid wholesale for bonds," said eSpeed CEO/Chairman Howard W. Lutnick.