Direct Access Vendors: An Overview

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Celent Communications profiles the top providers of direct access technology to retail and institutional firms. Strong growth in direct access volumes and spending is expected.

In a new report, entitled Direct Access Vendors: An Overview, Celent examines the direct access marketplace by profiling the major vendors of technology and discussing major trends likely to influence these providers in the future. This report follows an earlier market overview report published by Celent in May, 2002, "Direct Access Expands Its Reach."

Table 1: Direct Access Firms Profiled


Product Name

(Charles Schwab)
CyberTrader Pro
FlexTrade FlexTRADER
Interactive Brokers Trader Workstation
Lava Trading Lava ColorBook/Trading Floor
Spear, Leeds, Kellogg REDIProducts
Tradecast (Ameritrade) Tradecast Elite/Ameritrade Pro
UNX Universal Brokerage

According to Fritz McCormick, analyst at Celent and author of the report, "The institutional trading segment, especially hedge funds, index funds and quantitative trading firms, see direct access as a way to cut costs while becoming more efficient and taking greater control of their trading activities. Broker/dealers, sensing the threat of disintermediation, are getting into the game by purchasing direct access firms, or licensing their technology to provide to the buy-side via soft dollar arrangements. Consolidation has quickly shrunk the marketplace, though, provoking questions about the future outlook of the market and who the leaders are."

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