DriveWealth buys broker dealer to bring retail investing tech to Nyse floor
DriveWealth is set to bring its API-based brokerage technology for retail investors to the floor of the Nyse thanks to a deal to buy institutional broker dealer Cuttone and Company. Financial terms were not disclosed.
The Cuttone & Company acquisition will bring DriveWealth’s technology to the floor of the New York Stock Exchange. Retail investors around the world will get direct access to the point of sale for Nyse securities with the same trade execution technology that has previously only been accessible to institutional investors.
Cuttone & Company, now the Institutional Division of DriveWealth Holdings, will bring market and regulatory expertise, as well as a network of institutional trading partners, says a statement.
The advantage available on the trading floor not only provides direct access to the point of sale but affords the same time and place advantage for access to regulatory and jurisdictional information which could affect market conditions or trigger trading halts, says DriveWealth.
“These added resources, unprecedented transparency, and the ability to trade directly on the Nyse or across all US equity destinations will open up greater opportunities for the retail investors we serve on our platform,” says Bob Cortright, CEO, DriveWealth.