London's oldest stockbroker firm Religare Hichens Harrison (RHH)
has launched its first online trading service for clients.
The company, which began operating in 1803, is using a managed
service from NTT Europe Online.
RHH employs 60 in London.Through
its website clients can now
trade contracts for difference (CFD's), which allow investors to
speculate on share price movements without the need for ownership
of the shares.The website also offersspread-betting services where
investors bet against each other.
Chris Cheverall, head of margin products, said before this
service was launched clients would trade over the telephone.
"As a bank we already trade electronically and we are now
allowing our customers to do it also. The world is getting smaller
and we have to reach out to more investors," he added.
The company is looking to increase the number of retail
investors (consumers who invest), as well as institutional
investors such as large firms.
The number of retail investors is increasing with new
technologies that allow people to get involved in the financial
markets online.
Online gambling firm Betfair entered this market in November. It
rewrote its original gambling software to offer consumers the
opportunity to bet on the financial markets.
The company, which enables people to bet on the outcome of
sporting events, is using the same business model in the financial
sector through a
service called Tradefair.