E-finance equities: A new breed of online equity firm

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When the first generation of online firms appeared in the US equity market, they loudly broadcast their ambitions to take on the established players in distribution and new issues. Some made a brief impression, a few managed to get themselves acquired by their larger rivals, many failed. The big firms rolled on. The latest group of internet start-ups have learned a lesson: don’t compete directly with the big equity firms, do something they don’t do.