NEW YORK (HedgeWorld.com)–U.K. hedge funds were early adopters of youDevise Ltd.’s Trade Idea Monitor system last fall, and now officials are hoping for similar interest in the United States as the online trading idea service is rolled out here this week.
Trade Idea Monitor is a free service to buy-side firms, such as hedge funds, that are able to glean trade ideas from sell-side brokerage firms that previously distributed trading recommendations via multiple systems.
The youDevise service relies on a specialized server hub called the Repository & Distribution Center, which was developed by an entity called Trade Ideas Ltd., a company founded and financed by four brokerage firms–Citigroup, Credit Suisse First Boston, Dresdner Kleinwort Wasserstein and Merrill Lynch.
One of the traits of the Web-based service is that managers can actually track their gains from specific trade ideas and screen ideas by a specific broker or analyst. So far, trade idea coverage spans more than 3,000 stocks on more than 100 exchanges.
The introduction of TIM comes at a time when new and proposed regulatory guidelines in the United States and the United Kingdom are calling for increased documentation of research and other soft-dollar services. Fund manager clients in turn are looking to ensure that their commission dollars are wisely spent, officials said.
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