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Suretrade

Suretrade was an American stockbroker firm with an electronic trading platform headquartered in Lincoln, Rhode Island. It was created in 1997 and was acquired by FleetBoston Financial's Quick & Reilly in 2001.

Prior to its acquisition the company had over 350,000 customers and nearly $2 billion in assets.

History

The company was founded in 1997 as a division of Quick & Reilly by Donato A. Montanaro.[1] Quick & Reilly was acquired by FleetBoston Financial in 1998.

In early 1999, FleetBoston considered an initial public offering for the unit but plans were scrapped in October 1999 after the dot-com bubble started to crash.[2][3]

In an October 1999 Fortune (magazine) article, Montanaro claimed that Suretrade was rated the #1 broker for aggressive traders and #2 for beginning investors.[4] In 2000, the company launched advertising that promoted market timing.[5]

Suretrade was folded into Quick & Reilly in 2001 as investors wanted more advisory services after the crash of the dot-com bubble.[6]

References

  1. ^ "Online Broker TradeKing Launches with Low, Flat-Rate Commissions" (Press release). PRWeb. December 27, 2005. Archived from the original on December 29, 2005.
  2. ^ Hechinger, John (October 13, 1999). "Fleet Boston Scraps Plans for IPO Of Suretrade as Net Stocks Slide". The Wall Street Journal.
  3. ^ Hechinger, John; Buckman, Rebecca (March 12, 1999). "Fleet Considers Spinoff, IPO For Suretrade Internet Unit". The Wall Street Journal.
  4. ^ Nocera, Joseph (October 11, 1999). "Power to the People INVESTING HAS BECOME PART OF EVERYDAY LIFE IN MIDDLE-CLASS AMERICA". Fortune.
  5. ^ "Suretrade breaks TV, print ads". Advertising Age. Crain Communications. October 31, 2000.
  6. ^ Trombly, Maria (February 12, 2001). "Brokerage Joins Movement Away From Net Pure-Plays". Computerworld.