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Butterfield launches online stock trading platform

Butterfield Bank has today announced the launch of a new online brokerage service for local investors through its subsidiary Butterfield Securities (Bermuda) Ltd.

Accessible through the bank’s website, Butterfield Self-Directed Brokerage Online enables investors to trade US stocks, options, exchange-traded funds and preferred shares directly in real time.

It also provides investors with 24/7 access to their account balances, trade histories, statements and confirmations.

In addition, subscribers will have free access to real-time quotes and Standard & Poor’s company research, as well as the ability to set personalised stock watch lists to help them with their investment decisions.

Investors can sign up for the service free of charge at the bank, and there is no monthly or annual subscription fee. US equity trades can be completed for $25 plus two cents per share and bill payments can be set up through Butterfield Direct.

Shane English, an investment adviser with Butterfield Asset Management and head of the brokerage department, said the new service would enable the average person to buy and sell equities in a cost effective and simple way online instead of having to come into the bank to see a broker. Users can also access it almost anywhere at any time, he said.

The other beauty of the service is that statements and confirmations are sent electronically, doing away with the need for paper versions, while subscribers can also view their transaction details on an up-to-date basis, according to Mr English.

“With our Self-Directed Brokerage product, we are filling what we see as a substantial void in the Bermuda market,” he said.

“Investors who know which US securities they want to buy for their portfolios and who are seeking straight trade execution still typically have to rely on local investment advisers for execution. The costs of US trades in Bermuda are, therefore, relatively high because commission schedules are inclusive of advisory services.”

He continued: “When you couple that reality with the fact that it’s increasingly difficult for Bermuda residents to set up trading accounts with onshore, web-based brokers, there really aren’t a lot of cost-effective solutions out there for local, self-directed investors. And that’s where Butterfield’s Self-Directed Brokerage Online service comes in.”

Michael Neff, Butterfield’s executive vice-president, group asset management, said: “The launch of Self-Directed Brokerage Online is the first of many enhancements that clients will see from Butterfield in the coming months. We plan to expand the range of products that can be traded using the new platform to include offshore mutual funds, and eventually Bermuda-domiciled securities, as well.”

For more information contact Butterfield Bank on 299-3817 or e-mail invest.bermuda[AT]butterfieldgroup.com

Shane English: An investment adviser with Butterfield Asset Management and head of Butterfield's brokerage department

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Published September 19, 2011 at 10:00 am (Updated September 19, 2011 at 10:00 am)

Butterfield launches online stock trading platform

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