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Online Brokers Form Bank to Get More IPO Shares for Customers
A new investment bank planned by a consortium of online brokerages and venture capital firms could give investors access to significantly more IPO shares than usual. But it's hard to say whether the new venture will make a name for itself because it doesn't have one yet -- or an office, for that matter.
Three online brokers, Charles Schwab(SCH Quote), Ameritrade (AMTD Quote) and TD Waterhouse (TWE Quote), are partnering with three venture capital shops to form the bank, which eventually hopes to underwrite IPOs. ...
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