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.