Internet investment bank Wit Capital Corp has teamed up with America Online Inc to offer AOL members the ability to trade stocks after market hours. Wit will pay an undisclosed sum to be the sole tenant for six months on AOL’s new after-hours center, which is slated to launch this fall on the service’s personal finance channel. For Wit, the deal is about reaching the largest volume of potential investors and exclusive access to AOL’s 17 million members is expected to pay off for the firm as it drives interest and activity in after-hours trading.
The new center will provide AOL members with information about the ability to trade stocks after traditional hours and will promote Wit’s own site, where members can have access to trading through participating online brokerages. Wit expects to offer trading between 6pm and 9pm New York time. In addition, AOL will promote a series of live chat events with Wit Capital analysts and provide free access to Wit’s institutional research. Also as part of the deal, Wit will allow banner ads on its site, which AOL’s marketing team will sell in exchange for 40% of the revenue generated.
