Broker Direct has launched a facility for its shareholding brokers allowing broker schemes to be traded online.
The company said the facility, called Schemeshop, was designed to get rid of unnecessary administration and delays by providing online quotes and cover.
The first phase of the launch includes the most popular schemes from Broker Direct's shareholding brokers.
The company said it planned to add extra schemes to the facility each month, with a target of having approximately 100 schemes on offer by the end of 2005.
Broker Direct broker services and marketing director Terry Stanley, said: “This is a very exciting development. Many brokers have special scheme products which other brokers want access to.
“While some larger brokers have developed their own electronic trading facilities, many smaller brokers have not had the resources to develop and promote such systems.
“What we have done is to set up a market place where brokers can include their own schemes at nominal cost.”
