Wall Street Source, a Web-based provider of financial news, has signed up 2,500 investment management firms in its first year, adding to its existing sell-side clientele. Firms include HSBC Asset Management and Burlington Securities have signed on Wall Street Source's (WSS) real-time, Internet-delivered news and analytics.
"One of the primary reasons that I chose Wall Street Source is it seems to pull all the important news and information into one easily read format," says Joe DeMarco, managing director of equity trading at HSBC. "A lot of these other services, you've got to go through a lot of different functions to refine the information and Wall Street Source breaks it down."
DeMarco and Richard Calipari, who runs the equity trading desk at Burlington, hail the personal portfolio page which allows users to define what companies they want to track and will go so far as to push alerts to the users' e-mail accounts. "The alerts are beautiful," Calipari quips. "I get e-mailed, and I pass that information along to my customers. I don't tell them where I got it. I just tell them it's from my sources."
Because of the way in which WSS aggregates its news from various market data and news sources worldwide, Calipari claims that it saves him time in the morning. Whereas before he would spend hours mulling over newspapers, he hops onto WSS and culls through its news in less than a half hour, all the while answering phone calls from clients.
"I like the fact that they have a staff of people that had been traders. They seem to focus on what's important to traders. For instance, they have volume alerts, price alerts. And if you have that programmed into your personal portfolio,, there's an advantage to that rather than having to search for that yourself," Demarco adds.
WSS is prepping to add new services including a live feed from EDGAR, alerting our customers of SEC filings on stocks they follow, an international section providing news on 30 countries, a forex section, a management change section, among others. WSS, headquartered in New York City, sells its service for $250 per month.