Increasingly strict employee internet use may be the key to success for Australia's first online share trading room, The Dealing Room, says CEO Paul Wright.
According to Wright, speaking at the launch of The Dealing Room yesterday, most of the organisation's founding members are lunchtime traders who are unable to freely access share-trading websites during lunchtime.
The Dealing Room is a single office located on Sydney's Bridge Street -- across the road from the Australian Stock Exchange -- in which online marketeers are able to conduct trades in an open discussion environment for a monthly fee of $95. Members are given access to international share market feeds and onsite practitioner insight, Wright said.
The company has no plans to offer its own broking facilities, but hopes to attract internet brokers to the premises to discuss trading opportunities with members.
Wright was quick to distinguish The Dealing Room from more casual online trading environments. He argued that his organisation offered a diversity of knowledge and was a 24-hour operation typically unattainable by casual traders. Members were able to freely discuss trading opportunities with specialists in overseas trading and had access to market feeds worth as much as $1000 per month, Wright said.
The Dealing Room office currently houses five PCs, and expects to soon add another 12. Wright said the organisation already has 40 members, and he expects membership to pip the 500 mark by the end of the year. He said the company planned to expand its premises when membership approached the 200 mark later this year.
The company was currently funded by seed capital provided by private traders, and, ironically, had no plans to list publicly, Wright said.