America Online Inc. and Wit Capital Corp., the on-line investment bank, said they have joined forces to serve individual investors after normal market hours.
New York-based Wit Capital will become the exclusive tenant on AOL's "After Hours Center" for six months. The operation is set to launch on Nov. 1. AOL members will be able to trade stocks and view market research after the close of normal trading.
Wit Capital is paying a "nominal fee" for the placement, a Wit Capital spokeswoman said. AOL also will manage on-line advertising and sponsorship on Wit Capital's site and receive 40% of the revenues that come from those ads.
Wit Capital will offer visitors "institutional quality" research for free, as well as access to its new digital trading platform, which will match buy and sell orders in all listed and Nasdaq stocks.
After six months, space in the After Hours Center will be opened to other financial services companies, but Wit will remain the "premier" tenant, the spokeswoman said.