DriveWealth, a Chatham-based brokerage infrastructure platform, has acquired a New York-based broker-dealer, enabling it to bring its technology to the floor of the New York Stock Exchange, it announced Thursday.
The company said in a news release that its acquisition of Cuttone & Co. will allow retail investors who trade fractional shares of U.S. equities via its partners to have direct access to the point of sale for NYSE securities with DriveWealth tech previously only accessible to institutional investors.
“These added resources, unprecedented transparency and the ability to trade directly on the NYSE or across all U.S. equity destinations will open up greater opportunities for the retail investors we serve on our platform,” founder and CEO Bob Cortright said in a prepared statement.
Cuttone & Co. will now formally become the Institutional Division of DriveWealth Holdings Inc. The firm’s Donato J. Cuttone has joined DriveWealth’s board and will continue to lead his team as the CEO of the new division.
“We’re pleased to welcome DriveWealth to the NYSE Trading Floor community,” NYSE Group Chief Operating Officer Michael Blaugrund said in a statement. “With a floor presence, DriveWealth can extend the benefits of the NYSE’s unique market model to its clients around the world.”