In the first week of May, Kenney Geotechnic Inc. started accepting new orders for its stock trading platform.
The stock trading company’s platform allows users to order stocks, bonds and other financial instruments with an instant and secure digital signature.
The platform, which is based in New York, will soon be integrated into other brokers.
“We’ve been in business for a decade and we’ve had some good clients, and we think this is going to be really good for our business,” Kenney CEO Andrew Schatz said in an interview.
“The thing is, you’re not just buying a stock.
You’re also buying a bond.
You are buying a business.
And you’re also trading a business.”
Kenney’s platform, called Kenney Trading, allows users access to stocks from the Dow Jones Industrial Average, the S&P 500 index, the Nasdaq Composite, the Russell 2000 and other benchmarks.
The company has partnered with brokerage firm Fidelity Investments Inc. and other brokerages to allow users to buy, sell and trade stock in real time.
Schatz said he believes the platform can be a “big game changer for brokers.”
We can say, ‘We want to buy shares in that company, we’re going to get the prices up and we’re taking a risk here.’ “
We can’t tell you what the company is going through right now because you’re on the platform.
We can say, ‘We want to buy shares in that company, we’re going to get the prices up and we’re taking a risk here.’
The problem with that is that the stock market is so volatile that you have to buy into the market to get a fair return.”
Schatz and other brokers who are interested in the platform say they’re seeing a surge in interest in the stock buying, selling and trading market as people realize they can make a lot of money off the platform without buying stocks outright.
Schultz said he sees potential for the platform to provide a new way for brokers to make money off of their clients.
“The stock market has been really, really volatile for the last several years, and people don’t like to pay a lot to get their investments up and down the market,” he said.
“It’s not that people don the stock.
They want to get more returns, but they don’t have to.”
While Kenney’s stock trading is only available in New England, its platform is already operating in New Jersey and Virginia.
Schatz says Kenney is considering expanding the platform into other markets, and he said Kenney will continue to work with other brokers to help them add trading features to the platform as they continue to expand their business.
The company said the platform will also help brokerages improve their business and provide the best products to their clients through an automated process that is based on customer feedback.
Schulz said Kennyne is working with the Securities and Exchange Commission and other regulatory agencies to review the legality of Kenney trading and if there are any issues, Kennynes stock trading and trading platform will be reviewed.
Kenney, which was founded in 2005, was acquired by hedge fund firm Elliott Management Inc. in 2012.
The deal brought Kenney into the public spotlight in January when it was revealed that Kenney was under investigation by the SEC for allegedly over-reporting expenses.