Internet have opened for business in Bermuda.

Bermuda Investment Advisory Services Ltd. quietly opened an online trading site for its customers at www.biastrade.com three weeks ago. Yesterday Directrade at www.directrade.bm was scheduled to go live on the Internet according to David Bolden, Directrade's president. Mr. Bolden and his wife Antoinette, a vice president in the new company, are also principals of the Emerald Financial Group. Mr. Bolden said there were also private partners backing the Directrade venture. Pershing Ltd., a division of US-based Donaldson, Luftkin & Jenrette Securities, is providing clearing and custody services for the operation.

Directrade is offering trades of up to 1,000 shares for $29.95 giving investors access to the Nasdaq, New York Stock Exchange, over the counter (OTC), American Stock Exchange, mutual funds and options contracts.

Mr. Bolden said the site was mainly targeted at overseas investors but will also benefit Bermudian residents looking for cheaper fees and research facilities.

"With Directrade local investors have a unique opportunity to have full control over their investments, as they now have the freedom to monitor or place trades on their account wherever they are, whenever they want,'' he said.

Directrade is headquartered in Bermuda and is operated by Bermuda Online Financial Services Ltd. whose "exclusive focus is to provide online financial services to suit the individual needs of offshore investors'', according to a press release.

Mr. Boden said the company operates separate from Emerald. Donaldson, Luftkin & Jenrette Securities is a investment banking and securities firm with a capital of $8.35 billion and total balance sheet assets of about $95 billion.

Pershing handles about 10 percent of the total daily volume on the New York Stock Exchange.

A story in Friday's The Royal Gazette incorrectly stated that Directrade was an Internet-based trading subsidiary of Australia-based Macquarie Bank. The bank does have an online brokering operation called Directrade. But Mr. Boden said there was no copyright problem with using the same name for a Bermuda-based operation.

Meanwhile BIAS Ltd. launched its online venture three weeks ago, according spokesman Mark Melvin. The site offers trading online for a "reduced fee'' according to the company. In response to a query about how much investors pay for trading Mr. Melvin said the company is not attempting to compete with ETrade and other online brokerages.

"$7 per trade will not work for us,'' he said. "We provide advice and as an additional service, online trading to clients. We want our clients to call us and get our advice. We are discounting our regular commission structure and have reduced our minimum trade cost.'' Mr. Melvin said if the company sees a "huge upturn'' in business then there will be reconsideration of how best to position the service. Investors who join BIAStrade.com pay a set up fee and a quarterly fee for access to research, Reuters news, and real-time quotes.

ETrade Group Inc., one of the world's leading Internet brokerages, is also setting up an office in Bermuda as part of its global expansion.

Online now: Directrade president David Bolden