Our first encounter with the U.S. retail brokerage marketplace came about in late 1987 or early 1988, when our colleague, Eamonn Quinn, then editor of Banking Technology magazine – now owned by Informa – received a phone call from Bernie Weinstein. The then head of IT at E.F. Hutton, we heard, was leaving the company following the firm’s acquisition by American Express Shearson. Weinstein was in the midst of a major project to roll out Hutton’s state-of-the-art quote-terminal system to several thousand users. Weinstein walked out of Hutton and over to Thomson, who backed his plan for a new vendor to be called ILX Systems and run by himself and partner Norman Epstein.

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