Boutique investment bank Rodman & Renshaw is so certain its DirectMarkets electronic follow-on issuing platform will succeed that it plans to change its name to DirectMarkets. "Rodman & Renshaw management realized that this was one of the last holdouts for some large innovation through technology," says Kevin Lupowitz, CEO of the firm's DirectMarkets Group subsidiary.

The new business seeks to remove investment banks from the process in which publicly traded companies make follow-on offerings of their stock by connecting companies and institutional investors directly via the DirectMarkets platform, allowing the companies to pay trading commissions rather than costlier investment bank fees.

DirectMarkets will leverage Rodman & Renshaw's existing client base of issuers and institutional investors to provide the platform's initial liquidity, Lupowitz says.

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