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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Technology
Thursday, June 12, 2008
iPass and Etisalat Partner to Provide Expanded Coverage
Comtex
REDWOOD SHORES, Calif., Jun 12, 2008 (BUSINESS WIRE) ----iPass Inc. (NASDAQ: IPAS) a global provider of services that unify the management of enterprise mobility, today announced a partnership agreement with Etisalat, the United Arab Emirates' (UAE) largest telecommunications operator. Under the terms of the agreement, iPass customers will benefit from the addition of hundreds of Wi-Fi hotspot locations within the UAE.
The new hotspots include locations in Abu Dhabi, Dubai, Al Ain, Sharjah, Ajman, Fujairah, Ras Al Khaimah and Khorfakkan, including four international airports, major hotels such as the Ritz-Carlton, and coffee shops across the country. Before being integrated into the iPass Global Broadband Roaming network, the Etisalat Wi-Fi hotspots will go through the iPass Enterprise Ready certification process, which includes testing for performance, reliability and compatibility with a comprehensive range of virtual private network (VPN), personal firewall and anti-virus software solutions.
"The addition of Etisalat to our network is an important boost to the broadband access coverage our customers will receive when travelling to the influential emirates," commented Rene Hendrikse, Managing Director EMEA, iPass. "With over 100,000 hotspot locations to choose from worldwide, iPass users now have more ways than ever to stay productive on the road."
iPass customers will be able to log onto the Internet and access critical corporate data at Etisalat hotspot locations via the iPassConnect(TM) mobility manager software. This helps these companies save money by avoiding the expense of Wi-Fi hotspot fees and 3G international data roaming charges, and ensures that security policies are followed.
The iPassConnect(TM) mobility manager contains a directory of all locations available worldwide, regardless of connection type. To connect, users simply select the desired network or Wi-Fi venue and enter their corporate username and password. Ethernet and Wi-Fi locations are detected and displayed to the user automatically, making the connection even easier and quicker to establish.
About iPass Inc.
iPass helps enterprises unify the management of remote and mobile connectivity and devices. With iPass software and services, customers can create easy-to-use broadband solutions for their mobile workers, home offices, and branch and retail locations complete with device management, security validation, and unified billing. iPass offerings are powered by its leading global virtual network, on-demand management platform, and award-winning client software. Hundreds of Global 2000 companies rely on iPass services, including HSBC, Akzo Nobel, Nokia, and Reuters. Founded in 1996, iPass is headquartered in Redwood Shores, Calif., with offices throughout North America, Europe and Asia. For more information, visit www.ipass.com.
iPass(R) is a registered trademark of iPass Inc.
SOURCE: iPass Inc.
Breakaway Communications Emily Swanson, 415-377-9766 eswanson@breakawaycom.com
Copyright Business Wire 2008
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