The firms neither admitted nor denied wrongdoing, but did agree to separate research from investment banking, offer clients independent research and ban the issuance of shares in initial public offerings to executives and directors of corporate clients.

FORBES: Magazine Article

Most e-brokers now offer online company-research, and some opportunity to buy shares in initial public offerings although, in this, they are not yet close to matching full-service firms.

ECONOMIST: The real virtual business

For investors looking for alternatives to initial public offerings, which are nearly impossible to get, unpredictable and often disappointing, corporate spinoffs offer a smart and profitable opportunity.

FORBES: Why Spinoff Stocks Are Sizzling (And Should Stay Hot)