Investment bankers are needed to handle complex underwritings, but a New York City software company argues that they just get in the way during straightforward bond sales. CapitaLink Securities Corp.'s plan is to hook institutional investors directly to bond auctions via computer modem and to undercut Wall Street fees to the issuer by half. Geared to $100-million to $300-million issues, CapitaLink is getting marketing help from J. P. Morgan Securities Inc.

-- Leslie Brokaw