https://www.loyal3.com kinda does the same thing and it's live now. It works with the companies to provide fee-free stock for longish term buy-in. Plus, you don't have to be an institution to grab some IPO fluff. Plus, for non-recurring purchases you can fund with a credit card.

(You can't execute a trade at any given time during the day. You put in "Buy $100 worth of AAPL" and they execute it at the end of the day. Same with sell orders.)