Time to skin the limey!
Online stock trading jumps 73 percent in United Kingdom By Bloomberg News
Special to CNET News.com September 6, 1999, 10:10 a.m. PT
LONDON--The number of online share trades in the United Kingdom surged 73 percent in the second quarter, according to a survey, helping the country's leading Internet broker Charles Schwab Europe boost business.
The total number of online trades rose 73 percent to 51,000 in the second quarter, from 29,500 in the first quarter, according to the Association of Private Client Investment Managers and Stockbrokers.
The European unit of San Francisco-based Charles Schwab is profiting from the rapid growth in investing over the Net. It said its Net service, which started in June 1998, accounted for 83 percent of the market, or 66,400 online trades out of a total of 80,384 in the first-half.
Online investing in the U.K. is capturing the smaller trades. Net trades averaged $7,580 in the second quarter, about 25 percent less than trades through traditional brokers, the survey said.
"The picture that is emerging is of investors using the online services for their smaller trades but seeking out expert research and advice when it comes to their larger investments," Angela Knight, chief executive of the investment association, said in a statement.
The market for online trading in the U.K. is growing increasingly competitive. E*Trade Group started Net trading in July and DLJ Direct, a unit of Donaldson, Lufkin & Jenrette, started its U.K. service last week.
Copyright 1999, Bloomberg L.P. All Rights Reserved.
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