9/28/99 Wall St. J. C22
1999 WL-WSJ 24915479
The Wall Street Journal
Copyright (c) 1999, Dow Jones & Company, Inc.
Tuesday, September 28, 1999
Merrill Lynch Plans to Offer After-Hours Trade in 2000
SAN FRANCISCO -- Merrill Lynch & Co., following the lead of other brokerage firms, plans to offer its customers after-hours trading, perhaps as soon as early next year, Vice Chairman John "Launny" Steffens said.
Speaking here at an online-financial-services conference sponsored by Jupiter Communications, Mr. Steffens said the firm could allow its customers to trade outside normal market hours through several partners, including Archipelago Holdings LLC's electronic-trading network and market maker Knight/Trimark Group Inc. He said the service probably won't be offered until January and would be available to all Merrill clients who trade online.
Merrill is in the midst of substantially upgrading its online capabilities, including rolling out $29.95 Internet stock trading in December. Mr. Steffens acknowledged that some of Merrill's traditional brokers are concerned about low-cost Web trading, since it threatens to lower their income.
In October, Merrill will launch an advertising campaign to promote its account choices, likely spending at least $50 million, Mr. Steffens said. |
