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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (7714)10/13/1999 9:15:00 PM
From: TFF   of 12617
 
Etrade Begins After Hours trading


E*Trade spokesman Patrick DiChiro confirmed Tuesday that the company launched extended-hours trading on Sept. 30 through Instinet, the Reuters (RTRSY:Nasdaq) unit that runs an electronic communications network. The Menlo Park, Calif., online brokerage firm's move is in line with its summer announcement that it would offer trading beyond the market's 9:30 a.m. to 4 p.m. boundaries.

The late trading session, which runs from 4:05 to 6:30 p.m. EDT, will be rolled out to all of E*Trade's more than 1 million accounts during the next few weeks, he said. DiChiro couldn't provide any recent trade figures, but said that when late trading started, E*Trade did around 70 trades a session. Customers can get real-time quotes from Instinet and place limit orders at the same rates they pay during the day session.

E*Trade is at the end of the first wave of major brokerages that have begun offering after-hours trades for retail investors over the Internet. Datek Online Holdings began allowing Datek Online brokerage customers to trade through the Island ECN in July. Discover Brokerage and Dreyfus Brokerage followed in August with trading through the MarketXT after-hours electronic trading system. So far, volume in individual stocks has remained thin. Charles Schwab (SCH:NYSE), DLJdirect (DIR:NYSE) and Fidelity are all planning to offer late trading within the next month or two.
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