SAN FRANCISCO, Feb. 15 /PRNewswire/ -- The Charles Schwab Corporation (NYSE: SCH), today announced that its market maker subsidiary, Mayer & Schweitzer, Inc. (member SIPC/NASD), a leader in the Nasdaq marketplace, is changing its name to Schwab Capital Markets L. P, as of March 1, 2000.
"The name 'Schwab' is one of the most highly recognized and respected brands in the financial services business -- both domestically and globally," said Lon Gorman, Vice Chairman, The Charles Schwab Corporation and President, Schwab Capital Markets & Trading Group. "After 9 years of successful affiliation, this name change is a natural progression that allows us to leverage Schwab's brand even further as we expand our capital markets businesses."
According to Mr. Gorman, Schwab has grown in stature in both the institutional and retail arena. Clients will continue to receive the same high quality service they've come to expect from a leading market maker. Under the new Schwab Capital Markets L.P. banner, the company will continue to make markets in over 5000 stocks. The company will retain its current market maker ID (MASH), and its management structure will remain intact.
Schwab Capital Markets & Trading Group (CM&T) is the trading arm of Charles Schwab & Co., Inc. With nearly 1,000 employees in 11 cities throughout the United States, CM&T handles billions of shares annually. It is one of the world's largest providers of options order flow; has a strong presence on all U.S. listed exchanges (3.8% of the NYSE 1999 volume); is the world's #2 market maker in Nasdaq securities (10% market share of Nasdaq 1999 volume) and has growing fixed income and institutional businesses. This month, Schwab announced an agreement to purchase CyBerCorp, an Internet brokerage firm headquartered in Austin, Texas. Once the agreement is finalized, CyBerCorp will become a unit of Schwab Capital Markets & Trading Group.
The Charles Schwab Corporation, through its principal operating subsidiary, Charles Schwab & Co., Inc. (member SIPC/NYSE), is one of the nation's largest financial services firms serving 6.7 million active accounts with $718 billion in customer assets through 348 domestic branch offices, four regional customer telephone service centers and automated telephonic and online channels. The Charles Schwab Web Site(TM) can be reached at www.schwab.com.(0200-4904)
SOURCE Charles Schwab Corporation
CO: Charles Schwab Corporation; Charles Schwab & Co., Inc.; Mayer & Schweitzer, Inc.; Schwab Capital Markets, L.P.; CyBerCorp; Schwab Capital Markets & Trading Group
ST: California
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