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Non-Tech : E*Trade (NYSE:ET)

ET 16.83

+0.2%

9:54 AM EST

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To: B.K. Ohneis who wrote (2560)	3/14/1998 10:45:00 PM
From: Steve Morytko	Read Replies (2) of 13953

According to the article Schwab had 30% of the 153K daily online trades in 97Q4, ETrade 14%, Waterhouse and Datek tied with 8%, others right behind. They indicated that 17% of all retail trades were done online last year. They suggested that ET could have been a 4 (instead of 3.5) if they used real-time quotes during trade execution. Seems like that should be easy to fix. Also recommended using limit orders (for better price execution). I have one more suggestion - make no assumptions about the type of trade (by default it's BUY) and require the customer to select from BUY, SELL, SELL SHORT. Also, consolidation is expected. Some brokerages will specialize trying to cater to different types of customers. Fairly weak comments in this section. The article is a must read. Have any of you used the ETrade phone system? I think it's an excellent system and I doubt that many (any?) other firms have such a complete access system. It's great when you can't get to a terminal and should your network access fail it's a nice backup. Too bad they didn't compare voice access too. ETrade's trade accounting with tax records, history (including cancelled orders) is quite complete and MUCH better than one of the higher rated firms (I've used more than one online firm). Steve

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