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Non-Tech : TD Waterhouse Group (TWE) -- Ignore unavailable to you. Want to Upgrade?

To: Bron-y-aur who wrote (725)	8/5/1999 7:26:00 AM
From: Calvin	Read Replies (1) \| Respond to of 1413

Thursday August 5, 5:47 am Eastern Time TD Waterhouse to launch e-trading in HK HONG KONG, Aug 5 (Reuters) - TD Waterhouse Group Inc said on Thursday it had been granted a securities dealer license to trade in Hong Kong securities and would launch local stock trading in the fourth quarter of 1999 and electronic trading in early 2000. The electronic trading will include trading via mobile phone, the Internet and other means. Andrew S. Nevin, senior vice president of TD Waterhouse Group, said electronic trading in Hong Kong through cellular phones or the Internet was going to increase rapidly. Nevin told a news conference that the company expected that in three years, probably 80 percent of the TD Waterhouse transactions in Hong Kong would be via electronic channels. He said about 80 percent of the company's trade in the United States was via electronic channels, 50 percent in Canada, and 30 percent in Australia. ``We expect that we will consistently grow 25 to 30 percent per annum in revenue terms in the foreseeable future,' he added. The TD Waterhouse Group, which listed in June in New York and Toronto and is 88.5 percent owned by Toronto-Dominion Bank (Toronto:TD.TO - news), has operations in Canada, U.S., Hong Kong, Australia and Britain. TD Waterhouse said it had acquired a seat on the Stock Exchange of Hong Kong from a local brokerage, Harvester (Securities) Co Ltd, and merged its Hong Kong operations with Harvester to expand electronic trading business in the territory. Clifton Chiu, vice chairman of TD Waterhouse Hong Kong, said the company would offer futures trading services in the near run. ``We have about 2.8 million customers globally, of which about 500,000 (customers) are from South East Asia. Our services are targeting these 500,000 customers,' Chiu said. He said 40 percent of the 2.8 million customers are trading via the Internet. Director of sales Oliver Ng said the company, which had invested HK$250 million in Australia in developing electronic trading services, would invest more than HK$100 million in Hong Kong and in Japan. Ng said trading services via mobile phone were seen to be more popular in Hong Kong and the company would offer clients low brokerage fee to sign up more customers.