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Non-Tech : Charles Schwab (SCH) -- A tech-stock profile? -- Ignore unavailable to you. Want to Upgrade?

To: Kanetsu who wrote (911)	10/4/1999 5:38:00 PM
From: puborectalis	Respond to of 1390

October 4, 1999 1:48 PM Schwab to Join Online Brokers in After-Hours Trading SCHWAB (CHARLES) CORP SCH 33.75 1.19 3.65% DJIA 10401.23 128.23 Nasdaq 2795.97 59.12 Rus. 2000 426.61 3.08 10/4/1999 4:30PM ET SAN FRANCISCO -(Dow Jones)- Brokerage firm Charles Schwab & Co., following in the footsteps of many of its competitors, said Monday it will offer its customers online, after-hours trading on most Nasdaq issues and certain other listed stocks. The San Francisco-based company (SCH) said it will work with Fidelity Investments, Spear Leeds & Kellogg and Donaldson Lufkin & Jeanrette Inc. to create a new electronic communications network based on Spear Leeds's REDIBook network. The move comes amid a rapid expansion of online and extended-hours trading, although questions about the growth of liquidity remain. This month the New York Stock Exchange and the National Association of Securities Dealers' Nasdaq Stock Market plan to report stock prices from any trading system that is open between 4 p.m. and 6:30 p.m. ET. But the two big markets aren't expected to extend their own official closes until some time next year. Schwab said it will allow trading on the securities from 4:30 p.m. to 7 p.m. ET, Monday through Friday, on its Web site. Commissions for after-hours trading will be based on the company's standard fee and commission schedule. Securities firms offering after-hours trading include Citigroup Inc's (C) Salomon Smith Barney unit, Morgan Stanley Dean Witter & Co.'s (MWD) Discover Brokerage Direct and Dreyfus Brokerage Services, a unit of Mellon Bank Corp. (MEL). Last month, Merrill Lynch & Co. (MER) said it plans to add after-hours trading as early as next year. The firms, part of a growing, but sparsely used patchwork of securities firms, exchanges and electronic communications networks, are betting that the after-hours market will attract busy investors and people who live on the West Coast, where the normal trading day ends at 1 p.m. Eastern time. The day Salomon Smith Barney introduced extended-hours trading, just 15 customers took advantage of the new service. Since then, the retail brokerage firm has averaged about 30 after-hours trades a day. At Discover, after-hours trading accounts for about 1% of total volume, but activity is increasing by up to 30 trades a day, the firm says. Island ECN, an alternative trading system that is owned by Datek Online Holdings, recently extended its trading close to 8 p.m. from 5:15 p.m. At Datek, where investors can trade before the market opens and after it closes, after-hours trades account for roughly 3% of daily trading. Despite the frenzy over on-line trading, traditional full-service brokers still control about 95% of investable assets in the U.S., Merrill Vice Chairman John "Launny" Steffens said last month