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

To: Richard Forsythe who wrote (1271)	3/7/2000 7:31:00 AM
From: TechMkt	Read Replies (1) \| Respond to of 1390

Tuesday March 7, 7:05 am Eastern Time Company Press Release SOURCE: Charles Schwab & Co., Inc. Charles Schwab and Barclays Announce Internet-Based Foreign Exchange Service New Online Capability for Schwab's International Customers Saves Time And Improves Cost-Effectiveness of Securities Trades SAN FRANCISCO and LONDON, March 7 /PRNewswire/ -- The Charles Schwab Corporation (NYSE: SCH - news) and Barclays PLC today announced plans to develop and operate a fully automated foreign exchange (FX) facility which will make it easier for investors outside the U.S. to buy and sell securities denominated in different currencies. The aim of the FX facility will be to allow investors using Schwab's online brokerage services to buy and sell securities in different foreign markets without the need for separately negotiated foreign exchange contracts. In addition, in countries where Schwab's affiliates are licensed to trade on local exchanges, the FX facility will enable customers to promptly move funds between accounts denominated in different currencies. Barclays Capital, the investment banking division of the Barclays Group, will provide the live foreign exchange pricing and execute the foreign exchange transactions with Schwab. Schwab's web interface will relay relevant exchange rate information to customers and process the foreign exchange transaction automatically in parallel with the securities trade. Schwab and Barclays expect the FX facility will be operational by the fourth quarter of 2000. The new service will be rolled out in stages to different countries where Schwab has an affiliate. Fees for using the FX facility will vary depending on the currency and size of the transaction. Competitive rates will be offered for all currencies covered by the service (e.g., Yen, Pound, Canadian Dollar, Hong Kong Dollar, Euro and Australian Dollar). Specific rate information will be available when the FX facility is launched later in the year. ``This is a tool that makes sense for investors around the world,' said Chairman and Co-CEO Charles R. Schwab. ``Online trading is flourishing in international markets and, naturally, investors are looking for opportunities outside their home markets. With this foreign exchange facility, we intend to provide them with a seamless end-to-end trading experience.' The aim is that all Schwab retail customers will be eligible to use the FX facility as it is introduced in their respective regions. When it is launched, the FX facility will be accessible day and night and supported by trained telephone service representatives. ``We're delighted to be working with Schwab to expand its full service online brokerage service,' noted Robert E. Diamond Jr., Chief Executive of Barclays Capital. ``Their leadership in web-based trading, combined with our global foreign exchange dealing expertise and strong technology infrastructure, will result in a convenient, cost-effective capability that, until now, was unavailable to retail customers.'