Schwab to enter Aussie online broker market
Online brokers have suffered of late thanks to the crash in tech stocks (which saw the number of daily trades drop from 15'000 to 6'500), a broking fee war (fees dropping from $39.95 to as little as $9.95) and increased competition. However, this hasn't stopped US online broker Charles Schwab from entering the Australian market with plans to launch an online service later in the year. Charles Schwab's Australian service would aim to offer similar extras as its US counterpart such as mutual funds, insurance and online mortgages.
‘Giant Schwab enters small broking pool', Andrew Main, The Australian Financial Review, 20/06/00, p MW2