For what appears to be the first time, a day-trading firm has broken into a list of the top 10 online brokerages.
CyBerCorp Inc., an Austin, Texas-based trading software and brokerage firm, ranked as the ninth-largest online brokerage during the third quarter, based on average daily trading volume, according to a study released Thursday by U.S. Bancorp Piper Jaffray.
Through its online brokerage unit, CyBerCorp.com, the company has made a big push to move beyond the world of day trading by appealing to active individual investors at more traditional online companies such as Charles Schwab and E-Trade Group.
CyBerCorp's roots are in developing sophisticated trading software used by day-trading firms.
Trading volume dipped at each of the top 12 firms, with the exception of CyBerCorp, where trading surged 66.9%, the report said.
CyBerCorp's market share, however, was only 1.8%. Schwab had the largest share at 23.3%, with E-Trade at 15.1%.