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MARKET SAVVY | MARKET SAVVY: Savvy Confidential / A
Briefing for Investors

Day-Trading Firm Among Top 10 Online

November 05, 1999|Walter Hamilton

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%.

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