January 4, 2007 |
The Securities and Exchange Commission will review a decision that allows markets such as the New York Stock Exchange to charge fees for stock price information, granting a request by opponents of the fees such as Google Inc. and Yahoo Inc. The SEC said it would examine its October decision to let NYSE Group Inc.'s Arca electronic market charge for market data that it had previously provided for free.
April 21, 2004 |
Charles Schwab Corp., the biggest U.S. discount brokerage, said Tuesday that its first-quarter profit rose as a strong increase in trading volume boosted the company's commission revenue. Schwab, based in San Francisco, reported net income of $161 million, or 12 cents a share, compared with $71 million, or 5 cents a share, in the year-earlier period. Revenue rose 32% to $1.1 billion, Schwab said. Analysts on average expected earnings of 12 cents a share. The company said it pulled in $13.
March 23, 2005 |
Charles Schwab Corp. will cut the fee it charges certain customers for options contracts by 32%, echoing a move this month by Ameritrade Holding Corp. Schwab customers who place 30 or more trades per quarter or have more than $1 million in assets at Schwab will pay $9.95 per trade plus 95 cents per option contract, down from $1.40 per contract, the San Francisco-based company said Tuesday.
August 10, 2005 |
E-Trade Financial Corp., the third-biggest discount brokerage, agreed to buy Kobren Insight Management for about $50 million, adding a mutual fund manager that oversees about $1 billion. E-Trade, which announced Monday that it would purchase rival broker Harrisdirect, said the Kobren acquisition would add $10 million to revenue and $2.3 million to net income next year. Eric Kobren, the former Fidelity Investments executive who founded his Wellesley Hills, Mass.
August 25, 2004 |
Beverly Hills-based JB Oxford Holdings Inc., under investigation for its role in the mutual fund trading scandal, said Tuesday that it had struck a deal to sell its last remaining business, a unit that processes trades for other brokerages. JB Oxford said it would sell its National Clearing Corp. accounts to North American Clearing Inc. for as much as $2.5 million.
June 1, 2001 |
CSFBdirect, the Internet brokerage unit of Credit Suisse First Boston, said Thursday it will fire 180 employees in its second round of job reductions since March, as investors shun online stock trading. CSFBdirect, which fired 150 in March, expects the latest job cuts--14% of its U.S. work force--to save $22 million a year. "This is just another in a chain of cuts," said Putnam Lovell analyst Richard Repetto, who rates the company's shares "hold." Online brokers such as CSFBdirect, No.
December 15, 1998 |
The National Assn. of Securities Dealers expects to propose rules aimed at curbing the volatility that has characterized recent initial public offerings of many Internet company stocks, Nasdaq President Alfred Berkeley said Monday. The rules, which would need Securities and Exchange Commission approval, would seek to increase the visibility of the "true IPO market" before trading opens on a new stock, Berkeley said.
November 12, 1998 |
Online brokerage E-Trade Group Inc. and other broker-dealers plan to start a new electronic stock-options exchange that will offer trading at a much lower cost than the four major options floors. The new International Securities Exchange will be "much more efficient than a floor-based system," and could shave the price of an options trade by 30% or more, E-Trade Chairman William Porter said this week. Porter would be chairman of the new market.
October 20, 2004 |
Fidelity Investments said brokerage client assets increased 15% to $1.02 trillion in the third quarter as the company made strides to lure customers from the likes of Charles Schwab Corp. The number of client accounts increased to 13.7 million, a 6% gain from 12.9 million in the same period a year earlier, the Boston-based firm said in a statement. Fidelity has 9.7 million individual brokerage customers and serves 300 brokerage firms and more than 2,400 investment advisors.