文章基本信息

标题：Net Traders Spooked - Industry Trend or Event
作者：Mark A. Mowrey
期刊名称：The Industry Standard
印刷版ISSN：1098-9196
出版年度：2001
卷号：Feb 2001
出版社：IDG Communications

Net Traders Spooked - Industry Trend or Event

Mark A. Mowrey

Investors back off from online transactions.

Is online trading shrinking or swelling? As 2000 progressed, the question became harder to answer. For every bit of good news, there was evidence of a downturn.

Net investors made more trades than ever last year, but by the third quarter, volume had dropped dramatically. Trading activity usually dips at this time, but not so sharply. Internet trading also lost ground compared with offline trading, grabbing a smaller share of all New York Stock Exchange and Nasdaq trades: 30.5 percent vs. 31.5 percent in the second quarter. Still, that's well up from the 26.3 percent share of the same quarter in 1999. And brokerages reported growth in the third quarter of 2000, posting modest gains both in the number of Internet accounts and in total online customer assets. The gains, however, were expensive -- firms spent hundreds of dollars to acquire each new customer.

So who's winning? At the close of the third quarter, Charles Schwab handled the most assets -- $420 billion -- but Fidelity's 4.8 million active accounts gave it bragging rights for the most customers. That is, if anyone was still in the mood for bragging.

                    Online Trading Gives Back Its Gains
                Number of NYSE and Nasdaq Trades by Method
                     2Q99  3Q99  4Q99  1Q00  2Q00  3Q00
Online trades        34.2  31.2  50.0  82.3  63.8  59.8
Offline trades      119.3 118.8 158.1 218.3 202.8 196.0
Online as a percent
 of total trades    28.7% 26.3% 31.6% 37.7% 31.5% 30.5%
IN MILLIONS.
SOURCE: SALOMON SMITH BARNEY
                  Assets of Online Investors Inch Upward
             Third-Quarter Internet Brokerage Customer Assets
                                 BILLIONS
                          Online customer assets
Charles Schweb                     $420
Fidelity                           $333
TD Waterhouse                      $103
E-Trade [*]                         $61
Ameritrade                          $36
DLJdirect                           $25
Datek                               $15
National Discount Brokers           $11
                          Asset change from 2Q00 to 3Q00
Charles Schweb                         +1%
Fidelity                               +2%
TD Waterhouse                          -2%
E-Trade [*]                            +8%
Ameritrade                             +3%
DLJdirect                              -1%
Datek                                  +3%
National Discount Brokers             +13%
(*.)INCLUDES 77,500 ACCOUNTS ADDED FROM WIT
CAPITAL IN 3Q00. AS OF SEPT. 30, 2000.
SOURCE: PUTNAM LOVELL SECURITIES FROM COMPANY REPORTS
                       Trading Volume Plunges After
                            First Quarter 2000
                    Average Daily Online Trading Volume
                          THOUSANDS
                            3Q99    4Q99 1Q00 2Q00 3Q00
Ameritrade                   53       81  149  124  106
Charles Schwab              135      195  310  235  215
Datek                        54       81  121  104   98
DLJdirect                    19       28   46   30  N/A
E-Trade                      80      133  229  168  150
Fidelity                     59       92  157  118   99
National Discount Brokers     8       10   16   15   11
TD Waterhouse                74      143  198  121  N/A
IN THOUSANDS, AS OF SEPT. 30, 2000, EXCEPT TD WATERHOUSE,
WHICH REPORTED AS OF OCT. 31, 2000.
SOURCE: PUTNAM LOVELL SECURITIES FROM COMPANY REPORTS
                 Brokerages Spend Big to Win New Customers
                  Online Customer-Acquisition Costs [*]
                          3Q99 4Q99 1Q00 2Q00 3Q00
DLJdirect                 $725 $821 $262 $689 $537
Ameritrade                $451 $466 $179 $238 $494
National Discount Brokers $378  N/A $187 $342 $313
TD Waterhouse             $236 $202  $84 $170 $223
Charles Schwab            $593 $261 $346 $193 $222
E-Trade                   $198 $312 $256 $286 $211

(*.)TOTAL SALES AND MARKETING COSTS DIVIDED BY NET NEW CUSTOMER ACCOUNTS. AS OF SEPT. 30, 2000, EXCEPT TD WATERHOUSE, WHICH REPORTEO AS OF OCT. 31, 2000.

SOURCE: PUTNAM LOVELL SECURITIES FROM COMPANY REPORTS

                     FIDELITY REMAINS NET-TRADING KING
                       Total Active Online Customer
                           Accounts by Brokerage
                                     GROWTH     3Q00
                          2Q00 3Q00 FROM 2Q00 SHARE [*]
Fidelity                  4.55 4.76     5%       28%
Charles Schwab            4.10 4.20     2%       25%
E-Trade                   2.72 3.03    11%       18%
TD Waterhouse             2.13 2.27     7%       13%
Ameritrade                1.17 1.23     6%        7%
Datek                     0.56 0.62    12%        4%
DLJdirect                 0.43 0.45     4%        3%
National Discount Brokers 0.25 0.27     9%        2%

IN MILLIONS. (*.)SHARE OF TOTAL ACCOUNTS FOR BROKERAGES LISTED, AS OF SEPT. 30, 2000, EXCEPT TD WATERHOUSE, WHICH REPORTED AS OF OCT. 31, 2000. SOURCE: PUTNAM LOVELL SECURITIES FROM COMPANY REPORTS