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Article: BROKERS LIVING WITH E-TRADING EXPLOSION.
- Article from:
- Crain's Cleveland Business
- Article date:
- May 17, 1999
- Author:
CopyrightCOPYRIGHT 1999 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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John McComas, a broker with the Beachwood office of Scottsdale Securities Inc., is learning to love the online stock trading world.
He and other brokers don't have much choice, as Internet trading, hardly a blip on the computer screen three years ago, has taken off in a big way. About 14% of all equity trades were executed online last year, an increase of 50% from 1997, according to a study by the brokerage firm Piper Jaffray Inc. In the last year, online customer assets have doubled to $420 billion, and the number of electronic accounts has doubled to 7.3 million, the Piper Jaffray study found.
``Most of our business, the traditional stock market ...