E*TRADE Invests in Pan-European Exchange
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With an eye to its global ambitions, E*TRADE Group Inc. Wednesday invested in The European Association of Securities Dealers Automated Quotation (EASDAQ).
Stephen Richards, senior vice president of electronic trading strategies for E*TRADE, will join EASDAQ's International Advisory Board. EASDAQ, the only pan-European stock market, says it maintains its objectivity by garnering support from a range of international shareholders.
E*TRADE (EGRP) is calling the investment another step in its strategy to grow emerging exchanges, such as electronic communications networks, as part of its plan to bring individual investors into an international trading system.
"We view this investment as a natural progression in our global strategy to leverage our all-electronic model and expand E*TRADE's brand internationally," said Richards. "EASDAQ is an example of an electronic platform that we believe will exemplify the industry's future direction."
Last week, the company again furthered its goal of presence in the top 20 world markets through a joint venture for a branded site in Germany. The E*TRADE Germany venture includes Berliner Effektenbank AG and New York Broker Germany AG.