E*TRADE Australia Captures One Per Cent of Domestic Securities Market
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E*TRADE, the international online investing service, reported that only nine months after launching an Australian branch it has captured one per cent of the entire domestic securities market.
"E*TRADE Australia's all-electronic business model and market knowledge have leveraged the high Internet penetration in Australia and the desire of many Australian investors to take a greater role in their investment decisions," said Judy Balint, president and chief operating officer of E*TRADE International. "We look forward to seeing our other international E*TRADE affiliates achieve market success in 1999."
E*TRADE has signed licensing and joint venture agreements that cover 32 countries, including the UK, and which account for 95 per cent of the world's retail financial assets. It was recently named as the top online investing site in a global survey of 20 Internet brokerage firms by Lafferty Information and Research Group.
"In 1999, we expect to take advantage of our advance work by implementing several of the country agreements we announced in 1998," said Balint. "Our goal is to establish an E*TRADE branded presence in the top 20 financial markets around the world over the next two to three years."
"E*TRADE's ultimate vision is that investors worldwide will be able to use our technology and services to access every major financial market open to international trading in the world," Balint said.
E*TRADE Australia has already expanded its business by launching an online service in New Zealand. Meanwhile, E*TRADE's first international partner, E*TRADE Canada, has notched up some notable "firsts" by becoming the first service to offer a broad mutual fund service--and the first to win the CPA WebTrust Seal of Approval.