RealTime IT News

E*TRADE Norway Offers U.S. Equities Trading

[London, ENGLAND] Online investment service E*TRADE announced Wednesday that E*TRADE Norway is offering facilities for Norwegian customers to trade in U.S. equities on three U.S. markets.

With the new service, users can trade not only in Swedish and Norwegian stocks, but can also buy and sell equities on the New York Stock Exchange, Nasdaq and AMEX -- all from a single account.

Magne Solberg, managing director of E*TRADE Norway, said individual investors would be able to follow an international investment strategy similar to that of professional investors.

"If investors are interested in a particular sector then they should be able to trade a wide range of international stocks from that sector," Solberg pointed out, adding that with access to three markets, E*TRADE Norway investors would reap the benefits of a diversified international portfolio.

The new service uses the E*TRADE global trading platform, a fully electronic platform that handles execution, clearing and settlement of customer orders.

The platform also processes the foreign exchange component of each transaction, in this case giving E*TRADE Norway customers a view of their multi-market portfolio in Norwegian kroner as well as in other currencies.

Johan Brenner, chief executive of E*TRADE Europe, said he expected the Norwegian service to be popular, especially as it followed the successful launch of cross-border trading in Sweden earlier this year.

So what has the Swedish experience proved?

The answer gives some indication of the type of investor the service is attracting -- as the most popular U.S stocks traded by Swedish investors are largely those of the most prominent IT companies. The top five traded stocks are Microsoft, Cisco Systems, Oracle, Qualcomm and Apple.

Norwegian users of the new E*TRADE service will pay NOK 299 (US $33) per trade.