RealTime IT News

Hong Kong Broker Lowers Fee For Online Stock Trading

As a promotion for Chinese New Year, Boom Securities Ltd., a pioneer in Hong Kong stock trading, will give existing clients and new clients a two month discount on their trades.

According to Boom representatives, minimum commissions will be reduced by 58 percent.

"Minimum commission" refers to all trades with a cash value under HK$35,200 (US$4,450) will cost HK$88 (US$11.37). Any trade over HK$35,200 will continue to be the lowest legally available commission of 0.25 percent.

"Our goal is to assist the small investor, not just big spenders. Smaller clients can easily enjoy cheap and fast access to our digital trading systems," said Mark Duff, Booms managing director.

Boom also probably implemented the discount to head off the growing competition in Hong Kong's online trading industry including stock exchange membersCASH, Mansion House.

Boom provides content and other services including quotes, portfolio tracking, forums, news, and a very popular stock trading game which is co-sponsored by Chinese language paper Sing Tao.

One Boom source indicated that the broker's trading game, the Cyberstock Challenge, drove its traffic over 100,000 page views.

The online broker's avowed business plan is develop ". . .a centralized financial hub in cyberspace for Asia where any Asian citizen or international investor can go to seamlessly invest and trade in any local stock market."