E*TRADE Group Inc. and Electronic Share
Information Ltd. Wednesday
launched E*TRADE United Kingdom (UK), the first
Internet-only brokerage approved in the UK.
The new site also marks the fifth E*TRADE site launched outside of the United States. The company also operates in Canada, Australia, France and Sweden.
The service will target individual investors in the U.K. Features include research, portfolio management and online trading of U.K. shares.
Users can have limited access to E*TRADE UK free of charge with
registration, and can trade online with a minimum account investment of
£1,000 pounds. E*TRADE UK will offer a flat trading charge of
£14.95 on London’s equities markets, including the FTSE 100 stocks and AIM securities.
Under the joint venture agreement, E*TRADE UK will have direct access to
ESI’s user base of 250,000 private investors. ESI will also contribute
business infrastructure and equity market information services.
E*TRADE aims to establish a global cross-border trading network in the top 20 financial markets, in which investors can easily access both
international and domestic markets.
Earlier in July, E*TRADE bought international financial services company
TIR Holdings Limited, which specializes in global multi-currency securities execution and settlement services, in its first step towards the global network.