Online Broker Tries Institutional
Traders Magazine, December 2004
Can E*Trade Financial hack it in the U.S.? E*Trade is now battling for market share in the institutional sales business with Swiss banking heavyweight UBS, which stunned the trading world recently when it bought Schwab Capital Markets. Schwab itself tried but ultimately exited the institutional market. E*Trade begins with a strong overseas institutional equity presence. The latter was built, in part, by the recent buy of TIR International. E*Trade's future will be determined in the U.S. where it has some 15 traders, a number it expects to double. E*Trade recently hired a former Schwab Soundview Capital Markets senior managing director, Dave Scialabba, to oversee the expansion.
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