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Online trading mode under free commission system

Source: Shangpin China | Type: website encyclopedia | Time: 2015-09-10
The commission is the service fee charged by the securities broker to both sides of the securities transaction. At present, relevant securities laws and regulations all over the world have clear provisions on the amount of commission system. However, in order to expand the market and win customers, all securities companies implement free adjustment under the standard amount of commission under the regulation of laws and regulations. The representative of this free operation mode is the United States.
 
Online transaction
The online trading in the United States began in the early 1990s and was limited to providing real-time quotes and online trading to institutional investors. With the development of network technology and the popularization of computer network, a number of online securities dealers emerged at the historic moment, extending the scope of brokerage from institutional legal persons to individual investors, and extending the securities business from the original trading to online issuance of securities. The scale of online investment transaction has greatly changed the limitations of the traditional primary market and secondary market, and its transaction growth rate is rapid. According to Mikinsey's analysis report, in 1994, there were less than 100000 online investors, and so far, there have been more than 5 million. It is estimated that by 2002, the number of Internet transactions will reach 15 million, accounting for about 5% of the number of investors in the United States. By 2010, all securities investors will invest through online trading. The number of online brokers in the United States has grown from 28 in 1997 to nearly 200 at present. The rapid development of online securities companies in the United States is mainly characterized by the use of the superior functions of network technology and the adoption of free and low-cost commission and information services, which have occupied the largest market share. At present, the most representative companies are Charles Schwab and E-trade.

Credit Suisse is one of the largest online securities companies in the United States. The company has a history of more than 20 years of development. Its business volume accounts for 52% of the business volume of all discount brokers in the United States. Its online securities trading volume accounts for 30% of the daily trading volume in the United States. It has 5.5 million customers and 433 billion dollars of customer assets. Since the launch of online trading in the middle of 1996, the market target was 25000 customers a year, but by the end of 1997, its online investors had miraculously reached 1.2 million. By the end of 1998, the total number of online customers had reached 5.5 million, accounting for 60% of all customers, with total assets of 200 billion yuan and annual revenue of 2.3 billion dollars. In fact, Jiaxin Wealth Management is a versatile supermarket serving personal finance. On the company's website, customers can not only see real-time quotes, news, and historical financial data, but also customize their personal homepage, view their own accounts, prepare their own property distribution models, find mutual funds that match their own models and perform best, and then purchase these funds through Jiaxin Wealth Management. At the end of 1999, the stock market value of Schwarzenegger had exceeded that of Merrill Lynch, representing a new direction for the development of electronic securities brokerage business. When the United States selected the top ten most influential people in the securities market in 1998, the president of Schwab Financial ranked second only to Alan Greenspan, chairman of the Federal Reserve. This shows the influence of online transactions of Schwab Financial in the US securities market.

E-trade is the first company in the world to pass Website Design One of the sites for online trading business. In 1992, the "E-Trade" company of Bill Porter, the founder of the company, was officially established. At the beginning, he provided some online securities services to investors through AOL. Later, Bill Porter established the online trading site www.etrade.com in 1996. So far, E-Trade began the electronic revolution of securities trading. For several years, E-Trade has always maintained a business growth rate of 50% every quarter. According to ZDNET, the company had 500000 users by the end of 1998.

On the other hand, the four traditional American securities firms (Merrill Lynch, Morgan, Lehman and Goldman Sachs) also set foot in online trading earlier. For example, Discover Brokerage Direct, a subsidiary of Kangen, started its online brokerage business in August 1995 and is the first securities firm in the United States to provide online investment services. Especially since the second half of 1999, in order to avoid the loss of customers and maintain their existing position in the industry, some large securities companies have also started to seize the online market, and the online competition of American securities companies has begun. According to statistics, Merrill Lynch's pre tax earnings reached $3 billion in 1999, of which the brokerage business growth contributed 36% to the growth of total earnings, 13% more than the 23% in 1998. Large securities firms such as Salomon Smith Bamey and Pain Webber are also planning online trading schemes.

On the one hand, the vitality of online securities trading in the United States is related to the developed network system in the United States, which is based on a large online user base of more than 25 million; On the other hand, it is also inseparable from the advantages of online trading. For investors, the biggest advantage of online trading is low transaction costs. For every 10000 dollars of online trading, the fee is only 29.95 dollars (recently reduced to 15 dollars), nearly 90% cheaper than the traditional fee of 250 dollars; In addition, it is easy to operate, fast and comprehensive information, and has a large degree of freedom. It is not limited by time and place, and can obtain quotations and trade at any time and anywhere. Therefore, it is very popular in the United States.
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