(Updates with Charles Schwab data, share prices.)
DOW JONES NEWSWIRES
Knight Capital Group Inc.'s (NITE) July trading volume slipped
3.6% from June but surged from a year earlier, while Charles Schwab
Corp. (SCHW) reported a 7.6% drop from June.
Investors have been drawn back into the market lately as the
major stock indexes have strengthened.
Average daily trading volume handled by Schwab fell 7.6% in July
from June to 291,100, which was down 14% from a year earlier.
Schwab said total client assets were up 5% from June to $1.29
trillion, down 7.6% from a year earlier. Net new assets in July
totaled $5.6 billion, matching the year-to-date average.
The company had 58,000 new brokerage accounts, down 3.3% from
June and 9.4% from a year earlier.
Meanwhile, average daily U.S. stock trade volume handled by
Knight Capital jumped 52% in July from a year earlier. The number
of shares in the orders fell 12% from June but soared 94% from a
year earlier. Average daily dollar volume was flat from the prior
month and up 12% on the year.
Chairman and Chief Executive Thomas Joyce said July saw the
return of a summer slowdown amid declines in stock-market volumes
and volatility. "Despite market-share gains and the addition of new
clients, Knight experienced comparable decreases in equity share
volumes across the board," he said.
Knight Capital's results have been boosted in recent months by
higher volumes, particularly as its global-markets business gains
market share. Many stock-trading firms saw volume gains even as
stocks were heading lower last year, as investors generally fled
positions, leading to market volatility.
Knight Capital's shares closed Friday at $18.52 and haven't
traded premarket, while Schwab's were recently up 2 cents at
$18.63.
-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353;
kerry.benn@dowjones.com