Schwab Enhances Trading Platform and Lowers Options Fees as Interest in Options Trading Surges
May 26 2005 - 8:45AM
PR Newswire (US)
Schwab Enhances Trading Platform and Lowers Options Fees as
Interest in Options Trading Surges Online Options Fees Now as Low
as $9.95 Plus 75 Cents per Contract SAN FRANCISCO, May 26
/PRNewswire-FirstCall/ -- In the midst of a surge of interest in
options by active traders, Charles Schwab & Co., Inc. today
announced upgrades to its popular StreetSmart Pro trading platform
and further reductions in its fees for qualified options traders.
"Our clients want tools and a powerful trading platform that can be
easily customized to suit their trading styles," said Jeffrey M.
Lyons, president, Active Trader at Schwab. "Our latest platform
enhancements really set us apart from the competition by combining
industry-leading trading technology, low commissions, dedicated
options support and comprehensive educational services." Lyons
noted overall trading continues to be strong, with options playing
a big part. Daily average options revenue trades for Q1 2005
increased by over 54 percent compared with Q3 2004 when Schwab last
updated its options trading platform. Beginning Friday, Schwab will
lower online options fees to $9.95 per trade plus $0.75 per
contract (reduced from $0.95 per contract) for retail clients who
place 30 or more total equity and options trades per quarter or
with household assets of more than $1 million. In addition, Schwab
will reduce online options fees to $9.95 per trade plus $0.95 per
contract (reduced from $1.40 per contract) for retail clients who
place between 9-29 trades per quarter or with household assets
between $50,000 and $1 million. StreetSmart Pro, Schwab's premier
trading software, features a series of enhancements that include
more sophisticated, multi-leg options strategies for advanced
options traders, in addition to offering streaming quotes and news,
interactive charting, and premium research. The advanced options
functionality will be integrated into the StreetSmart Pro platform
and will be available in July 2005. Advanced Options Functionality
-- Multi-Leg Options -- place multi-leg options strategies in a
single order from an integrated trading screen -- Top 10 Lists --
gain greater insight into the options market by sorting for the
highest ranking put/call volumes, percentage gains/losses, or
advancers/decliners -- Real-Time Option Chains -- view real-time,
streaming options chains and enter your strategies all from the
same window -- Greeks -- instantaneously monitor Delta Gamma,
Theta, Vega, Rho and Implied volatilities in real-time while
trading your strategies -- Pricing Models -- calculate an options
price and Greeks in real-time with the Hypothetical Pricing Model
Options Trading Expertise & Educational Support Dedicated
options specialists at Schwab work directly with clients to provide
guidance on options trades, hedging techniques and technical and
fundamental analysis. Clients can place options trades directly
through the specialists for only $30 additional per trade. Schwab
also offers full educational support hosted by some of the most
respected names in the industry. Clients receive 24-hour access to
free online seminars, workshops and courses on topics ranging from
risk management and options strategies to candlestick charting and
technical analysis. Since November 2004, more than 1,000 clients
and prospects have participated in Schwab's new online options
educational seminars. "I've been a Schwab client for almost 10
years and have been an active trader for 8 years now," said Larry
Dunne from Alabama. "At Schwab, there is a knowledgeable options
team that assists me with even the most complex options strategies.
I consider them problem solvers and the number one reason why I
continue to trade options at Schwab." About Schwab Options Services
-- Schwab Option Specialists to assist clients, as well as trading
specialists available 24 hours by 7 days a week -- OptionBuilder(R)
online tool makes it easy for traders to build, research and trade
multi-leg options strategies -- Spread Search, an enhanced online
option tool that help traders identify and execute simple to
complex option strategies -- Streaming Greeks and Options Pricing
Tools help traders evaluate and forecast option behavior and test
trade strategies -- A variety of educational programs and tools,
including online options seminars available on Schwab.com --
Account flexibility, including the ability to trade long options in
IRA accounts For more information about Schwab's options trading
products and services, please visit http://www.schwabat.com/options
About Charles Schwab The Charles Schwab Corporation (NYSE / Nasdaq:
SCH), through its operating subsidiaries, provides securities
brokerage and financial services to individual investors and the
independent investment advisors who work with them. With over 7
million individual investor accounts and more than $1 trillion in
client assets, The Charles Schwab Corporation is one of the
nation's largest financial services firms. Its subsidiary Charles
Schwab & Co., Inc. (member SIPC) provides a complete range of
investment services and products, including an extensive selection
of mutual funds; financial planning and investment advice;
retirement plans; referrals to independent fee-based investment
advisors; and custodial, operational and trading support for
independent fee-based investment advisors through its Schwab
Institutional division. Its subsidiary Charles Schwab Bank (member
FDIC) provides banking and mortgage services and products. The
corporation's other operating subsidiaries include U.S. Trust
Corporation (member FDIC) and CyberTrader(R), Inc. (member SIPC).
These companies' Web sites can be reached at
http://www.schwab.com/, http://www.schwabbank.com/,
http://www.ustrust.com/, and http://www.cybertrader.com/.
DATASOURCE: Charles Schwab CONTACT: Emily Kao of Charles Schwab,
+1-415-636-3464, or ; or Mike Boccio of Intermarket Communications,
+1-212-754-5461, or , for Charles Schwab Web site:
http://www.schwab.com/
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