Avanza, Sweden’s second largest online stockbroker, is in the midst of a large-scale pan-European expansion, which will see it establishing a presence in every major European country by the end of 2001. At the heart of its planning is a strategy which will avoid the problems that have dogged UK market leaders such as E*Trade. When Avanza launches its first international service in Germany this autumn it will use Jiway, an integrated European electronic stock exhange that will be launched at about the same time, giving it access to 6,000 equities listed in the US and Europe.
At present UK online brokerages cannot perform straight-through trades in countries such as Germany, having to go through a local broker to complete any transaction. Avanza CEO Per Nordlander said: 'This makes it difficult to price competitively and realise any kind of good margin. We have partnered with a vendor to create a unified platform for pan-European share dealing. There are big technological issues involved in such an endeavour.'
Avanza is pulling out all the stops in pushing forward into the European marketplace. The company's website clearly lays out its grand plan: 'From the Land of the Midnight Sun Avanza are looking to Europe. The Vikings are on the move again. This time it is not to pillage and plunder. No, this time it is quite the contrary. We, Avanza, want Europe to share with us tools that make share-dealing accessible to all.....we are today's online Vikings preparing for the biggest launch of our short but fruitful history. Our concept, tools and services have made us Sweden's top online financial service provider. Our venture is solid, our captains know the waters.'
Avanza will offer stocks from the lower capped regional markets to its users, as it moves into those territories. Mr Nordlander commented: 'At the moment, if a broker moves into Italy, for instance, it cannot necessarily offer Italian stocks to the rest of its client base, because of incompatible systems.' The company specialises in automated trading at a flat fee. Its German operations will be the first to get underway, followed by the launch of services in Italy, the Netherlands and the UK in 2001.
Details of Avanza's online stockbroking operations can be found on the company's websites www.avanza.se (in Swedish) and www.avanza.com.
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