Hong Kong's Cash On-line Ltd, the online brokerage unit of Celestial Asia Holdings Ltd, is now offering securities trading via mobile telephone. The company says that securities transactions via Wireless Application Protocol-enabled devices (WAP) can be completed in as fast as three seconds through its new "straight-through" service.
The new service offers customers the ability to trade any stocks and warrants on the Hong Kong Stock Exchange via WAP devices on the networks of PCCW Mobility Services and Orange. Transaction orders will go directly to the Third Generation Automatic Order Matching and Executing System (AMS/3), which removes time-consuming manual steps. 1010, One2Free and Orange customers who possess an In-Trade account with Cash On-line are able to trade securities via designated WAP phones.
Ken Khoo, chief executive of Cash On-line, commented on the new service: 'Wireless securities trading doesn't get much faster than this. More important, our WAP trading platform is synchronized with other Cash On-line platforms for greater convenience and efficiency. Any order placed through a WAP phone can be checked through other communication devices, including Personal Computer and Personal Digital Assistant (PDA).'
Existing In-Trade clients of Cash On-line need not re-register before using the WAP service and the company will not levy any additional charges beyond the standard In-Trade schedule of fees. Customers are also able to access real-time stock quotes, transaction status and their personal portfolio with their WAP phones. Features such as a commission calculator and real-time financial news are included in the new service as well.
At the same time, Cash On-line has introduced the T+2 settlement service for its in-trade customers using the Internet, PDA or WAP phone, which it calls a "breakthrough service enhancing trading convenience and flexibility." Customers have an option to place a buy order with only partial deposit payment in their securities trading accounts. The remaining balance can be settled within two trading days.
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