Online share trading, which is increasing in popularity, could be good news for investors in Ireland. The country's principal brokers have said that commissions on Irish share trading could drop by around 20 to 30 per cent, with minimum charges dropping by up to 50 per cent, as a result of the trend for online dealing.
John Keilthy, who heads NCB Stockbrokers' retail division, has said that the number of Irish people trading shares on the stock exchange may increase by up to 30 per cent over the next five years with the privatisation of public companies in the Irish Republic. He stated: 'There will be scope for a reduction in commissions because of the higher efficiencies and cuts in costs it [online trading] will bring for brokers'.
NCB is surging ahead in the online broking stakes. Having launched in December a new online stockbroking educational programme entitled "Invest for Success", which aims to target both experienced and novice retail investors, NCB is set to offer online share trading in the first quarter of this year and has invested over a million pounds in the development of the system.
Mr Keilthy sees online share trading services as complementary to the traditional business of stockbrokers and will no doubt be interested to see how NCB fares against competitors such has Merrion Capital, AIB, Goodbody Stockbrokers and Dolmen Butler Briscoe, who are all set to introduce offerings in the coming months. Mr Keilthy said the reason so many stockbrokers have embraced online trading is mainly due to the fact that the Irish Stock exchange has itself gone on-line with the Xetra system.
AIB intends to launch its share trading service in April or May 2001 as part of the AIB 24-hour online banking service, so that customers can trade direct from their current accounts. Goodbody Stockbrokers is currently piloting an online trading service with private clients. It is generally held that such services may be extended to WAP-enabled mobile telephones within a year, depending on how quickly the technology is developed.
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